Whether you have a new business you want to start off on the right foot or an established company that’s ready for an upgrade, reliable equipment financing can be the solution you need to help your business succeed.
Finding the funds to purchase new equipment can be an overwhelming task. However, with affordable equipment financing, equipping your business with the right tools has never been easier.
Here are a few things you need to know about equipment financing:
- Loans vs. Leasing: Many lenders offer both loans and leasing services, so it’s important to know the difference. Receiving a loan is when you borrow money from a lender to purchase your equipment. From there, you pay off your loan in smaller, more affordable installments. Once your loan is paid off, you will own your equipment.
Leasing equipment is often looked at more like renting equipment. This is because leases require you to make payments over a set term and during this time, you do not own the equipment you are paying for. Once the term ends, you may get the option to purchase the equipment, return it or renew your lease. - It Helps With Cash Flow: Purchasing high-quality equipment can cost a great deal of money. Instead of spending all of your money on essential equipment up front, equipment financing enables you to purchase the equipment you need while maintaining excess funds for other business needs.
- You Don’t Need Perfect Credit: Contrary to popular belief, not every loan requires good credit. Whether you are rebuilding your credit score or your business is just getting off the ground, there are equipment financing solutions available for your unique situation. Talk with a qualified lender to find the best financing for your business needs.
- Your Lender Matters: Each lender will offer their own set of terms and interest rates. Before committing to one business, take some time to research each lender so that you can make the best decision for your business. With thorough research, you should be able to find an affordable solution to your equipment purchasing needs.
For more information about affordable equipment financing from the experts at Total Equipment Financing, please contact us here or call us directly at 855.813.1818.
