Whether you’re a new or established business, equipment financing can be an awesome way for you to keep your equipment up to date. It’s incredibly flexible and can be used for a variety of things such as transportation, computers, and furniture.
Equipment financing is great because it provides you the ability to obtain whatever your business may need with a simple application. Beyond that, it’s the easiest loan to qualify for since the equipment is the loan (and therefore the collateral).
Advantages Of Equipment Financing
- They’re Quick And Easy To Get
- Keeps Your Business Up-To-Date
- Helps You Maintain Your Capital
- Can Cover The Costs Of The Equipment
- Helps Your Taxes Out
- It Can Cover Any Future Upgrades
They’re Quick And Easy To Get: Advantages Of Equipment Financing
Because of how easy it is to qualify for equipment financing, the process is relatively short. However, it’s not only short, but requires very little documentation. There aren’t any crazy qualifications during the application process, so because of the above, you can get financed in as little as 48 hours.
Keeps Your Business Up-To-Date: Advantages Of Equipment Financing
A huge perk of equipment financing is that it can keep your business up-to-date. Sure, old stuff may work, but in the long run, it could be cutting into time and money. With the newest technology, there’s lower potential for downtime and you could even perform tasks significantly faster.
Helps You Maintain Your Capital: Advantages Of Equipment Financing
Another benefit of equipment financing is that it doesn’t typically require you to shell out a lot of cash (if any). With equipment financing, you can maintain your current capital and pay for it all over an extended period of time. So, whatever existing capital you have or lines of credit you may have open remain completely open for other expenses.
Can Cover The Costs Of The Equipment: Advantages Of Equipment Financing
When it comes to equipment financing, it can cover up to 100% of the costs. A lot of that has to do with the fact that the equipment is the collateral; however, in some instances, you can also have other aspects such as charges on delivery covered.
Helps Your Taxes Out: Advantages Of Equipment Financing
Whether your equipment financing is a loan or lease, you can potentially report it as an expense when doing your taxes. However, it’s important to also know that being consistent and on time with any type of loan will certainly help your credit score, interest rates, and so on. Regardless, be sure to meet with a financial advisor and see if you could qualify for a tax break.
It Can Cover Any Other Future Upgrades: Advantages Of Equipment Financing
With equipment financing, you can often trade in your old equipment towards newer stuff. However, depending on the equipment financing, you could also be able to acquire upgrades on a semi-regular basis.
Finance Factory Can Help Get You Financed: Advantages Of Equipment Financing
Are you ready for a loan? Finance Factory would love to help find you one! If you’re looking for funding and have a credit score of 680 or better, let’s chat! Get pre-qualified right now with our quick-step pre-qualification form! And don’t worry, this will not result in a hard credit inquiry of sensitive information. We just want to learn more about you and your business. Click below to start!