Do you need to upgrade or purchase equipment to start your business or take it to the next level? AMP Advance makes equipment financing fast, easy, and affordable so you can build your business and increase your revenue. Equipment financing can be the difference between subpar outcomes and intense growth and profits for many different types of businesses. Financing options are available for a wide variety of businesses and needs.
Quick facts and requirements
$25,000 to $5,000,000
- 2 Years in business
- Minimum $150k annual sales
- 550+ FICO
- Full financials required (2 years business tax return, P&l / Bal sheet)
- For leaseback asset must have $0 lien
Benefits & Drawbacks
What Is Equipment Financing?
If you’re ready to expand your business through purchasing new equipment, but don’t have the cash on hand to finance it upfront, equipment financing is right for you. At AMP Advance, we offer flexible terms and typically don’t require down payments. Instead, your newly purchased equipment acts as the collateral for your loan. Equipment financing helps both new and established businesses to bring in more revenue by getting them up and running more quickly than if they had waited and saved up to buy or upgrade equipment upfront.
Who Qualifies for Equipment Financing?
Here 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 profit in at least one of the the last two years, at least a 550 FICO score, and an established business of at least two years. However, if you don’t fit within these criteria and need an equipment loan for bad credit, contact us and we’ll find you the right loan to get you up and running more quickly than if you had waited and saved up to buy or upgrade your equipment.
What Type of Business Apply for Equipment Financing?
Many different types of businesses apply for equipment loans. Whether you’re a startup company in need of a 3D printer or an established radiology clinic in need of a new MRI, equipment funding is a great option to get the equipment you need without tying up all of your capital. The options of what you can use equipment financing for are virtually endless, you can even use equipment loans for your small business to finance furniture and increase the appeal of your new company’s headquarters to clients. Equipment financing allows businesses–both small and large–to free up cash and get money making equipment quickly.
How Much Does Equipment Financing Cost?
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.
Benefits of an Equipment Financing
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. Apply today to see if your small business can qualify.