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What is Equipment Financing?
Equipment financing helps you finance up to 100% of the new or used equipment you need for your business. Applying for an equipment loan is typically a fast and easy way to finance the purchase of most types of equipment—computers, machinery, vehicles, or whatever else you need.
Up to 100% of Equipment Value
Big or small, basic or complicated whatever you need, we’ll help you cover the costs. At Cheddar Capital, any equipment is totally financeable.
Loan Term is up to 60 months
No down payment or collateral? No problem. One of the big benefits of equipment financing is that your equipment can also act as your collateral.
Interest Rates between 5%-8%
The tradeoff is worth it for businesses to preserve cash flow and avoid a large up front expense.
Get your equipment as fast as 2 Days
Cheddar Capital will see that your equipment get purchased within two days so that you can start or continue your project as planned.
Most customers approved for Equipment Financing had:
Who Qualifies for Equipment Financing?
Equipment financing can be a great option if your credit rating is less than perfect, too, since the equipment acts as collateral. In fact, we are just as concerned with what’s securing their loan as with your borrowing history. So, if you’re planning on investing in a high-value (and value-retaining) piece of equipment with your small business equipment loan, then Cheddar Capital will be willing to work with you, even if your finances aren’t pristine.
How to Apply for Equipment Financing?
A business equipment loan application is a simple process. You’ll likely need to provide your credit score and prove the financial health of your business with tax returns and bank statements. On top of this, Cheddar Capital will typically ask for information about the equipment you’re purchasing with the financing. That’s why most equipment financing applications will require an equipment quote, or equivalent documentation of the equipment cost.
How Do Equipment Financing Work?
Sometimes you just need that new piece of equipment or machinery to rev up your business growth and start bringing in more revenue. When your business needs a certain piece of equipment to get started or reach the next level, a small business equipment loan could be the right move for you, especially when you don’t have cash on hand to purchase the piece of equipment upfront.
What Will Equipment Financing Cost You?
With equipment financing, the thing to keep in mind is that it stops you from needing to pay the entire cost of that equipment upfront. Instead, you’ll pay it off in regular installments, just like any other term loan. You’ll be paying more total money with an equipment loan than you’d pay if you purchased the equipment outright without financing.