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If you need new equipment or machinery to maximize your productivity and your profit.
Equipment financing is used exclusively to acquire business-use equipment. Because every industry has its own type of equipment, the types of equipment loans are diverse. For nearly every type of equipment you can think of there’s going to be a lender that finances that specific equipment.
A business equipment loan is very similar to an auto loan, where the purchased item itself acts as collateral. Because of this, qualifying for an equipment loan can be relatively easy. Approvals are typically based on credit score, years in business, financial history and value of the equipment.
Every type of equipment and every type of industry, but here are a couple examples. In the construction industry, there are lenders that offer equipment financing for heavy machinery.