How to Get Business Funding for Your Equipment

How to Get Business Funding for Your Equipment

  • July 20, 2021
  • Written by : Elizabeth Beall

What does it take to keep your business running efficiently? What do you do or use on a day-to-day basis that allows you to continue growing your business?

Some of your answers will be tangible, and others, maybe not. You may be thinking of words like motivation, strategy, and dedication, or, maybe you thought of computers and other digital devices, heavy machinery, and many more pieces of equipment.

The latter can be very expensive and is most likely why you’ve visited this page.

As a business owner, it can seem like new equipment always needs to be ordered or repaired, heavy machinery often malfunctions or breaks down, and computers need to be updated every so often.

When these things happen, you have two options: purchase new equipment or lease.

However, what if you were able to not control, but prevent and more easily handle those malfunctions, breakdowns, renewals, updates, and more all by having additional funding in your pocket?

Operations would carry on as needed, and you would have peace of mind.

So, why not prepare yourself, mitigate extra spending, and/or stay in control of your business with equipment financing?

What is equipment funding?

Equipment financing allows you to purchase new equipment by putting up 100% of the purchase price and also allows you to place a lien against your company’s already-owned equipment so that you can recoup up to 100% of the purchase price.

Here’s the difference:

A lien

A lien essentially means you are leasing the equipment. Typically, a lease signifies that the lender owns the equipment until the amount has been paid off; until then, the lender’s name will also be present on the bill of sale.

However, this is not the case when it comes to a financial deal in which financing is involved (meaning, if you borrow from us). At REIL Capital, we will serve as your lender and you, the borrower, will own the equipment. The big difference here is that we will have a lien against the equipment until it is paid in full.

A full purchase

The other option we, among others, provide is to help you purchase your new equipment immediately by putting up 100% of the purchase price. By taking this route, you are eliminating the “who owns what and when” questions.

By purchasing your equipment upfront, you will own the equipment and will be asked to pay interest on the amount borrowed.

Made your decision on what kind of equipment financing is best for you, or need to ask an expert’s advice? Talk with a financial advisor on the REIL Capital team today.

What kind of equipment is covered with equipment financing?

When we hear equipment financing, our first thought is usually something big and expensive.

What most people do not realize is that equipment funding covers far more than just machinery or big objects; it covers smaller items that would most likely be ordered in bulk like tables and chairs for a restaurant or new office.

Therefore, not matter what you are in need of, small or large, expensive or inexpensive, we can help.

How does equipment financing work?

When you need new equipment, it is usually an immediate need to continue day-to-day operations. Your equipment is what enables your business to stay productive, and most importantly, productive. So, when the time comes to purchase new, repair or revamp the current, or optimize what you have, you will need proper funding to be able to do so.

Our equipment financing offers far more than just funding. We have a team of financial experts who can help recommend next steps for you, as well as help you plan for future equipment purchases. The more prepared you are, the easier this “big expense and hassle” becomes.

Equipment financing starts and ends with your chosen lender. As we explained above, there are two routes to take: a lien or a full purchase. Once you’ve made your decision, the process is as simple as applying, receiving approval, and then receiving your funding.

Need equipment financing? Apply with us today!

How do I get business financing for my equipment?

Our streamlined process allows you to apply online in just a few clicks and in just 3 minutes! We’ll ask for some financial history and documentation, a few questions about your business and industry, and review your ability to meet our minimum qualifications.

From there, we will contact you within 24 hours regarding your funding.

FAQ for equipment financing

How hard is it to get equipment funding?

Getting equipment funding is not difficult. In fact, we make it very simple for you to apply and receive funding. We even accept those with poor credit (see question below). However, in regards to the process of funding, you will need to have the requested documentation for equipment financing and meet the minimum qualifications to be approved.

How do I get equipment financing with bad credit?

Poor credit does not always mean you are unreliable; we simply want to know how and when you will repay us. Depending on your credit and your funding requests, we can work together to determine the best interest rates, term, and financial advisor for your state.

What is the interest rate on equipment financing?

Our rates for equipment financing typically begin at 6%, however, this is subject to fluctuation depending on your financial history and current business.

How long can you finance equipment?

Our terms usually fall between 12-60 months, but may vary due to the amount being funded or the piece of equipment being financed.

How long will it take to receive equipment funding?

By working with REIL Capital, you can receive funding in less than 48 hours.

Where can I get equipment financing for my business?

With us, of course! You can get equipment financing in a matter of days by working with our financial advisors.

Apply for equipment financing with our team today, so you can go back to being productive tomorrow.

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