An ideal option for those business owners willing to purchase new or used equipment.
This business loans allow you to finance up to 100% of the value of the equipment you want to purchase, it includes almost all kind of equipment such as vehicles, machinery or technology. An equipment loan is asset-based, which means that the equipment itself serves as collateral. This is why they tend to be easier to acquire than other types of small business loans. If your business has a poor credit rating or no credit history, you may be able to qualify for an equipment loan.
This type of loan is a great solution to keep your business functioning at its best, or even to expand to meet increasing demand. And, which is best, once the loan is paid off, full ownership transfers to you, and you can keep the equipment.