If you think one of these top equipment loan options might be right for your business, here’s how to get the financing you need.
Find the equipment you’d like to purchase: With the application process, many lenders will require that you offer an equipment quote, as well as details about the equipment and its condition. Therefore, you’ll want to make sure that you have this step completed from the beginning.
Evaluate your qualifications: To get equipment financing, you’ll typically need a credit score of at least 600, more than $130,000 in annual revenue and two years in business, based on past Fundera customers. However, specific requirements will vary based on the lender and generally be much more flexible compared to other types of loans. Still, the better your qualifications, the more likely you’ll be to access the most ideal rates and terms.
Complete your application: Typically, you’ll be able to complete your equipment loan application online very quickly and easily. Equipment financing usually requires minimal documentation and a streamlined application process, but you can expect to provide some if not all of the following:
- Driver’s license
- Voided business check
- Bank statements
- Credit score
- Business tax returns
- Equipment quote
Generally, online lenders can process and fund business equipment financing applications in just a few days, sometimes faster. If you apply for an equipment loan through a bank, on the other hand, you’ll likely see a slower time to fund.
Of course, before you sign an equipment loan agreement and enter the closing process, you’ll want to compare options from multiple lenders to ensure that you’re getting the best, most affordable deal for your business.