Equipment financing

What is an equipment financing?

Equipment financing pays for new or used equipment, and the equipment itself secures the deal. Because it is backed by the equipment, approval is often easier and terms are often better than unsecured funding.

It can be set up as a loan, where you own the equipment, or as a lease, with a buyout option at the end.

How it works

1. Pick your equipment

   Choose what you need and get a quote or invoice from the seller.

2. Apply

   Send your application, the equipment quote and your recent bank statements.

3. Get approved

   The partner reviews the equipment and your business, then sets the terms and any down payment.

4. The seller gets paid

   The funding partner pays the seller directly, and you take delivery.

5. Make monthly payments

   Pay a fixed monthly amount over the term. At the end you own it, or you have a buyout option on a lease.

Documents needed to apply

• Completed and signed application
• Equipment quote or invoice (seller, make, model, year, price)
• Last 3 months of business bank statements
• Copy of the owner's driver's license

For larger purchases, partners may ask for business tax returns or financial statements.

Good for

• Trucks and trailers
• Construction and manufacturing machinery
• Restaurant and kitchen equipment
• Medical, salon and auto service equipment