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Andrew Watson Wilmette - Is Business Equipment Financing Right for you?

Finding sound financial investment advice may not be as difficult as following it. Not only should one know how to save money, but George Andrew Watson must also know how to accumulate wealth in order to plan for a secure financial future. He has to determine where it is best to make investments and how to get the most out of savings accounts. With a little patience and homework, one can find a financial plan to accommodate his or her needs.

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Andrew Watson Wilmette - Is Business Equipment Financing Right for you?

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  1. IsBusiness Equipment Financing Right forYour Business? AndrewWatson Wilmette

  2. Every business uses some typeof equipment in its daily operations — from basic tech deviceslikelaptopsandcellphonestomore specialized machinery like tractors, manufacturing equipment or diagnostics machines.

  3. A business equipment loan can help you quickly obtain working capital to buy or lease the items you need for your business. You’ll be able to manage your cash flow seamlessly, as this financing will allow you to spread out your payments over a longer period of time. Why you should considerEquipment Financing

  4. Pros & Cons of Business Equipment Financing Pros: Fast funding: You can quickly obtain the capital you need to make an importantbusinessequipmentpurchase,whichmayultimatelyresultin faster business and revenuegrowth. Flexibleterms:Therequirementsforanequipment-specificloanareoften moreflexiblethanconventional,all-purposebusinessloans. Improvedcredit:Makingon-timepaymentscanhaveapositiveimpacton your business creditscore.

  5. Cons: Potential for added liabilities: If you have a lower credit score, a lendermayrequireablanketlien,whichgivesittherighttoseizeother business assets in the event of nonpayment; or for a personal guarantee,whichholdsyoupersonallyliableforloanpaymentsifyour business is unable to makethem. Lengthoftermsurpassesequipmentlife:Youmayfindyourselfstill makingloanpaymentsbeyondtheextentofuseoftheequipmentyou purchased. Defaultrisk:Aswithanyloan,youaretakingonbusinessdebtandmay wind up in financial trouble if you suddenly find yourself unable to makepayments.

  6. Equipment leasing vs.equipment financing Inthisscenario,thelenderownstheequipmentandyou aresimplypayingtouseit.Unlikeequipmentfinancing, equipment leases do not require down payments or collateral, and may have lower monthly installments than an equipmentloan.

  7. Resources for Business Equipment Financing The Small Business Administration: If you have a goodcredit score and need a large amount of capital (up to $5.5 million), an SBA 7(a) or CDC/504 loan might be your best bet to finance an equipmentpurchase. Banks: Aside from SBA loans, you can apply for a conventional business loan directly through a bank, although the lengthy approval process and stringent financial requirements may notbe ideal for some businessowners. Online lenders: If you're looking for faster funding with fewer qualifying criteria, an online alternative lender may be a better choice for you. Options for alternative business equipment loans include Balboa Capital, Crest Capital, eLease, Express Finance by Currency andStreetShares.

  8. https://andrewwatsonwilmette.tumblr.com/post/188342120883/andrew-watson-financial-adviser-expert-financialhttps://andrewwatsonwilmette.tumblr.com/post/188342120883/andrew-watson-financial-adviser-expert-financial

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