Equipment financing is a way to buy equipment for your small business. You can borrow money
from a bank or credit union and then pay it back over time.
This can be helpful because it lets you buy new equipment without taking all the money out of
your business.

Not at all. Yes, many factors can influence your ability to get equipment loans, including your
credit history and the amount of money you need to borrow. However, with the proper
documentation, help from Finberg Investment Loan Specialists, and a good business plan, it is
possible to secure equipment financing from various sources.

There are many reasons why equipment financing is essential for businesses and small business
owners.
For one, it can help you access the equipment you need to remain competitive and grow your
business. You can free up your capital and focus on other aspects of running your business
instead of worrying about significant purchases all at once. Additionally, investing in new or
upgraded equipment can significantly improve the efficiency and profitability of your business.
Ultimately, whether you are looking for funding for medical equipment or commercial vehicles,
equipment financing may be a valuable tool in helping you achieve your business goals.

The requirements for equipment financing will vary depending on the type of loan you are
applying for, as well as your business and financial situation. Some key factors that lenders may
consider:
Your credit history (The minimum credit score to qualify is 650 - If you are below that, you
might want to build a business credit score before applying.);
Time in business (at least 12 months);
How much money you need to borrow, and how quickly you can pay back the equipment loan.

You may also need to demonstrate that your business has strong potential for growth and
profitability to qualify for equipment loans.

So, is equipment lease and equipment loan equal? No. There are several key differences between
equipment financing and leasing equipment. For one, equipment financing typically involves
taking out a loan to cover the cost of the equipment. In contrast, equipment leasing usually
consists of agreeing with a leasing company that allows you to use the equipment without paying
for it upfront.
Additionally, while both options can help you access the equipment you need to grow your
business, they often have different requirements and benefits regarding repayment terms,
monthly payments, and tax implications.
It is essential to carefully consider these factors and your overall business goals when deciding
whether equipment financing or leasing is right for you.

Yes, getting a loan for both new and used equipment is often possible. Many lenders, especially
those specializing in equipment financing, will be happy to help you finance new or used
equipment as long as you demonstrate that the purchase is necessary for your business and that
you have the sufficient cash flow to make regular repayments.
Whether you are looking at buying new or used equipment, it is vital to carefully research your
options and compare the terms offered by different lenders before making any decisions.

Nothing is guaranteed, but it's much easier to get approved when you go with Finberg
Investment, even if you have the minimum credit score or time in business.
We assess every application on a case-by-case basis, taking into account your business goals and
financial situation. Our experienced team will work with you to explore all of your options so
that you can make the right choice for your business and get approved.