Equipment financing helps you finance up to 100% of the new or used equipment you need for your business. Applying for an equipment loan is typically a fast and easy way to finance the purchase of most types of equipment—computers, machinery, vehicles, or whatever else you need.
Maximum Loan Amount Up to 100% of equipment value
Loan Term Expected Life of Equipment
Interest Rates 8 – 30%
Speed As fast as 2 days
Pros
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Quick access to cash
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Limited paperwork
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Equipment serves as collateral
Cons
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Equipment could be obsolete by the time the loan is fully repaid
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Might need to depreciate equipment, so you can’t deduct full cost each year