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Equipment financing is a type of business financing that is specifically designed to help companies acquire the equipment they need to operate and grow. Whether you’re starting a new business, expanding your current operations, or simply need to replace outdated equipment, equipment financing can provide a cost-effective and convenient way to get the equipment you need.
So how does equipment financing work? Essentially, equipment financing allows you to borrow money to purchase the equipment you need, and then pay back the loan over time with interest. Depending on the lender, you may be able to choose from a variety of repayment terms, interest rates, and loan amounts, allowing you to customize your financing to your specific needs. In many cases, the equipment you’re financing serves as collateral for the loan, which can make it easier to qualify for financing and may result in lower interest rates. Overall, equipment financing can be a great option for companies looking to acquire new equipment without tying up their cash flow or depleting their working capital.
We’ve specialized in a few industries when it comes to equipment financing and medical is on the top of the list.
Construction businesses need the best equipment and nothing like financing it through Capital Gurus.
Fast & flexible custom financing options for acquiring manufacturing equipment and machines.
Connect with Capital Gurus for technology financing and never worry about performance again.
in business, at least.
personal FICO score.
in gross annual revenue.
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Check our consolidated list of frequently asked questions to help you navigate our lines of credit.
You’ll need excellent credit to get equipment financing. Applying through your local bank or an online financing company like Capital Gurus can help you discover what kinds of business equipment loans you can qualify for.
It depends on how much money you need and your qualifications. Businesses with good credit that have a good history are more likely to get equipment loans. It’s important to find out what lenders are looking for before you apply for a loan.
Some equipment loans have interest rates almost as high as 10%. Businesses with poor credit are more likely to get higher interest rate loans than those with good credit. Some interest rates are as low as 2.8% and businesses with great credit and a good business history are more likely to get that rate.
You can finance equipment from two to seven years. The lender will determine if the used equipment you want to purchase is eligible for a longer or shorter term loan.
Yes, you can use the Section 179 tax deduction for equipment financing for your business. This write-off allows you to deduct the entire purchase price of the equipment you purchased in the qualifying year. A good accountant will ensure that all your expense are accounted for and deducted correctly.
Depending upon the nature of the equipment, its useful life, and whether or not the intention is to keep it as a long-term asset, an equipment loan could make sense for a small business.
Because in some situations, a lease can cost more than a loan, many businesses choose to finance the purchase of equipment rather than lease. Additionally, the entire amount of a lease payment may not be tax deductible if your lease terms include any provision allowing you to own the equipment at the end of the lease. You’ll need to consult with your accountant or financial advisor to see if this is the case for your situation.
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