Spring is typically a time when businesses need to utilize new equipment on new projects. After the slow winter months, you might find yourself short on cash for essential initiatives. In business, having cash available when you need it is crucial. Of all the loans you may apply for, one of the most significant is an equipment loan. Using equipment financing also lets you provide your business with updated tools and technology to stay competitive during the busy spring months.
There are many ways to get a loan for new or used equipment. Equipment loans list the specific equipment you can lease and require collateral for short-term loans. The financing allows you to purchase or lease the specified equipment from a third party.
The type of equipment you can receive financing for includes both new and used equipment. Then, it depends on the type of business you’re in. Do you need new computer hardware or software to streamline your operation? Perhaps you need money to lease cars or tractor trailers for your transportation enterprise.
Investigate how equipment financing can help you get office furniture, bakery and restaurant equipment or another vital tool that can help you expand your business this spring. Most loan amounts exceed $1,000 and have terms shorter than five years. You can even get shorter-term loans if you just need help until a large invoice is paid.
The most common method to get the new or new-to-you equipment you need involves an equipment financing loan from a trusted source. When you finance equipment purchases and leases, it improves your cash flow. In return, that helps you avoid one-time costs for larger purchases, which can drain your budget quickly and put your business at risk.
By taking out a small or large short-term loan, you can preserve other lines of credit that you need for long-term planning. The amount of collateral needed varies based on your credit history and how long you’ve been in business.
If your cash flow is already low, the last thing you want to do is hand over a large down payment on a loan. You can obtain hassle-free equipment financing, even if your credit isn’t great. MY Company Funding’s minimum down payment policy is very flexible. In many cases, you may qualify for no money down at all.
Whether you have good credit or not, you could still qualify for an equipment financing loan. Contact us at MY Company Funding for more information or to schedule an appointment. Learn more about how our equipment financing options can help your business.