FAQs

Equipment financing is a loan or lease used to purchase equipment or machinery for business purposes.

Equipment financing allows businesses to acquire necessary equipment without having to pay for it upfront, which can help
them conserve cash flow. It also provides predictable monthly payments, tax benefits, and the ability to upgrade or replace
equipment as needed.

Eligibility requirements for equipment financing vary by lender, but generally, businesses will need to have a certain
amount of time in operation, a good credit score, and a steady source of revenue.

A loan is a borrowing of funds that is paid back with interest over a fixed period of time. A lease is a rental agreement
that allows the business to use the equipment for a fixed period of time in exchange for regular payments.

Interest rates for equipment financing vary based on factors such as the lender, the business's creditworthiness, and
the type of equipment being financed.

Yes, many lenders offer financing for both new and used equipment.

The equipment financing process can vary depending on the lender, but it typically takes a few days to
a few weeks to complete.

Some lenders offer financing options for businesses with poor credit, but they may have higher interest rates
or require additional collateral.

The business is responsible for the upkeep and maintenance of the equipment. If the equipment is damaged or needs repair,
the business should contact the lender to discuss potential options.