Do you need to acquire, replace, or upgrade your equipment? Are you looking to expand your operations, but the cost of new equipment is holding you back? Equipment financing is a quick, cost-effective solution that can help your business get the equipment you need without all the stringent requirements of a bank loan and with less risk.
Equipment financing (or equipment leasing) gives your business the opportunity to buy the equipment you need but haven’t been able to get due to cash or credit limitations. With equipment leasing, instead of purchasing a costly piece of equipment outright, you are essentially renting it, and the equipment itself is used as collateral to secure the loan. So, if you default on your payments, the lender will take the equipment back. However, another form of equipment financing involves using your existing high-value equipment as collateral to secure funding for other business expenses. So, instead of getting equipment, you are getting working capital. The type of equipment financing you choose simply depends on your needs.
Equipment leasing and financing services can help increase your working capital, improve your operations, and sustain long-term growth within your business, among many other benefits. Here’s how: