Move Your Business Forward With Equipment Financing
Equipment is a vital need for manufacturing, construction and general contracting businesses. New projects can lead to a need for new equipment — but what if you don’t have the money on hand to pay for the vital equipment needed to complete a project? That’s when an equipment loan or equipment leasing can provide the money to obtain the equipment you need.
Equipment Loans vs. Equipment Leasing
When you’re looking for general equipment financing, equipment leasing and equipment loans are two popular options. Though they have their differences, both can help you acquire new equipment.
A lender offers a lump sum for the cost of the equipment, and you repay the loan (plus interest and sometimes fees) over a set period of time. You have full ownership of the equipment once you’ve repaid.
Requires minimal paperwork
Lower cost if equipment acts as collateral
Might require a down payment
You own the equipment (which you may not want)
A lender buys the equipment from a vendor and rents it out to you for a monthly payment. Once the lease is ended, you can either purchase the equipment, renew the lease or return the equipment.
No down payment
Repairs are the lessor’s responsibility
Can be more costly than a loan depending on how lender prices your payments
What Does The Business Backer Offer?
There are three products available through The Business Backer that can be used to cover the cost of various equipment needs and more.
From Application to Funding in 3 Easy Steps
One of our experienced Funding Advisors will call you shortly.
Receive a decision.
Your Funding Advisor will help determine the best financing option after you submit 3 months of business bank statements.
Receive your funds.
Sign your contract and receive funds as soon as next business day, if approved.‡
The Business Backer is temporarily not accepting new applications.
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FAQ About Equipment Financing
How do I get equipment financing?
You can obtain equipment financing a number of different ways. The most popular methods of equipment financing are equipment loans and equipment leasing. Those types of financing are specifically designed for equipment. However, if you are looking for a more flexible type of financing that can cover other business needs as well, consider looking for a line of credit or small business loan.