Equipment Loans
& Financing

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So you’ve got a great idea of how to grow your business — congratulations, that’s fantastic! You’ve got your plan, you’re ready to go, and you know what equipment you need. Great! Unfortunately, for most companies, knowing what equipment they need isn’t nearly as problematic as actually getting hold of the stuff. 

It can be expensive

Whether you’re looking for kitchen equipment for your restaurant or a life-size model of the Terminator for your new comic book store, chances are that both your deep fat fryer and your killer robot are going to need financing. It’s here that most businesses stumble.

However, they don’t need to. Even if you’re struggling to obtain finance from traditional banks, there’s an alternative route that can make your entrepreneurial dreams come true irrespective of your credit or the particular business you’re in. 

Equipment loans — like those offered by AMP Advance — may be the answer you’re looking for.

How do equipment Loans for companies work?

Much like car loans, equipment loans are used to buy specific items, only in this instance, they’re business-related items. You take out a loan to cover the cost of the ovens or computer systems you need, and you pay that loan back periodically, including interest, over an agreed term. Nothing new there.

However, the big advantage to equipment loans is that with the asset you’re purchasing acting as collateral for the loan, you don’t have to worry about providing additional security. In short, it’s a simple and convenient way for individuals who can’t provide collateral to pursue and expand their companies.

How much you can borrow therefore largely depends on the asset you’re buying, its resale value over time, and whether or not it’s a new or used piece of equipment. Once the asset is purchased, the lender reserves a lien on the equipment to serve as security, however, the moment the loan is paid in full, the equipment belongs to you outright.

How to apply for an equipment loan or equipment financing?

With the assets you’re purchasing acting as collateral, it’s not as hard to apply and get approved for financing as you might think. You’ll need to show some kind of track record so your lender has an assurance that you know what you’re doing — however, assuming you’re not a twelve-year-old looking to purchase a fleet of Boeing 737s, it’s a relatively simple process. 

Your lender will look at your business track record, the present and future value of the assets you want to buy, then let you know pretty quickly how much you can borrow. At AMP Advance, for instance, we have a simple online form that takes a few minutes to fill in, giving you available finance options in next to no time at all. Here’s the link if you’re ready to get started.

How much are equipment loans?

The cost of equipment loans in the marketplace can vary dramatically — from 4% to 40% —  depending on your lender, your business track record, and the loan amount. However, you can often reduce these rates by providing a downpayment (somewhere between 10% to 25%) which will help lower the cost. 

That said, with AMP Advance offering rates as low as 7.99% APR, growing your business doesn’t need to be a financial headache at all. What’s more, with the increased revenue you’ll be earning as a result of your expanded business and the fact that you can potentially deduct the loan payments from your tax bill as an operational expense, it quickly starts to add up to a healthy financial move.

Who qualifies for an equipment loan?

Once again, the parameters that qualify you for an equipment loan vary dramatically in the market. However, at AMP Advance, we try to make it as easy as possible. So long as you’re based in the US, have a business account, have been in operation for a minimum of three months, and can show gross monthly revenues of at least $5,000, you’re good to go.

Statistically, most of our successful applicants have been in business for at least a year and have a credit score of 650 or higher, however, if that doesn’t describe you, don’t worry. AMP Advance is here to help support promising businesses of all kinds. Even if you’ve been turned down by traditional banks due to bad credit, we’re happy to talk to you about your situation and see how we can help you qualify. We also have other small business funding options such as a merchant cash advance, and many others, that can still get you the equipment you need and be easier to qualify for.

How long are equipment loans?

Most lenders base their repayment terms on the expected lifespan of the equipment being purchased, which is fair enough — if a business defaults on its loan payments, it’s understandable that a lender should still be able to sell the equipment at a healthy enough price to recover its losses. 

As a result, most repayment terms in the market are usually around the 5 to 6-year mark. At AMP Advance, however, we offer payment plans for up to 10 years, reducing the financial burden on a business and giving them the breathing space they need to grow.

What types of equipment can be financed?

Good question. You might think that equipment loans are geared towards manufacturing equipment for heavy industry. While that’s definitely part of what we do, AMP Advance has loans that cover a huge variety of different business needs. For example…

  • Point-of-sale payment technologies for restaurants and delivery services.
  • Buses, cars, and trucks of all types.
  • Commercial kitchen hardware
  • All kinds of business software, from accounting to Customer Relationship Management packages.
  • Marquees and event management hardware.
  • All manner of IT equipment
  • Refrigeration for storage facilities.
  • Business communications systems
  • & many more, even if your business isn’t in this list, you can likely be financed

The list goes on — you name it, we’ve approved a loan for it. While Terminator-style killer robots may not feature heavily if that’s what your business needs, give us a call.

More questions? No problem, reach out to us.

And there you have it — a quick guide to finding the best equipment loans & equipment financing for companies… and how AMP Advance in particular can make a difference to the future of your business. No matter what your needs or what situation you’re in, we’re here to help.  

Get in touch with AMP Advance today, and see how we can help your business grow.

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