Get started Get started. Loan amount. as low as 6. up to 5 years. Equipment loans to get the job done From heavy-duty equipment to general-purpose machines, we can help you finance the equipment your business need.

From heavy-duty equipment to general-purpose machines, we can help you finance the equipment your business need. Get started. Calculate your monthly loan payment. Loan Amount. Interest Rate. Estimated monthly payments. Get more with Preferred Rewards.

Preferred Rewards for Business members can get an interest rate discount of 0. Applying is easy Apply Complete an application in-person or over the phone. Get a decision We'll work together to help determine the loan amount and loan terms that best fit your budget.

Access funds Upon approval, funds are generally available within 10 business days. Prefer an equipment lease? Interested in a line of credit? Top FAQ What's the difference between a lease purchase and a true tax lease? Equipment we finance We finance general-purpose equipment such as packing machines and office equipment, heavy-industrial equipment such as manufacturing lines, printing presses and stationary machinery, construction equipment, and commercial vehicles typically greater than 2.

Connect with us. Schedule an appointment. Equipment loans are the standard option for financing equipment. They are widely available from banks and other lenders, but you can also find financing options through the seller.

The application process for an equipment loan is relatively straightforward. Depending on the type of equipment your business needs, it may be as simple as submitting information about your business.

For larger pieces of equipment, you may need to wait for the lender to perform an inspection. Since equipment loans are secured by the equipment you are purchasing, there is less risk to the lender. So, these loans often have lower interest rates than unsecured loans.

They are also more accessible to new businesses and business owners with bad credit , though you could see rates of 30 percent or higher depending on factors like your creditworthiness and business revenue.

As an alternative to an equipment loan , you can opt for an equipment lease. These come with smaller monthly payments and may not require a down payment. What happens at the end of your lease depends on the type of lease you sign. Lines of credit work like business credit cards. Your business has access to a credit limit the lender sets, and you can draw and repay as needed.

This makes them a good choice for businesses that frequently need smaller equipment purchases. With lines of credit, you only pay interest on the amount you use, and for most business lines of credit, you will regain access to the funds as you pay them back.

This gives your business plenty of flexibility based on cash flow and other operating expenses. Business lines of credit typically have larger loan amounts and lower starting interest rates than business credit cards.

But they lack certain features like grace periods , 0 percent introductory APR offers and the chance to earn rewards on purchases. No matter what type of equipment your business needs, it will likely be a large expense. Thankfully, there are a wide variety of options when looking for an equipment loan.

Lightbulb Bankrate insight Before signing an equipment financing agreement, compare your options with a business loan calculator. Doing so will help you determine which lender is best for your business.

It is possible to get an equipment loan as a startup business. It may be easier for a startup to qualify for an equipment loan because of how they are structured. Since the equipment acts as collateral, you may not need to risk other business or personal assets.

It may not translate to the lowest rates — and you may still need to provide a personal guarantee — but overall, equipment loans can be a more accessible option. Like loans for established businesses, you should begin the research process with lenders that work with startups.

You have a few options, so narrow these down to find the right choice to finance your equipment. Since equipment loans are secured by the equipment itself, there are options for business owners with bad credit. To find the most affordable option, research the best business loans for bad credit.

These lenders specialize in helping businesses get the funding they need, so you may have better luck working with one when you need to finance equipment. There are many equipment loan options and alternatives to suit almost every business. The right choice will depend on how your business is set up and its day-to-day needs.

Consider each option carefully and make sure to have a plan in place to successfully manage any equipment loan. Caret Down. We use primary sources to support our work. Small Business Administration. Accessed on November 10, Types of working capital loans. Alternatives to equipment loans. Debt vs.

equity financing. Alternatives to semi-truck loan. Skip to Main Content. Kellye Guinan. Written by Kellye Guinan Arrow Right Contributor, Personal Finance. Kellye Guinan is a freelance editor and writer with over five years of experience in personal finance.

She is also a full-time worker at her local library where she helps her community access information about financial literacy, among other topics. Robert Thorpe.

Edited by Robert Thorpe Arrow Right Editor, Personal Finance. Most recently before joining Bankrate, Robert worked as an editor and writer at The Ascent by The Motley Fool, covering a number of personal finance topics, including credit cards, mortgages and loans. Bankrate logo The Bankrate promise.

Bankrate logo Editorial integrity. Key Principles We value your trust. Bankrate logo How we make money. Key takeaways There are several options for financing equipment purchases, including term loans, SBA loans, equipment loans and leases and business lines of credit.

Each type of loan has advantages and disadvantages, so it's important to carefully consider their needs and financial situation before choosing one. Online and alternative lenders may be a good option for startups or business owners with bad credit who need fast funding for equipment.

The SBA weekly lending report details SBA loan approvals.

We Work With You To Construct A Custom Equipment Finance Solution That Meets Your Needs Best equipment financing companies: Funding Circle, Triton, OnDeck, Bank of America, TAB Bank, National Funding and the SBA. APRs range from 4% - 45% Equipment financing lenders at a glance · National Funding: Best equipment financing for high-revenue businesses · Commercial Fleet Financing: Best equipment

Equipment financing options - View Ag Loan Options Now — Our Agriculture Loans Can Help You Pay For Livestock, Land & More. Get More Info We Work With You To Construct A Custom Equipment Finance Solution That Meets Your Needs Best equipment financing companies: Funding Circle, Triton, OnDeck, Bank of America, TAB Bank, National Funding and the SBA. APRs range from 4% - 45% Equipment financing lenders at a glance · National Funding: Best equipment financing for high-revenue businesses · Commercial Fleet Financing: Best equipment

Once we uncover your personalized matches, our team will consult you on the process moving forward. Best for: Variety of financing options. Additionally, this lender provides specific equipment loans for new or used construction vehicles e.

With either loan type, repayment terms are up to 10 years. Best for: Quick bank financing. The bank gives you the option to finance multiple pieces of equipment on one contract, with repayment terms ranging from 24 to 60 or more months.

This program also allows you to customize your payment structure — and U. If you want the benefits of a bank business loan with the speed of an online lender, however, you can apply for equipment financing through U. With a quick loan, you can purchase one to four pieces of securable construction equipment and receive flexible terms of up to 84 months.

You can apply for one of these equipment loans online, and existing U. Bank account customers can access additional benefits.

Best for: Same-day funding. If you need quick access to funds, Balboa Capital can issue construction and heavy equipment loans as fast as the same day.

This lender offers a simple application that can be completed in just minutes — and requires only soft collateral e. Best for: Borrowers with bad credit.

Borrowers with poor or limited credit histories might consider Triton Capital as a good option for construction equipment financing. The lender accepts borrowers with a minimum credit score of Interest rates range from 5. To apply, you can submit a simple application with bank statements and an equipment quote.

In most cases, Triton can approve loans within two to four hours and provide funding within one to two business days. Best for: Construction vehicle financing. The lender offers semi truck financing , trailer financing, tow truck financing and construction financing — with a focus on heavy equipment.

Through Commercial Fleet, you can purchase dump trucks, excavators, dozers, mixer trucks, concrete plants and cranes, among other options. The lender finances popular industry brands, including John Deere, New Holland and Caterpillar. Commercial Fleet offers flexible loan and lease options, with repayment terms that range from 36 to 60 months — and some that extend to months depending on the type of equipment.

You may also be able to get zero-money-down financing, which is designed for newer businesses or those struggling with cash flow. To apply, you can fill out a one-page application, provide a bill of sale for your equipment and receive approval in as little as two hours.

A CFF representative will contact you to complete the process, and you may be able to access your funds as fast as 24 hours. When you're trying to acquire construction equipment for your business, it can be difficult to determine whether a loan or a lease is better for your needs.

Here are some other differences to note when trying to choose between equipment leasing and financing:. Equipment loan. Equipment lease. Equipment owned at the end of the term.

Equipment owned by the lender at the end of the term; may have an option to purchase or start a new lease. May pay less over the course of the loan than you would with a lease.

May pay more over the course of the lease than you would with a loan. Equipment can become outdated during the loan term. Can update equipment once the lease is over. More NerdWallet resources for construction companies:. Best credit cards for construction businesses.

How to get construction business insurance. Accounting software for construction companies. Some heavy equipment lenders will accept credit scores as low as , while others will require good credit typically scores of or higher. When you finance construction or heavy equipment, the machinery being financed typically serves as collateral on the loan.

Then, you repay the loan over time, with interest. Bank Altitude® Reserve Visa Infinite® Card U. Bank Secured Visa® Card U. Bank Altitude® Go Secured Visa® Card U. Bancorp Asset Management, Inc. Account login Return to Account login Account login Access accounts Client support Institutional Return to Main Menu Institutional Custody solutions Global corporate trust Global fund services Banking services Account login Contact us Explore institutional U.

Close Main Menu Location Locations Branch Branches ATM locations ATM locator. Close Estás ingresando al nuevo sitio web de U. Bank en español. Estás ingresando al nuevo sitio web de U. Bank en Inglés. Business equipment financing Equipment financing for your business needs. From manufacturing equipment to office furniture and everything in between, the right equipment can help keep your business running smoothly: Medical, dental and veterinary equipment Construction equipment Commercial vehicles Phone systems Computer hardware and software.

Apply now. Financing essential equipment for your business U. Finance multiple pieces of equipment on one contract. Pre-approval option. Flexible payment options monthly, quarterly or annually. Five benefits of equipment financing.

Save working capital. Flexible payment structure. Equipment specific filing. Quick credit decision. Alternative lending options for your equipment needs. Quick Loan. Learn about quick loans.

Practice financing. Learn about practice financing. Visit U. Bank Financial IQ for insights. Do you need a business equipment loan? Read more.

How to make the most of your business loan.

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Equipment financing options - View Ag Loan Options Now — Our Agriculture Loans Can Help You Pay For Livestock, Land & More. Get More Info We Work With You To Construct A Custom Equipment Finance Solution That Meets Your Needs Best equipment financing companies: Funding Circle, Triton, OnDeck, Bank of America, TAB Bank, National Funding and the SBA. APRs range from 4% - 45% Equipment financing lenders at a glance · National Funding: Best equipment financing for high-revenue businesses · Commercial Fleet Financing: Best equipment

Our equipment loans feature:. Make sure your business has the necessary equipment for growth and success. Contact a loan officer or visit your nearest branch. The process to get an equipment loan is simple if the borrower meets all the necessary requirements.

Typically, the qualifications for an equipment loan are:. An equipment financing loan is a loan used to upgrade, replace or purchase business-related equipment. Until the loan is repaid, the equipment acts as collateral for the loan.

Equipment loan terms will vary across lenders. The average loan term for business equipment is from three to seven years. Mountain America Credit Union offers terms up to 10 years. Keep your business going strong Business Equipment Loans Upgrade outdated commercial equipment or purchase new assets with financing from Mountain America.

Small business equipment financing Get the equipment you need for your business to thrive! Equipment loans can be used for: Technology—servers, computers, hard drives and printers Restaurants—commercial ranges, refrigerators and prep tables Farming—tractors, cultivators and plows Landscaping—trailers, mowers, trimmers and chainsaws.

Mountain America commercial equipment loan benefits Finance new or used equipment for trucking, industrial, construction, vehicle, manufacturing, machinery and general business operations. Get started.

Equipment loan FAQs. How hard is it to get an equipment loan? What is an equipment financing loan? What is the interest rate on an equipment loan? How long can you finance equipment? A Guiding Hand in Business.

Our team is here to help you get the best loan for your needs. Meet the team. Most equipment has a lifespan and will only be in use for a period of time before it needs to be replaced. You should account for functional details such as upkeep costs when determining the amount you borrow and the overall terms of your equipment loan.

When applying for financing, be sure to consider:. Running a business requires the right tools. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional s.

Outlooks and past performance are not guarantees of future results. JPMorgan Chase Bank, N. Member FDIC. Funding helps business owners get to where they want to go. There are many options, and each comes with its own terms and challenges.

Getting familiar with the top funding types can be your first step toward making the right choice for your business. You may have more options than you realize for getting the money you need.

Discover how your business can use crowdfunding to finance new products or services, attract more customers and gain valuable feedback. Learn the benefits of business credit cards and what options to weigh before choosing. Please turn on JavaScript in your browser.

Knowledge center Grow your business Manage your business Start your business Professional development. How to apply for business equipment financing Learn about business equipment financing and some things to consider when buying new equipment.

minute read. Common equipment upgrades For construction contractors, equipment needs range from new tools, to safety equipment, to new vehicles and machinery.

Applying for an equipment loan Securing a small business equipment loan can be similar to obtaining other types of loans.

Benefits of equipment financing When it comes to financing new equipment, you generally have three options available: A term loan A Business Line of Credit An equipment loan While lines of credit and term loans are an option, equipment loan rates and terms may have greater flexibility.

The answer will impact how much you should borrow and what your repayment plan should look like. Topics: financing operations. What to read next.