Business owners can use equipment financing companies to purchase the equipment and tools necessary to boost productivity and maintain a competitive edge. Companies that offer equipment financing may be willing to offer financing for up to 100% of purchases while also offering low interest rates and open lending conditions. Because to this, both new and established businesses may be able to invest in expansion and ongoing operations without having to make significant financial outlays.
Amthucdatviet.com will compare the top equipment financing companies listed below to pick one that works for you.
Balboa Capital
Balboa Capital is a nontraditional lender that offers a variety of small business financing solutions, including SBA loans and short-term business loans. With a term loan from Balboa Capital, you can take out a loan for up to two years for a maximum of $250,000. The business also provides funding for franchises, vendors, equipment, and businesses. Balboa Capital claims a quick and easy application process as well as quick funding turnaround. In fact, by reducing the time and effort required to obtain a small business loan, the lender differentiates itself in a crowded market.
What We Like About Balboa Capital
- Balboa Capital responds to applications very quickly; decisions are frequently made in less than an hour.
- Franchise and vendor loans are some of the more specialized financing alternatives the lender provides.
What We Don’t Like About Balboa Capital
- Low credit ratings or extremely small firms will probably be prohibited from applying because of Balboa Capital’s minimal standards.
- Because loan durations are shorter than those of other options, monthly payments may be higher.
Loan Types and Rates
Balboa Capital offers enticing financing choices, each with unique conditions, interest rates, and loan amounts. The organization gives customers access to term loans, SBA loans, equipment financing, vendor finance, and franchise financing.
Term Loans
Balboa Capital offers a term loan of up to $250,000 for small businesses. Because term loans have simple interest and fixed payments for a predetermined amount of time—in Balboa Capital’s instance, up to two years—many business owners prefer them. For business owners in a hurry, Balboa Capital’s simple application procedure is perfect because the lender can approve these loan requests in as little as one hour and instantly begin a transfer of funds.
We like that Balboa Capital’s small company loans have no upfront prices or hidden fees, and you can prepay without incurring penalties. To be eligible, you must have been in company for at least a year, make at least $25,000 per month ($300,000 annually), and have a credit score of 620 or higher. Some small firms may find it more difficult to meet the income and credit score standards.
SBA Loans
Balboa Capital is an SBA-approved lender that provides access to SBA 504 loans as well as 7(a) loans. Small business entrepreneurs prize SBA loans for their lengthy payback horizons, minimal or no down payments, and low interest rates. Balboa Capital offers loans between $400,000 and $5 million, which is more than most of the SBA loan providers we looked at.
Vendor Financing
Balboa Capital offers vendor financing to make it easier for clients to buy your items if your company sells expensive capital gear or other pricey equipment. A digital sales management system and the company’s vendor financing program both offer same-day funding. Balboa must first authorize the equipment, and your company must have been in operation for two years with monthly sales of $300,000.
Franchise Financing
Moreover, Balboa Capital offers loans to franchise owners of one unit. With durations ranging from 24 to 72 months, its franchise loans have a maximum of $350,000. Applications are processed quickly, just like with Balboa Capital’s other products, and you may hear back in as little as an hour about acceptance. You must have been in operation for at least a year, have sales of $100,000 annually, and have a credit score of at least 620 in order to be eligible.
Other Loan Types
Moreover, Balboa Capital provides equipment and business finance up to $500,000. These loans may be used to fund the purchase of automobiles, software, growth plans, and other equipment requirements. One year in operation, $100,000 in yearly sales, and a credit score of 620 or higher are prerequisites.
Crest Capital
Crest Capital is an alternative lender that specializes in providing credit for the purchase of software, vehicles, and other items used in the business world. In order for equipment makers to finance their clients, the company also provides vendor programs. With just one easy application, Crest Capital provides loans up to $250,000 with the option of extra funding up to $500,000. A quick funding process is made possible by the ability to approve potential borrowers as soon as the same work day.
What We Like About Crest Capital
- You can finance a variety of business capital investments with Crest Capital, including equipment that many other lenders won’t fund.
- Borrowers have a variety of financing options to pick from when buying equipment.
- The company’s application procedure is simple and quick.
What We Don’t Like About Crest Capital
- Crest Capital’s loan selection is significantly smaller than those of other lenders because it only offers equipment financing as a product.
- Business owners must have been in operation for at least two years in order to join the company.
Loan Types and Rates
Crest Capital makes it easier to get financing for office supplies, vehicles, and software. Rates and conditions are comparable to those of other funding sources we investigated, but we particularly appreciate that the company provides a wide range of financing options.
Equipment Loans
Crest Capital streamlines the financing process for equipment, automobiles, and software. The company offers a wide variety of financing choices, and the rates and conditions are comparable to those of other finance sources we looked into.
Crest Capital offers a variety of finance options, including loans and lease-to-own contracts that are repaid over time. Equipment finance agreements are comparable to small business term loans in that you own the equipment and pay the lender who provided the funding for the purchase with set monthly installments. Another alternative is the 10% purchase option, where you lease equipment from Crest Capital and have the option to buy it from them at 10% of the original price in exchange for monthly lease payments. Additional financing options include guaranteed purchase agreements, $1 purchase agreements, and others.
The initial interest rates used by Crest Capital are not made public. Yet throughout our investigation, we discovered a quote for a $100,000 equipment loan with a starting rate that we thought was reasonable.
Vehicle Loans
Vehicle loans from Crest Capital can be used to pay for the acquisition of commercial trucks, vans, and other speciality vehicles including cherry pickers, dump trucks, and more. There are no restrictions on age or mileage, and used automobiles are accepted. Crest Capital won’t, however, finance the acquisition of typical passenger vehicles or trucks for owner-operators. Nevertheless, we like that Crest Capital gives buyers a lot of flexibility and options, and we like the fact that the business will even finance a deal with a private seller.
There are two ways to finance vehicles through Crest Capital. A titled vehicle finance arrangement is the first option, and it works similarly to a fixed-rate term loan. The second kind, known as a terminal rental adjustment provision, is comparable to a lease-to-own arrangement in that it gives you the option to buy or sell the car at the end of the lease.
Software Loans
One of the few lenders we could find that covers the price of buying new software, which has turned into an essential operating expense for many equipment financing companies, is Crest Capital. The full cost of their software, including installation and service costs, can be reimbursed for approved borrowers. The general equipment loans offered by Crest Capital have comparable eligibility standards. Software purchases under $250,000 may be financed over a seven-year period, and Crest Capital also offers the option to lease the program.
OnDeck
Online lender OnDeck provides business term loans and business credit lines. These small business loans are ideal for businesses who require immediate access to funds and can be utilized for a variety of purposes.
OnDeck is renowned for its accommodating qualification standards and efficient underwriting procedure, enabling you to apply in just a few minutes and, in certain situations, get funding as soon as the same day.
What We Like About OnDeck
- Within one business day, money may be available.
- Provides term loans and lines of credit for businesses.
- Accepts applicants with credit scores as low as 625.
- Little documentation needed during a streamlined application procedure.
- Enables the development of business credit.
What We Don’t Like About OnDeck
- Not accessible in North Dakota, South Dakota, or Nevada.
- Often (daily or weekly) repayments are necessary.
- In comparison to conventional lenders, interest rates can be rather expensive.
- Requires a personal guarantee and a business lien.
- Early repayment does not always result in lower interest rates.
Loan Types and Rates
Loan features
A business line of credit and a term loan are also available from OnDeck.
The term loan is suitable for one-time investments in your company, including creating a new location or remodeling your current facility, and is offered in quantities up to $250,000. The line of credit is a suitable choice for meeting working capital requirements, such as paying for payroll or purchasing merchandise, and it is offered in amounts up to $100,000.
Loan requirements
You must fulfill the following requirements in order to be eligible for an OnDeck term loan or line of credit:
- Minimum credit score of 625.
- One or more years in business.
- At least $100,000 in annual revenue.
You also need a corporate checking account to use OnDeck. Nevada, North Dakota, and South Dakota firms are not eligible for financing from this lender.
Conclusion
The Top equipment financing companies for 2023 are listed above for your convenience. I sincerely hope that this helpful information will assist you in locating equipment financing companies that meet your requirements.
