Equipment Financing: Could It Be The Answer For Your Small Business?
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Equipment Financing: Could It Be The Answer For Your Small Business?

Equipment Financing is a loan product used to help business owners purchase any type of equipment needed to run their business. The amount of the loan is dependent upon the type of equipment that needs to be purchased or leased since the repayment term is usually as long as the expected life of the piece of equipment. This particular financing solution usually implies a fixed interest rate and fixed term, in turn allowing for fixed, non-fluctuating payments. There are many reasons why Equipment Financing is a great business funding solution. Let’s take a closer look at why.

To start, the benefits of Equipment Financing are amazing. Aside from being tax deductible and having flexible payment plans, Equipment Financing solutions provide flexible equipment leasing and purchasing options. For instance, equipment leasing doesn’t usually require a down payment, and it if does, it is usually a small one. This is beneficial to many small businesses that don’t have large bank accounts. Additionally, leased equipment may be returned or purchased at the end of the financing term. Another perk is that Equipment Financing loans can be used to update existing equipment and inventory, replace old equipment and inventory, or even to purchase new items! As long as your needs pertain to the business, and it’s equipment, Equipment FInancing is an option for you!

Unlike traditional financing solutions obtained through big banks and traditional lenders, qualifying for Equipment Financing through an alternative financing company, such as Excel Capital Management, is even easier! Take a look at the minimal requirements:

Equipment Financing Qualification Requirements:

  • Great to excellent credit is needed
  • Resume may be requested to verify your character and risk
  • Bank and credit card statements must be provided (number of months may vary)
  • Profit and loss statement and balance sheets must be provided
  • For approval, all you need to do is complete an application; other requirements may vary depending on the lender, but are usually simple

It’s as simple as that! The requirements are much less than anything a traditional lender asks for, and approval and funding can happen in a matter of 3 business days! Maybe your construction company needs to repair an old dozer or compactor. Maybe your bricklaying business needs updated brick splitters or line stretchers. No matter what kind of business owner you are, if you are in need of updating, repairing, leasing, or buying new equipment for your company, Equipment Financing could be the solution for you! To learn what you qualify for APPLY NOW!

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