The repayment structure is the same as a Business Term Loan. In most cases, you make fixed monthly payments (plus interest) over a set term. Interest rates start at 5%, with terms of up to five years. You can borrow up to $5 million, and the minimum credit score is 600.
Equipment Financing can be used to purchase many types of equipment, including
- Computers
- Printers
- Copiers
- Desks
- Vehicles
- Construction equipment
- Landscaping equipment
- Chairs for hair salons or beauty spas
- Restaurant equipment (ovens, freezers, etc.)
Since the equipment is being used as collateral, we will need complete information about the equipment to determine its current value. This information includes the purchase price, age, seller, vin or serial numbers, and the company that makes the equipment.