Category Archives for Equipment Financing

Equipment financing is a loan used for purchasing hard assets for a business. It works for businesses that can’t afford to buy expensive assets upfront. Also, if a company needs to replace its equipment frequently, it needs equipment finance or leasing to keep the business running. Leasing needs a small monthly payment over a multi-year period to use the equipment.

The Working of Equipment Financing:

Equipment finance includes a principal and interest for a fixed term. The lender may ask for a lien on the equipment to work as collateral against the loan. After the borrower pays the loan in full, the equipment becomes theirs. Sometimes, bad credit equipment financing may also need a personal guarantee or lien on additional assets. If in case, the borrower fails to repay the money in time, it can result in repossession of personal and business assets.

Benefits of Equipment Financing:

Financing the important equipment is a sensible option for any business. With this loan, the business owner will get the capital to buy an asset for long-term use. If they can pay the amount in periodic increments, the lender may agree to extend the capital. For example, medical equipment financing helps the healthcare centers to possess the latest equipment without heavy investments.

How to Get Equipment Loan?

When applying for equipment finance or lease, you may expect the following steps:
• The borrower must complete the application process for new or used equipment financing.
• They must check their credit score to anticipate the chances. The lenders use this information to decide if they can allow equipment loans for bad credit.
• Apart from credit rating, borrowers also need to make a business plan with a proposal for growth over years. It provides a comprehensive summary of operations.
• Also, prepare the right documents including the cash flow statement, personal financial statement, and a lender application.
• The lender will consider the application and will notify the approval if all conditions are met.

When looking to get an equipment loan, do the math and carefully examine the contract before signing on the dotted lines.

Equipment financing
Equipment loans
Equipment credit
Heavy Equipment leasing
Business equipment finance

Bad Credit Loans Can Save Your Business

bad credit loans

Bad credit loans are something you never thought you’d consider. When you inherited the family business you thought you’d expand on the lessons your father learned. But the only thing you learned was that your father was years in debt. There are so many unpaid or past due bills you don’t know where to start. Worse still, the equipment your father swore by is now breaking down. With the repairs added to the list, you wonder if it’s better to fold. Read More

How to Finance Your Dream Restaurant

restaurant equipment loan, restaurant equipment financing, finance your restaurant, First Capital Business Finance

You never thought you’d Google those words in earnest. But after everyone raved about your coq au vin last weekend you know you have to. “If not now, when?” you think. Looking at all the results you realize you don’t know how to finance your restaurant. If you’ve been wanting to finance your dream restaurant, read on. Do You Need Restaurant Equipment Financing? Customers get overwhelmed with too many choices. Start small. Keep Your Menu Simple The first thing you have to Read More