Equipment Lease Financing Resources
When looking to finance or lease equipment for your business, there are several reputable resources you can turn to:
Fundera by NerdWallet: This platform offers access to a wide range of lenders and loans, making it easier to compare offers. However, be aware that it might have slower funding times and higher borrower requirements (NerdWallet: Finance smarter) (Business.org).
Business.org: This site lists top equipment financing companies and provides detailed reviews of each. They highlight various options, such as Bank of America for low-interest rates, AgDirect for agricultural equipment, and Crest Capital for flexibility in requirements (Business.org).
Investopedia: They offer a comprehensive guide to equipment financing companies, detailing the pros and cons of each option. They recommend Crest Capital for financing up to 100% of equipment costs and National Funding for expanding businesses due to their low credit score requirements and no down payment (Investopedia).
Lendio: This online platform offers a marketplace of lenders, allowing you to compare different loan options. Lendio is praised for its fast credit decisions and flexibility in terms of credit score requirements (Lendio).
These websites provide valuable information and tools to help you find the best financing or leasing options for your business equipment needs.
Types of Financing and Leasing Options
- Equipment Loans
- Term Loans: Fixed-interest loans with set monthly payments over a predetermined period.
- Lines of Credit: Flexible borrowing options where businesses can draw and repay as needed.
- SBA Loans: Government-backed loans with favorable terms for small businesses.
- Equipment Leasing
- Operating Leases: Short-term leases with lower monthly payments and the option to return the equipment at the end of the lease term.
- Capital Leases: Long-term leases that function similarly to loans, often with a buyout option at the end.
- Fair Market Value (FMV) Leases: Leases with the option to purchase the equipment at fair market value at the end of the term.
- Lease-to-Own Programs
- Combines the benefits of leasing with the option to own the equipment at the end of the lease term, typically for a nominal fee.
Covers many types of equipment
Easier to get than a traditional business loan
Less paperwork
Fast processing time
Less stringent requirements for qualifying
No collateral needed, the equipment is the collateral
May require less credit score for you and your business as well
Here are some helpful links as your equipment leasing resource.
Our small business financing experts are available to guide you through the funding Process.
Despite technological advancements in loans, especially in equipment financing, predominantly involve personal interaction with an underwriter to ensure as fraud prevention. Equipment Leasing Resources has never been more important. Automation may not suffice, particularly when dealing with a third party like the vendor and the complexities of equipment purchase. In such scenarios, business owners are often better served by collaborating with a Business Loans Broker like Liberty Capital Group, Inc., who can steer them in the right direction.
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