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Equipment financing is available for those setting their eyes on expensive tools. If the sole purpose of acquiring a business loan is to move forward with this type of purchase, this may be a better option than a different kind of loan. Established businesses will find it easier to qualify, but for startups, there are other options that can be explored. If your company primarily does business with other businesses, such as selling medical equipment, this may be your best bet.
Unlike other loan options Fundwise Capital specializes in, equipment financing is a secured loan. The collateral comes from the equipment itself, so no other assets need be involved. In the unfortunate event the loan cannot be repaid, the sale of the equipment should cover the loan in place. This is enough collateral for the lenders providing this type of loan. Equipment financing can offer loan approvals for amounts up to $250,000, at rates as low as 4%. The terms of these types of loans can vary from between 3 to 5 years. Considering the profits the right types of equipment can launch a business towards, these terms can be quite an advantage.
Qualifications for this type of loan are similar to others. If your company has been in business for at least 2 years, you can qualify (though the longer in business the better). A credit score of 650 or more is also essential. Because this loan is collateralized, finances often do not need to be checked further. The security of the loan against the equipment to be purchased is often enough for the lender. However, equipment to be purchased must be directly necessary to do business. A truck for signage does not qualify as essential equipment, but a new ultrasound for a diagnostic office definitely falls in this category. If your needs are different than simply obtaining essential equipment, Fundwise Capital can help you towards a more appropriate loan.
There is no risk to apply for this type of funding and often no performance fee to the applicant by applying through Fundwise Capital. Fundwise Capital does not itself lend the money, but know who to go to for these financing options. Don’t get trapped paying high interest rates in order to buy the tools of the trade needed for your business. These purchases can run in the 10s of thousands of dollars. You want the best rates possible on so high a principle. Apply through Fundwise Capital today. Competitive loans and equipment financing options are right at your fingertips. Apply today and get the ball rolling. Your loan can be approved in as little as 2 weeks.
Need more options than just equipment financing? No problem. The beauty of going through Fundwise Capital is that your representative will help you get approval for all your needs. You won’t need to invest your own time in the menial task of filling out application after application. Did you the order in which some applications are filed can affect the amount of a loan you ultimately qualify for? Fundwise Capital takes the guess work out of the application process. Save the time in researching who to apply to, and the time filling out information over and over again. Fundwise Capital can put through all your loan objectives and get the attention of many lenders looking for an applicant like you. Apply now.