Get Equipment Financing Fast

Whether you’re a start-up company or an established business, a vital piece of equipment or machinery can make or break your bottom line. When paying for equipment outright would put too much of a strain on your cash reserves, and leasing doesn’t fit with your business needs, equipment financing could be exactly what you’re looking for to get the equipment you need for the growth and success of your company.

Join the Lending Revolution

LendRev can provide access to capital fast because we offer a direct path to the lending marketplace, empowering businesses like never before. Just complete one free application and LendRev gets to work, searching our network of lending partners where they compete for your business.

Apply Today. Get Funded Tomorrow.

Fill Out a Free Online Application

Step 1

Fill out a single, free online application*

Speak With a Funding Coordinator

Step 2

Speak with your personal funding coordinator

Receive Same-day Approval

Step 3

Receive same-day approval with proper documentation

Receive Funding in 24 Hours

Step 4

Receive the funding you need in as little as 24 hours

What are the advantages of equipment financing?

  • Equipment financing is more readily approved than other types of business financing.

    Because the item you’re purchasing serves as collateral to secure your financing, it’s typically easier to be approved for an equipment loan. The built-in collateral provides the lender with a greater level of protection in the event of default, and with this reduced risk, the lender can more readily approve applications.
  • The application process is more simplified than other types of business loans.

    This is another advantage that comes from having collateral built in to the financing. Because the lender has the safety net of collateral, there’s not nearly as much documentation required as there would be with a traditional unsecured business loan.
  • Equipment financing preserves your cash flow.

    Paying for a big-ticket item outright can put undue stress on your cash flow. By financing equipment and making regular, monthly payments, you can preserve your operating capital to respond to everyday operating expenses like payroll, utilities and inventory.
  • You can increase your revenue by purchasing the equipment you need.

    Every business owner knows that having up-to-date, functioning equipment impacts their bottom line. If a commercial oven breaks down, there’s no product to sell. If a competitor has a more efficient production line, they might be able to undercut your price for the same product. If you’ve carefully researched the item you plan to purchase and its projected ROI, a new piece of equipment can improve your productivity, reduce your costs, or help you bring a new product to market – all of which will help boost your revenue.
  • Equipment financing can add to your business’s net value.

    New equipment adds to the net value of your business, without taking a chunk out of your cash flow.
  • The interest you pay on your equipment loan is tax deductible.

    Typically, you can deduct the total amount of interest paid on an equipment loan in a given tax year, as long as the expense is considered both “ordinary and necessary” to your business.

What are the disadvantages of equipment financing?

  • You have to do your homework.

    When purchasing equipment or machinery, failing to properly research the item and its ROI can pull the rug out from under your profitability. You don’t want to end up paying more for an item than the revenue it generates. Additionally, you don’t want to keep paying for a piece of equipment that’s become obsolete.
  • Equipment financing cannot be used for other expenses.

    An equipment loan is just that – a loan to be used to finance the purchase of a particular piece of equipment. The funds cannot be used for any other purpose.
  • You may need to depreciate your equipment.

    You might need to depreciate your equipment when tax time comes, so be sure to consult with your tax professional to determine what can and can’t be deducted.

About Equipment Financing

Business Lines of Credit at a Glance


Equipment Financing Amount

Amount:
Up to 100% of the Equipment Value

Equipment Financing Repayment Terms

Repayment Term:
Determined by the projected useful lifespan of the equipment

Equipment Financing Interest Rate

Interest Rate:
Typically 8-30%

Equipment Financing Credit Score

Credit Score:
600+

Equipment Financing Payment Frequency

Payment Frequency:
Regular monthly payments, although other options may be available

Equipment Financing Time Until Funded

Time Until Funded:
As little as 24 hours after approval

Equipment Financing versus Equipment Leasing


Equipment Financing Equipment Leasing
At the end of your financing term, you own the equipment outright. At the end of the term, you either return or trade in the item or renew your lease.
All the interest paid is tax deductible. The lease payments are deductible only if there is no option to buy the equipment at the end of the lease term.
Equipment loans are better for long-term use and for items that don’t get rapidly outdated, like commercial ovens, vehicles and heavy machinery. If you know the equipment will stand the test of time, consider an equipment loan. Leases are better suited for short-period use or if the equipment becomes obsolete quickly. Items like software, medical equipment and high-tech computers are good candidates for leases.
If it turns out you don’t need the equipment or its ROI is not what you expected, you can sell the item to recoup your expenses. With a lease, you may be stuck making payments on equipment that’s not contributing to your bottom line.

Common Questions About Business Lines of Credit


What is equipment financing?

If you’ve ever taken out a loan to finance the purchase or a vehicle, you’re already familiar with the concept of equipment financing. With this type of secured loan, the item you plan on purchasing serves as collateral, and you make regular payments until the balance is paid in full. The price, age and projected useful life of the equipment will determine the amount and terms of your loan. Just like an auto loan, equipment financing may or may not require a down payment.

How can Lendrev help you get equipment financing?

The types and providers of equipment financing are as varied as the businesses they serve. Many providers specialize in a particular industry, giving them an edge when it comes to being familiar with the price, lifespan, and ROI of the equipment they finance. For instance, there are lenders that specialize in funding the heavy machinery used in construction, while others specialize in equipment associated with agriculture or restaurants.

With so many different funding providers, it can be difficult to find the type of equipment financing that’s right for you and your business. Here’s where LendRev can help. Simply fill out a single, free application, and we’ll do the research for you, finding the best match for your unique situation. Once our network of lenders has competed for your business, one of our personal funding coordinators will go over your options with you, answering any questions you might have. We consider ourselves your partner in finding the best financing product for your company.

Which type of companies can apply for an equipment loan?

Every company that relies on equipment or machinery for the success of their business can apply for an equipment loan, and nearly all types of equipment are covered - from farm machinery to computers to fleet vehicles – there’s an equipment financing product that fits.

How does an equipment loan differ from a lease?

When you need to purchase a piece of equipment but don’t have the funds available to pay for the item outright, you have two options: equipment financing or an equipment lease. Determining which one is right for your business will depend mostly on your unique cash flow situation and the longevity of the item.

The benefits of both equipment loans and leases are that the application process is simple, you can obtain the equipment your need quickly, they’re fairly easy to quality for, and you can plan your finances around regular monthly payments. Most importantly, both options preserve your cash flow, keeping funds free to pay for both normal operating expenses and unexpected expenses.

* In order to secure funding, LendRev requires at least three months in business with a minimum of $10,000 in monthly revenue.

† With the appropriate information and documentation available, it’s possible to have your application approved in as little as one hour.

‡ Many of our term loan and merchant cash advance providers can be very fast, providing funds in as little as 24 hours. SBA-backed lenders may take two weeks or more because Small Business Administration loans require significantly more documentation.