Equipment Financing in 24 Hours: What You Need to Know

1. Equipment Financing in 24 Hours: What You Need to Know Equipment financing is a highly popular way to expand and grow your business. It’s often used to finance anything from property, vehicles, machinery, technology, product development and much more. The process of securing equipment financing can be complicated. Here are some of the most common questions we get asked about equipment financing to help you better understand this process: 1) What do I need in order to apply for equipment financing? 2) What is a good credit score or credit report? 3) How do I know if I’m eligible for an equipment loan? 4) What are the benefits of applying for an equipment loan? 5) Is there a time limit on how long my commitment can be? What you need in order to apply for equipment financing Lenders are not going to give you the money before you have done all of your homework. You need to have a strong credit report and good credit score, as well as a good business plan for the future. What is a good credit score or credit report? The most common question we get asked is what a good credit score or credit report is. In order to qualify for an equipment loan, you need to have a credit score of at least 620. A credit score above 620 will mean that your interest rates will be lower and approval chances higher. How do I know if I’m eligible for an equipment loan? In order to determine if you’re eligible for an equipment loan, you need to know your credit score. Your credit score is a three digit number provided by the major credit bureaus and it’s used by lenders to evaluate your eligibility for loans or lines of credit. The higher the number, the better your chances at getting approved. The score ranges from 300-850 and

2. most lenders will be looking for a score of 620 or higher. You can also see what type of account you have open with each bureau and how many inquiries have been made on your account within the last year. What are the benefits of applying for an equipment loan? Applying for an equipment loan can be beneficial to your business in many ways. The benefits of an equipment loan include: - Easier and faster access to funds – A lot of banks require a lengthy application process with lots of paperwork in order to get approved. With equipment financing, your application is often approved within 24 hours so you can quickly get access to funds. - Cash flow management - Equipment financing provides you easier cash flow management by helping you avoid expensive loans and interest rates on credit cards or personal loans. - Increased buying power - When you finance your machinery, that money has the same buying power as it would if you had cash on hand. This means that when you finance $100,000 worth of machinery, it’s like having $100,000 cash on hand for purchasing additional machinery or making an acquisition. - Lower risks and greater security - When you finance rather than buy outright, the risks are lower because there’s less upfront capital required. And with lower risk comes greater security as you have more time before your payments come due each month. Is there a time limit on how long my commitment can be? There is no time limit on how long your commitment can be. You can commit for a period of 12 to 84 months and you can decide the payment terms that work best for you. If you would like to know more about equipment financing, call or text our team at (800) 342-8951 or visit https://getequipfinanced.com https://southendcapital.com/?rp=RP017272