What is Equipment Financing?
Equipment financing is used specifically for large equipment purchases – like spa tables and facial steamers. Getting an equipment loan is usually the easiest way to purchase new equipment for your business.
How Does Equipment Financing Work?
Making large purchases of vital equipment is unavoidable for most businesses, brand-new and well-established alike. New equipment can help your business to bring in more revenue – like spa tables and facial steamers to meet higher demand. Handing over the cash for these purchases can set you back a significant amount, and that’s what makes equipment financing an attractive option for expanding, starting or updating a business.
Benefits of Equipment Financing:
Consumer Credit “Soft Pull”
Flexible Financing
- No money down
- Fixed Payments
- Flexible Terms
- Tax advantages
Approval Process
- Approvals up to $500,000
- Decision in less than 2 hours
- 100% financing – Labor and Warranties
- DocuSign ease and efficiency
How Do You Apply for Equipment Financing?
Like most loans, you’ll need to provide the financial health of your business along with your credit score. Most equipment lenders will also ask for information about the equipment you’re looking to buy and a quote of how much it will cost.
What You’re Going to Need:
- Driver's License
- Business Tax Returns (for loans above $150k)
- Voided Business Check
- Credit Score
- Bank Statements (for those without Credit)
- Equipment Price Quote
Who Qualifies for Equipment Financing?
Most businesses in good standing will qualify for equipment financing loans. It can actually be a good option if your credit score is on the lower end because the equipment you’re financing acts as the collateral. The details of how much and for how long depend on the type of equipment and its cost. Lenders are interested in securing a loan, so when you’re financing equipment, they’re often not as concerned with your borrowing history because the equipment acts as collateral.
Let us walk you through your options and help you decide which program is right for you.
Disclaimer: Equipment financing is provided by New Lane Financing and is not affiliated with STL Industrial or its subsidiaries. All financing decisions are at the discretion of New Lane Financing. STL Industrial can not guarantee rates, percentages, or terms of loans.
