Businesses have two different options when it comes to equipment financing. Equipment loans and equipment leasing. Both types of financing might be used to purchase or borrow hard assets, such as a restaurant oven or an excavator. Financial Advantage Group works with all different types of industries to help finance the piece of equipment our clients are looking for.
The loan is secured by the equipment which is the collateral. Most platforms will require the client to make a down payment of 10-20%. Interest rates are lower since it is a secured loan. Terms can range from 1 to 5 years. Also, these platforms prefer credit scores of 600+
Leasing programs are very popular with clients that might not have the 10-20% down payment. Plus, leasing programs can cover additional costs, such as shipping and installation of the equipment. Also, leasing usually has a lower monthly payment than an equipment loan.
Please contact on of Financial Advantage Group’s funding advisors about either of these equipment financing programs. All our clients work one on one with our loan advisors, so that you are not passed around to multiple people. From start to finish, Financial Advantage Group is always there to help with your business’s financial needs.