What you need to know about commercial equipment financing for your business
Commercial equipment of any sort can be a major expense. If your business doesn't quite have the capital to pay for your equipment in full, you do have options.
A commercial equipment loan can be used by a business to purchase or lease new or used equipment needed to run your business. You may qualify to finance up to 100% of the purchase price depending on the value of the equipment, your financial history, and your credit score. The expected life of the equipment will determine the duration of the loan and the equipment itself can be used as collateral.
Examples of commercial equipment financed include, but are not limited to:
- Farming equipment
- Construction equipment
- Heavy equipment/manufacturing machinery