Is equipment financing right for your business?
Even if you have the cash available to make a purchase, there are several benefits to financing your equipment purchase instead. Equipment loans are secured by the asset, so you can borrow at a low interest rate. You may be able to take the interest you pay as a tax deduction–consult with your accountant. Meanwhile, you can keep your cash on hand for emergencies or other needs while making fixed monthly payments on your equipment loan. You’ll also build your business’s credit history and credit score.
Types of Business Equipment
You can finance just about any type of equipment that your business needs to operate. Popular examples include:
- Heavy Equipment for the construction industry
- Farm equipment such as tractors, implements, hay baling equipment, pickups, and combines
- Commercial vehicle fleets
- Semi-trucks and trailers
- Computers and office equipment
- Medical and dental equipment