What it is?
Many contractors want to be able to stay on the cutting edge of technology. New tools are emerging all the time, and leasing equipment means you can utilize the latest products available without taking on extravagant costs. When the lease is up, you can simply opt for the newest line of products available.
An equipment loan is used for the sole purpose of acquiring equipment. The loan will be set to match the useful life of the equipment. The business will take ownership of the equipment on day one and will make a series of loan repayments over the specified period of the loan. The lender typically maintains the right to take possession of the equipment in the event of a loan default.
An equipment lease is an agreement between the lessor (owner of the equipment) and the lessee (user of the equipment) for a specific piece of equipment or asset. The lessee makes periodic lease payments to the lessor, and in return, the lessee has the right to use the equipment. The lessee does not own the equipment during the lease period.
If your business has significant funds tied up in equipment, especially equipment that is unused or aging, a lease buyback is an efficient way to convert these depreciating assets into cash. When your business is heavy on equipment but light on operating capital, this can be a way to continue using necessary equipment while offering an immediate cash infusion.
- Repayment time frames from 2 to 7 years
- Loans from $10,000 to $2M and beyond
- Flexible payment options
- Funds as fast as 1 day
- Funds can be used for New purchases, Buybacks, or Refinancing (business purpose only)
- New or pre-owned Equipment ok
- Titled equipment must be less than 10 years old
- No sleeper cab or long-haul trucks
- At least 6 months in business
- Personal Credit of 620 or higher
- One page Quick Application
- Copy of Quote from the Equipment Vendor
- 3 months bank statement
- No tax returns or financials if under $150k
*We offer a streamlined secure documentation process. Additional documentation can vary from lender based on time in business, personal credit, amount financed and type of equipment. Check with us first to see what documentation will be required.