Business Equipment
Use for vital equipment investments needed for your business to grow!
Heavy Equipment
Yellow Iron, non-titled vehicles and manufacturing equipment needed for industry growth.
Truck and Transportation
Truck financing for short and long hauls.
Furnishing your business with the equipment you need in order to function well and efficiently isn’t always as cut and dry as it may seem. From the obvious things you’ll need, like a point-of-sale system to process transactions, to the less obvious things, like a break room microwave for your employees, you’d probably be pleasantly surprised as to what kinds of equipment are covered by business equipment loans!
Equipment Financing
Equipment financing is the term used to describe a loan or financing program that a business owner uses to purchase and obtain items that are needed to run their business smoothly and efficiently. This could include loans, financing or payment plans, or even business credit cards. In particular, we’re covering loans specifically designed to cover equipment costs for business owners like you.
How Do You Qualify For An Equipment Loan?
Qualifying for an equipment loan usually has a few requirements. Typically, you’ll need to have been in business for at least a year, and have a certain threshold of revenue to meet. Most places require about $50,000 in annual revenue. Your credit score will also come into play, as well, and depending on your cash flow and revenues, you will likely need to score higher than 650 to qualify. There are also considerations made for businesses who don’t meet these requirements, so always be sure to ask questions and learn more from a potential lender!
Is Financing Equipment A Good Idea?
In short, yes! While there are some people who recommend only purchasing things when you have the liquid cash for them, there are some situations where that just isn’t plausible. Instead of draining your business bank account, or worse, your personal bank account, for that item you need, financing is generally a better option. Not only is financing a great option to get the things you need without draining your liquid cash, it can also help improve your credit score, as the more payments you make on time, the better your credit history will be.
What Kind Of Equipment Can I Finance?
There are many different definitions of business equipment and regardless of whether you need big or small items for your business, you can likely purchase it with financing. The range of equipment can be from construction equipment, like tractors and forklifts, but you can also get as small as office appliances and fixtures, like rugs, coffee makers, lighting, and more. If it helps to keep your business running smoothly and create a better environment for your employees, it’s likely eligible for financing.
If your business needs a little boost to get the equipment you need to run smoothly and efficiently, don’t wait! Get started with your business equipment loan with Cheddarr today by reaching out to us. Learn more about these loans and other loans, too, by browsing our site.
