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Frequently Asked Questions About Equipment Financing

Updated: Apr 27, 2023

What is equipment financing?

Equipment financing is the process of obtaining business equipment using a loan or lease. Equipment financing loans allow you to purchase the equipment with payments made over time, similar to using an auto loan to buy a personal car. Equipment leasing, on the other hand, gets you the equipment you need without the intention of owning it. You’ll make a regular lease payment to continue using the equipment as if it were your own. When the lease is up, you can give the equipment back or renew the lease. Sometimes you may have options for purchasing the equipment at the end of the lease.

How does equipment financing work?

Securing financing for business equipment might seem daunting. If you try to get a loan from a traditional lender like a bank or credit union, it can be. Depreciation on equipment usually makes traditional lenders wary of lending large sums for businesses to purchase equipment. However, alternative lenders usually provide customized financing solutions for your equipment needs. At Amerishop Financial, we can help you design an equipment loan or lease program for business equipment up to $150,000. We don’t require a down payment and our equipment financing is available for new or pre-owned equipment.

How long can you finance equipment?

You may be able to finance equipment for a short period of time or even as long as a decade plus. The specific length of your equipment financing term depends on several factors. If you’re purchasing expensive equipment with a loan, you may need to make payments for several years. On the other hand, if you’re leasing equipment with a fast depreciation, you may only want to lease it for a couple of years.

How do I learn how to finance heavy equipment?

Financing your heavy equipment is a great way to make expensive machinery and tools more affordable for your business. You can finance heavy equipment by using a purchasing loan or equipment lease. To start the financing process, you’ll need to find a lender and apply for financing. You may have more difficulty getting equipment financed through banks or other traditional lenders. An alternative lender like Amerishop Financial offers higher approval rates and customized financing options tailored to your business needs.

To begin the process, contact our team


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