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Equipment Leasing

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Equipment Financing for your Small Business

Now that human labor is replaced by machines; running a small business has become easier. But machines do break down, and an upgrade is necessary to keep the business running. With equipment financing, it is easier to renovate. Regardless of the size of the business, as an owner, one must stay in touch with the current trends.

Merchant Advisors will give you a brief insight into the mechanics, and pros and cons of equipment financing.

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What is Equipment Financing?

Need to finance a new or used equipment for your business? Equipment financing allows to finance up to 100%. Usually, there are two ways one can go; either one can lease equipment, or apply for an equipment loan. So, if your business needs a new POS system, a freshly booted system unit or a delivery truck, equipment financing or equipment loan fast and quick approval will help you meet your dreams. Apply for an accessible and reliable equipment financing to renovate, purchase, or mend.

If you decide to go with equipment financing, you don’t have to worry about the down payment. Moreover, you will be able to finance 100% of the whole cost.

Have a look at the perks of Equipment Financing:

  • You can finance up to 100% of the equipment value.
  • The loan/financing terms only die when the equipment dies!
  • Enjoy lower interest rates ranging from 8-30%.
  • You can have the funds as fast as two days.

What is an Equipment Loan?

The final loan terms will vary according to the monetary resume of the borrower; however, through equipment loans, the borrower can finance 80% of the equipment cost. Apart from this, the borrower has to offer the down payment to the lender. The purchased equipment is his/her property from day one – it is a plus point!

So, if you want to amplify your collection of equipment, for business purposes, apply for an equipment loan. Other than this, you can send a loan application if your outdated apparatus is acting up.

Here are some of the perks of Equipment Loans:

  • Equipment Loans come with fast approval, only if you are applying through the alternative lenders.
  • Flexible loan repayments, you can repay when your business is making enough profit. Enjoy the equipment with ease.

Pros and Cons of Equipment Financing

Equipment Financing is one of the suitable funding options for an upgrade of any piece of equipment.

Here are a some pros of Equipment Financing:

  • No extra collateral.
  • Equipment will act as collateral.
  • Fast approval.

Now, let’s go through some drawbacks of Equipment Financing:

  • Till the time borrower clears the pending debt, the equipment is past its sell-by date.
  • Depreciate the purchased equipment to deal with the yearly Business Tax Returns.

Can you qualify for the Equipment Financing?

Merchant Advisors offers Equipment Financing on realistic terms; our qualification criteria aren’t set far high on the pedestals. Every business needs equipment financing; however, the final cost of equipment financing will depend on the borrower's performance. The contributing factors include the nature of the business, type of equipment, credit score, business plan, and financial worth.

Even the business owners with a bad credit score can have easy access to Equipment Financing. Equipment financing doesn’t ask for particular collateral because the purchased apparatus will compensate.

The lender will evaluate your performance depending on the borrowing history. If you have defaulted on your payments in the past, then your chances are rather slim. On the contrary, clearing off the debt on time in the past will strengthen your chances.

Lastly, if you are running a business for more than two years, your business is making money more than $130,000, and with a credit score above 600, you are an ideal candidate for the equipment financing.

How can you apply for this supreme offer?

Merchant Advisors’ Equipment Financing has a simple application and approval process. Give us your credit score report, business tax returns, and bank statement. We will get back to you with a final verdict in just 24 hours. The lender will ask for a quote, the cost of equipment, and some credentials regarding the equipment.

Documents needed to APPLY

Bank Statements
Bank Statements
Financial Statements
Business & Personal Tax Returns
Driving License
Driving License
Strategic Business Plan
Business Debt Schedule

Workings of Equipment Financing –The Rudiments

Don’t feel threatened if you are unable to gather funds to purchase new equipment. Equipment Financing allows a business owner to purchase equipment, oscillating from a delivery truck to a brand-new refrigerator.

Equipment Financing allows its user to either purchase a brand-new gadget or a used gadget. The loan terms are dependent on the price of that piece of equipment. Equipment financing major benefit is no collateral policy, and it comes under self-secured business loans. These characteristics make it easier for business owners to apply for the loan.

If due to some unfortunate circumstances you are unable to make the repayments on time, the lender will take control over the equipment and you will lose all the authority over it. So, make sure you have set multiple reminders to pay the debt.

When will the Equipment Financing Term Expires?

Usually, most of the lenders have set the terms to at least ten years, during this time frame some borrowers have already paid the debt and they are likely to replace their pieces of equipment to stay in touch with recent trends.

The terms of equipment financing expire when the equipment expires. Satisfaction and need to keep the equipment for a longer time might result in longer equipment financing loan term.

The Difference Between Equipment Financing And Leasing

Equipment loans or financing and equipment leasing are designed to cater to two different business problems. If your business needs new equipment to fix the problem of temporary nature, apply to equipment leasing. Once the problem is fixed, the need for the equipment vanishes.

On the other hand, if you desire to add the purchased equipment in your permanent collection, apply for an equipment loan. Equipment purchased from equipment financing is yours from day one. The equipment shall remain under your supervision even after you have clear all of the debt.

How to improve your Financial Credibility?

In order to strengthen your chances of loan approval, here are a couple of steps you should practice as a small business owner:

What Gives Merchant Advisors An Edge Over Other Lenders?

We've learned a lot by working with thousands of small business owners like yourself. Merchant Advisors provides business capital, credit resources, affordable prices, renewal benefits, and early repayments. And most importantly, peace of mind!

Final Thoughts

If you run a business that requires the constant upgrading of equipment, then you should apply for an equipment loan. Apart from equipment financing/loan or leasing, you can go with invoice financing and lines of credit as well. It is recommended to apply for a loan so that you can save your business from disrupted cash flow.

To make a wise selection from financing and funding options, a business owner must have a clear idea about future business plans and strategies. With a clear vision, you will be able to utilize the funds resourcefully.

In addition to this, if you ever feel financially stuck, you should take help from our financial advisors. So, update your equipment and take your business to new heights.