Equipment Financing Options
- Get up to $150,000 for equipment that’s crucial for running your business
- Lease new or pre-owned equipment
Equipment financing is like a potentially priceless asset of a business. Do you own machines and other forms of equipment? If yes, you could convert these pieces of equipment into the capital you require to help grow your business.
It is a form of business loan utilized mainly to buy equipment, such as machines, systems, automobiles, or almost any other business equipment. Those who own businesses may utilize the newly bought piece of equipment in the form of collateral for this loan. This characteristic makes equipment financing one of the best ways to save cash on hand.
The requirements to be eligible for it are usually similar to several other forms of business loans. Financial institutions will look at the credit score of an individual, how long their business has been in operation, plus the repayment past and cash flow of that business.
Nevertheless, when it comes to equipment financing, you have the chance to utilize the asset you buy as collateral. Thus, you will not have to tie up free business cash flow or other collateral for required equipment acquisitions.
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Securing the funds your business needs in order to continue running smoothly is easy with financing options from Building Block Capital. Our application process is easy, fast, and secure. In only a couple of minutes, you can apply for a customized loan for your small business.
After you finish applying, one of our loan specialists will contact you so we can learn a little more about you and your business. Your loan specialist will help answer any questions you have about the loan process and help you determine which loan is the right fit for you and your business. Our high approval rates and quick decisions make it easy for you to get back to running your business.
No matter what industry or business that you are in, we understand that businesses are in need of equipment to keep their business running.
With a friendly, custom-tailored approach for your unique business, our business loans don’t require drawn-out paperwork. Speak with one of our expert loan specialists today to learn more about we can help you with your equipment needs.
We’ve supported thousands of businesses just like yours to finance equipment needs
Over $150 million in funding to more than 40,000 businesses nationwide
Customized equipment financing to get your business the equipment it needs with simple, convenient payment options
Fill out our quick online application with a decision in as little as 24 hours
Experienced Loan Specialists help you make the right decision
No collateral requirements, with easy, automatic payments
For several small entities, it is possible to finance as much as 100% of a piece of equipment’s value. Almost every lender will establish the loan term as the same as that asset’s useful life. For instance, almost every computer and software program, has an estimated lifespan of 3 to 5 years, as per actuarial site Asset Works.
Like other loans, the product being bought, the condition of the entity you own, and your personal creditworthiness all will affect the rates of interest. These rates can range between 8% to 30%, so you must approach several sources and seek many quotes to make sure you are choosing the right loan.
Numerous companies that are part of the Fortune 500 list and several small entities seek equipment financing. It is a sign of how popular the loan is in the market. Here, we will discuss why it is very much in demand more closely.
Receive As Much As 100% Financing Without Any Down Payment
Different from almost every conventional loan type, you could arrange 100% financing for a new piece of equipment without having to make a down payment on it.
Maintain Highly Advanced Infrastructure
This form of loan tends to allow acquiring better and more pieces of equipment as compared to what you could buy with no financing. Some financing schemes cannot just make technology upgrades possible, but these can allow replacements during the financing term or lease term.
It Is Perhaps Possible To Cover Repairs
Having a new piece of equipment usually results in a new service agreement and warranty. The equipment unit can save your business thousands of dollars in expensive repairs as well.
When performed properly over the right term, this form of financing could aid your business in running in a more efficient way, with less downtime owing to obsolete equipment.
Is your company having a hard time due to the limited flow of cash when you must put money into new or second-hand equipment? Or, do you have funds invested on valuable assets in a way that makes the money unavailable for other business purposes?
Make your business cash flow better. With the assistance of Building Block Capital, equipment financing becomes easily accessible, and you can make your business as competitive as possible in the industries mentioned below. This is to say, we offer the following services.
Small entity owners and entrepreneurs tend to commit the error of utilizing their funds to buy costly equipment. They may not recognize that a better way of getting the equipment they need without reducing important business capital exists. Equipment financing and leasing is a more affordable and easier option to finance equipment acquisitions. Any business requiring equipment can exploit the above-mentioned option.
With the asset as collateral, financial institutions lend money to owners of businesses at lower interest rates and with longer repayment terms, as compared to unsecured loans. The repayment term of a usual equipment loan can be anywhere between 7 and 10 years, which is greater than that of an unsecured credit line.
Equipment financing aids young business owners in claiming depreciation on the taxes they should pay too. An equipment loan comes as a fixed or floating interest rate credit line, and it requires no line rotation.
It is possible to supply loan amounts of $25,000 to $100,000 fast and with negligible paperwork. After applying for it, the creditworthiness of your start-up may be assessed more heavily as compared to your own credit score. As the applicant, you will have to submit 2 years of your own tax returns, your financial plan, and the paperwork with estimates of how much that equipment will cost. Building Block Capital case managers can guide you through the whole process, one step at a time.
Building Block Capital works with a group of lenders whose institutions specialize in offering financial aid to those businesses that have been in operation for 13 months. For a loan of up to $100,000, the application procedure is uncomplicated, and the processing period is between 3 to 4 days. For a loan request above $100,000, the tax returns and credit score of a business will suffice to get financing at a rate that ranges between 5.99 and 7.5%, with a 5-year term.