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Equipment Purchases

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Equipment Purchases

Equipment financing loans are a popular method for businesses to acquire machinery, vehicles, and technology necessary for their operations without the immediate burden of high upfront costs. Essentially, these loans allow businesses to borrow money specifically for the purchase of equipment, with the equipment itself often serving as collateral. This type of financing is particularly beneficial for small to medium-sized enterprises that need to maintain cash flow while still acquiring the tools essential for growth and productivity. With various terms and interest rates available, businesses can find equipment financing options that align with their financial strategies and repayment capabilities.

In addition to conserving capital, equipment financing loans can offer tax benefits. Many jurisdictions allow businesses to deduct the interest paid on these loans and claim depreciation on the equipment, further easing the financial load. Moreover, by opting for financing, companies can keep their credit lines open for other potential investments or emergencies. This flexibility is crucial in today’s fast-paced business environment, where staying agile and responsive can make all the difference. Equipment financing not only fuels growth but also helps businesses remain competitive by enabling them to adopt the latest technology and maintain operational efficiency.

Equipment financing not only fuels growth but also helps businesses remain competitive by enabling them to adopt the latest technology and maintain operational efficiency.

The information provided serves as a general guideline. We collaborate with a diverse range of lenders, each offering unique terms and benefits.

To ensure you find the best financing solution tailored to your specific needs, we recommend setting up a meeting with us to review all your options in detail.

Equipment Financing

  • Credit Score Minimum:  650
  • Income Minimum:  Varies depending on amount of loan
  • Debt to Income:  Varies based on lender

 

  • Application:  Our general application to start the process.  Depending on which lender ends up being the best fit, we may need to submit a lender specific application.  Please note all owners of the company must complete an application. View Application
  • Credit Report:  Three bureau with fico scores. Learn How!
  • Bank Statements:   Last three months
  • Invoice or URL Link for the Equipment to be purchased
  • Flexibility: Financing options up to $1.5 million for both new and used equipment and technology
  • Simplicity: For loans up to $250,000, a simple one-page application and last 3 months of bank statements is all that's required
  • Fast Service: Decisions are made within hours, allowing businesses to quickly access the funds they need
  • Low-to-No Upfront Costs: Options for deferred payments and 100% financing are available, minimizing initial expenses
  • Customized Payment Structures: Payment plans can be tailored to match specific business needs, with full payments potentially delayed for up to three months and terms extending up to 60 months
  • Preservation of Cash Flow: By avoiding substantial cash outlays and depletion of bank credit lines, businesses can maintain liquidity for other expenses
  • Potential Tax Benefits: Businesses may benefit from tax deductions on interest paid and depreciation on the financed equipment. Section 179 first year depreciation may apply.
  • Loan Amounts:  Up to $1.5m
  • Interest Rate:  Starting at 6.99%
  • Term:  2 to 6 years
  • Fees: Vary by lender depending on credit and other underwriting guidelines.
  • Credit Reporting: Varies based on lender.
  • Funding Time:  Non Titled 24 - 48 hours / Titled 48 - 72 hours
  • Collateral Required:   Yes

*We strive to keep our information current, but the lending landscape changes daily, and requirements can vary between lenders. The information provided is intended as a guideline to begin the approval process. Additional information, documents, and requirements may be needed.

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Why Choose Us?

With over 8 years of experience, 950 Credit, Inc. has built a reputation for excellence and reliability in the financial consulting industry. Our team of experts is committed to understanding your unique needs and delivering personalized solutions that drive your business forward.

Contact Us to book your meeting and start your journey to financial success with My Business Credit Boost.