What is equipment financing?
Equipment financing is a type of business financing designed to help businesses purchase equipment needed for their operations. Depending on the financing program, the equipment may serve as collateral.

Can I finance used equipment?
Yes, some financing programs allow qualified borrowers to finance used equipment. Eligibility can depend on the equipment’s age, condition, value, and lender requirements.

What types of equipment can be financed?
Many types of business equipment may qualify, including construction equipment, commercial vehicles, manufacturing machinery, forklifts, restaurant equipment, medical equipment, agricultural machinery, and other specialized business equipment.

How much can I finance?
Financing amounts vary based on the cost and type of equipment, business financials, credit profile, time in business, and lender guidelines.

How much of a down payment will I need?
Down-payment requirements vary. Some qualified borrowers may have options requiring a relatively small upfront investment, while other transactions may require a larger down payment.

Can a newer business qualify for equipment financing?
Potentially. Some lenders work with newer businesses, although they may consider additional factors such as personal credit, business experience, available cash, equipment type, and the strength of the overall application.

How long does equipment financing take?
Timing varies by lender and transaction. Straightforward equipment purchases may move relatively quickly when all required documentation is provided, while larger or more complex transactions can require additional review.

Does applying guarantee approval?
No. Approval, financing amounts, rates, terms, and conditions are determined by the lender based on its underwriting guidelines and the borrower’s qualifications.