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.
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.
Fill out a single, free online application*
Speak with your personal funding coordinator
Receive same-day approval with proper documentation†
Receive the funding you need in as little as 24 hours‡
Up to 100% of the Equipment Value
Determined by the projected useful lifespan of the equipment
Regular monthly payments, although other options may be available
Time Until Funded:
As little as 24 hours after approval
|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|Equipment loans are better for long-term use and for items that don’t get rapidly outdated, like commercial ovens, vehicles and heavy machinery.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.|
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.
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.
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.
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.