Unsecured Business Equipment Loans
Get a small business equipment loan from Business Finance Source up to $850,000 to help you purchase the equipment you need to move your business forward.
Funding Amounts
$5,000 to $850,000
Funding Time
2-4 weeks
Interest Rate
Starting at 8.95%
Repayment Terms
1-8 years
Business Equipment Funding For Small Businesses Across The USA
Don’t put a strain on your business’s cash flow by buying equipment upfront. Use equipment financing from Business Finance Source to purchase the equipment you need. Our financing options make it easy to acquire costly equipment and machinery. Apply now and receive a decision within hours.
The Easier Path to Get the Equipment You Need
Upgrade your business equipment without the hassle of collateral. Poor credit accepted. Minimal paperwork. Get the equipment financing you need to take your business to the next level.
Fast Decision
Get pre-approved for equipment financing in 60 seconds.
Minimal Paperwork
Just upload your last 3 months of business bank account statements.
No Collateral Required
No other collateral required as the equipment acts as collateral.
Poor Credit Accepted
We can still finance equipment even if you have poor credit
How To Get a Business Equipment Loan From Business Finance Source™
Loan Application Process
1
Apply Online
Our platform evaluates your loan application and gives you an initial decision in 60 seconds.
2
Upload Bank Statements
Once you’re pre-approved, upload the last 3 months of your bank statements to get final approval.
3
Get Funded
After final loan approval, get the funds deposited into your bank account in as little as 24 hours.
Eligibility Requirements
At Business Source, you must meet the following minimum requirements to qualify for business equipment financing:
Be in business for 6 months or more
Provide 3 Months Bank Statements
Have an active Business Bank Account
Business must make +$7,500 per month
Who can apply?
You can apply for finance with Business Finance Source if you’re a US citizen or resident over the age of 18 years of age.
Business Equipment Loans Explained
What Is It?
Many businesses do not have sufficient cash on hand to purchase expensive equipment. Without the necessary equipment, businesses may struggle to operate and grow.
Business equipment financing is a type of loan that enables business owners to purchase the necessary equipment, such as machinery, business vehicles, and other business-related tools, to support the growth and development of their businesses.
How Does It Work?
- Identify the business equipment that you need for your business.
- Submit an application for financing to the lender with detailed information about the equipment you wish to purchase, including purchasing details.
- The lender will review your application and make a decision based on your creditworthiness and the value of the equipment being financed.
- If your application is approved, you will be offered financing terms, including the interest rate and repayment schedule.
- Once you agree to the terms of the loan, the lender will deposit the funds in your business bank account and you can purchase the equipment.
Interest Rates
In the USA, the interest rates for business equipment financing from traditional financial institutions like banks range from 7% to 20%. On the other hand, online lenders may charge interest rates from 10% to 99%. The actual interest rate a business in the USA will pay depends on the business owner’s credit score and the risk the lender perceives in lending the money to the business.
Repayment Terms
Repayment Period: Equipment financing repayment periods can range from 3 to 10 years.
Repayment Frequency: Equipment financing lenders typically require weekly or monthly repayments on the loan.
Repayment Amount: The amount required to be repaid usually consists of the loan principal plus all of the interest.
Business Equipment Loan Calculator
This calculator helps you estimate the cost of financing business equipment.
Explore all the business loan calculators we have available.
What Can It Be Used For?
Business equipment financing is a type of financing that is specifically designed to help businesses purchase the equipment they need to operate and grow. This type of financing can be used to buy a wide range of business-related equipment, including restaurant equipment such as ovens, grills, and fryers, retail equipment like cash registers, security systems, and POS systems, agricultural equipment like tractors, combines, and plows, construction equipment like bulldozers, excavators, and concrete mixers, transportation vehicles like trucks, cars, and vans, and all manner of other business-related equipment.
Benefits And Drawbacks
Benefits
- Businesses can acquire necessary equipment without having to make a large upfront payment, allowing them to preserve working capital.
- Equipment financing lenders sometimes offer 100% financing, so businesses do not need to pay an upfront deposit to secure financing
- Equipment financing provides businesses with the ability to scale up instantly, rather than having to wait for the business to save up enough funds to purchase the equipment.
Drawbacks
- Not all finance lenders offer 100% financing, so a down payment may be required for some lenders.
- Interest rates may be higher compared to other forms of financing such as long-term loans or leases.
- Qualification may be difficult for businesses with poor credit, limited financial history, or insufficient cash flow.
FAQs
Lenders may offer a revised repayment plan if a borrower defaults on an equipment loan. Lenders may seize and sell equipment to recoup loan costs when a new agreement cannot be reached. Sale proceeds will be used to repay the loan.
The principle of an equipment loan is not tax deductible, but the interest paid each month is tax deductible.
Most lenders require a substantial downpayment of about 20% of the toal price of the equipment.
Apply For Business Equipment Loans Now
Borrow between $5,000 and $850,000. The application process is 100% online, with an initial decision in just 60 seconds and applying won’t your credit score.