Equipment financing: how is the purchase presented?
Buying or replacing equipment is presented from the supplier’s quote and your statements, which sets it apart from a one-time advance. The lender decides, on the equipment’s price and your file.
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- Which equipment can be financed?
- Trucks, trailers, machinery, kitchen or shop equipment, lifts and tools, new or used. The lender finances based on the equipment’s price and value, and on your file.
- Do I need a quote before applying?
- Not to apply. A supplier’s quote or invoice is asked for before the file is presented, because the lender finances a specific piece of equipment.
- Is the equipment the security?
- Usually, yes: the equipment itself secures the financing. No real-estate collateral is required; the lender may ask for a personal guarantee or security on business assets.
- Can I finance used equipment?
- Often, yes. The lender weighs the equipment’s age and resale value, and sets its own limits in its written offer.
What the lender looks at
- Actual deposits, month by month
- The deposits show whether the business can carry the payment on top of its current costs.
- Trend over the period
- A business whose deposits are climbing supports a larger purchase.
- Payments to other lenders
- Equipment already financed elsewhere counts as a commitment.
- How long the business has been operating
- A younger business can still be presented for equipment; the lender sets its thresholds.
$0 upfront · 7% only if funded
An intermediary, not a lender.
The lender sets the final amount and its cost in its written offer.
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