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Equipment financing or leasing is the short-term loan suitable for small to medium businesses to grow and expand their business without bearing the high operational cost.
In this type of financing, business owners can purchase equipment instead of leasing it. They can also choose to buy a piece of equipment upon installments or as required.
Who Should Apply for Equipment Financing/Leasing?
Businesses perfect for applying for equipment financing are as follows:
- Businesses aiming to expand their operations
- In need of extra liquidity to fulfill instant equipment payments
- Planning to buy new machinery or equipment without waiting for payments from previous projects or to avail of the discount prices
Equipment Financing Terms
- These short-term loans with periodic payments and interest rates are lent for a fixed term. These loans are offered by multiple lenders with varying amounts.
- If a business fails to pay back the loan, it results in the collateral or personal assets’ repossession—in the case of a personal guarantee.
Hence, it is essential to carefully assess the risks attached to any loan.
Seek Expert Assessment of Risks
Understandably, every financial activity has a degree of risk attached to it. Experts at Your Finance Partner can guide you through the entire application process for equipment financing through a detailed assessment process and provide you with expert suggestions and services to mitigate your risks. We connect you with the most suitable lenders with flexible payment terms and an easy application process.
How to Apply?
Applying for equipment financing is a simple 3-step process:
- Simply fill out a form to contact our consultants.
- They will contact you to retrieve essential business information.
- We connect you to suitable lenders with the lowest premiums and guide you through the process.