Equipment Financing: Get the Tools You Need to Grow
EQUIPMENT FINANCING
Equipment financing is a crucial tool for businesses looking to acquire the necessary tools and technologies to stay competitive in today's fast-paced market. By opting for equipment financing, companies can access the latest equipment without the burden of making large upfront payments. Whether it's advanced machinery, high-quality computers, or specialized tools, this financing option allows businesses to conserve their capital and allocate resources to other critical areas of operations.
Equipment financing also offers flexibility in terms of payment options, allowing businesses to choose a convenient repayment schedule that suits their cash flow. With the growing importance of technology and equipment in almost every industry, equipment financing has become an indispensable resource for businesses seeking to stay at the forefront of innovation. This financing is based on the value of the equipment and the business's ability to make payments, which often makes it easier to qualify for than other types of loans.
Types of Equipment You Can Finance
Our equipment financing program is designed to be flexible and can be used to acquire a wide range of new or used equipment across various industries. Some common examples include:
Construction
Excavators, bulldozers, cranes, dump trucks, and other heavy machinery.
MAnufacturing
CNC machines, 3D printers, assembly line robots, and other production equipment.
restaurants
Commercial ovens, refrigerators, POS systems, and other kitchen equipment.
Medical & Dental
X-ray machines, dental chairs, diagnostic equipment, and other medical devices.
IT & Technology
Servers, computers, networking hardware, and other tech infrastructure.
Transportation
Commercial trucks, trailers, delivery vans, and other vehicles.
Equipment Financing vs. Leasing
Choosing between financing and leasing depends on your business's long-term goals. Here’s a comparison to help you decide:
Equipment Financing
You own the equipment at the end of the term.
Equipment Leasing
You do not own the equipment; you are renting it.
Equipment Financing
Typically requires a down payment.
Equipment Leasing
Often requires a lower initial outlay.
Equipment Financing
Generally higher, as you are paying off the full value.
Equipment Leasing
Lower, as you are only paying for the depreciation.
Equipment Financing
Can be more cost-effective if you plan to use the equipment for a long time.
Equipment Leasing
Can be more expensive over time if you continually lease.
Equipment Financing
You can modify the equipment as needed.
Equipment Leasing
Modifications are generally not allowed.
Equipment Financing
You may be able to deduct the depreciation of the equipment.
Equipment Leasing
Lease payments are typically treated as an operating expense and can be fully deducted.
Expanded Qualification Details
We strive to make our qualification process as straightforward as possible. Here are more details on what we look for:
No Minimum Time in Business: Unlike many traditional lenders, we can work with startups and new businesses.
580+ FICO Score: While a higher credit score will get you better terms, we can work with scores as low as 580.
No Minimum in Annual Gross Revenue: Your eligibility is based more on the value of the equipment and your ability to make payments, rather than a strict revenue requirement.
The Equipment as Collateral: In most cases, the equipment you are financing serves as the collateral for the loan, which means you don't have to put up other business or personal assets.
Case Study: Construction Company Builds for the Future
Client: Gray Stone Construction, a growing construction firm.
Challenge: The company needed to purchase a new excavator to take on a large, profitable project. However, they didn't have the $100,000 in cash to buy the equipment outright, and a traditional bank loan would have taken too long to secure.
Solution: The company obtained a $100,000 equipment financing loan from Point Financial Solutions. The process was quick, and they were approved within a few days. The loan was structured with manageable monthly payments over a 5-year term.
Outcome: With the new excavator, the company was able to take on the new project and complete it ahead of schedule. This led to a 25% increase in annual revenue and enabled them to hire five new employees. Owning the equipment also added a valuable asset to their balance sheet.
Program highlights
BENEFITS
Monthly Payments
Multi-Year, Longer Terms
Low or NO down payment
Tax Benefits
QUALIFICATIONS
No minimum time in business
580+ FICO score
No minimum in annual gross revenue
PROGRAM FEATURES
Loan amounts $10,000-$5 Million
Terms 1-5 Years
Funding 1-5 Days