Many small business owners hear about equipment financing and think of big excavators and tractors. Yes, construction equipment is totally financeable – but so is a bunch of other stuff. With equipment financing, the loan amount you qualify for depends on the value of the equipment you are purchasing. The equipment also serves as collateral for the loan, so the lender can seize it if you fail to repay the loan. Big or small, from kitchen equipment to sophisticated computer servers we can provide small business owners a fast and effective means to finance any type of equipment that you may need for your small business.

At AMP, we want to make sure that getting your loan is as swift and painless as possible. To get your loan approved more quickly, we recommend having the following information readily available: profit and loss statements for the past two years, credit history and scores, and the value of the equipment you will be purchasing. Typically we look for applicants with at least a 650 FICO score, and an established business of at least 1 year. However, if you don’t fit within these criteria and need an equipment loan for bad credit, don’t worry we can still accommodate you contact us today and we can help you qualify!

Equipment loan rates are determined using several different factors. No two businesses are exactly alike, so we use your credit profile, revenue, down payment, and equipment purchase value to help us assess your company and determine your loan rate. At AMP Advance, we offer rates as low as 7.5% APR on one to five year repayment plans. While you are paying interest on your loan, there are also returns on your investment when you use an equipment loan. These benefits include things such as tax savings and increased revenue due to your upgraded or new equipment. To get an estimate on what your equipment financing rate and monthly payment might be, use our free equipment loan calculator.

The benefits of using an equipment loan to finance your equipment needs can be monumental. Whether you’re a large scale corporation or a small mom-and-pop startup, an equipment loan can help you to build your company’s revenue faster by quickly getting you the equipment that you need to succeed. On top of your ability to make more money, you’ll also receive great tax benefits and have leaseback options. In addition, you also don’t have to put any money down to receive an equipment loan through AMP Advance, so you can use that capital to build your business elsewhere. We’ll simply use the equipment you purchase with the loan as collateral.