The Complete Guide to Getting Equipment Financing

The first thing that you must think about when starting a new business is that you must get the right equipment for the job. Equipment is the key factor that can help your business to grow. So, if you guys are looking forward to making your business a successful one than it is mandatory for you to get good equipment. If the equipment costs you more than your whole business idea and you do not have money to buy the equipment, then there is always the option of getting equipment financing.

Getting equipment financing will help you spare your capital to invest for other purposes like marketing and inventory. Equipment financing can vary from business to business. There is some business in which equipment costs more than others. For example, the equipment of the construction business cost more than equipment to start tour Diner.

Different equipment which requires Financing

These are some of the most high-priced equipment for which you guys need to get loan\financing.

●      Cars

●      Commercial vehicle

●      Trucks

●      Buses

●      Forklifts

●      Computers

●      Office equipment

●      Manufacturing equipment

●      Industrial equipment

Sources where you can get Equipment financing

There are multiple options from where you guys apply to get equipment financing for your business. All these options have different terms and conditions on their equipment loan.

●      Banks

●      Manufacturing companies

●      Supply companies

●      Credit units

Go for the best equipment financing option

Banks and traditional lenders provide us different kinds of equipment financing options to choose from. Now, it is up to you to choose the one which benefits your business more. This rundown will tell you all about the options that you are going to get in equipment financing.

1.    Equipment lease:

This is one of the most used options to get finance equipment for your business. In this type, you get equipment on lease and use them till you need them. You can return them whenever you like or purchase them at lower rates if you manage to save money for them.

2.    Small business loan:

This is another option that you guys can avail of to finance your business equipment. Small business loans come with less annual interest rates. So, you can get this loan to purchase new equipment for your business. There are many online platforms like BitXfunding which provide small business loans at lower interest rates including less hectic procedures.

3.    Equipment Term Loan:

This is another great option to finance equipment for your business. In this agreement, you take loan for the equipment and buy equipment under your ownership. But you must put a down payment to have some skin in the game so expect as high as 20% down.

So, here are all the guidelines that you require to apply for an equipment financing to grow your business.

BitX Funding is the online marketplace for small business owners looking to fund a project. We specialize in connecting small business owners with lenders who will compete for your business. We believe small business owners drive the economy and we are passionate about helping your company reach its full potential.

You can reach loans specialist by toll-free at 1-800-824-2407, or email at info@bitxfunding.com or applying online here and we can guide you on which loans are the best fit for your business.