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Business Equipment Loans Report: The Types of Leasing Offers, Traditional Loans, and Credit Options

Need some new office equipment? Or new tools to keep up with your contracting work? How about credit card processing software or app? Whatever kind of Equipment you need for your work, you are probably looking for Business Equipment Loans or other financing solutions. The good news is that even if your business is tiny, there still might be an option for you. Pretty much every industry is covered since every industry requires some equipment.

A few things determine equipment loan finances: the amount, repayment term, interest rate, and collateral (if you have any). These are factors that vary widely across all types of equipment, industries, and lenders. A traditional term loan might not even be the best option for you.

As mentioned above, leasing is available as well. Some lenders even offer “tax leases.” A tax lease is essentially the lender taking a tax benefit of the equipment ownership in the form of “depreciation.” In turn, the borrower gets decreased monthly payments. Not all companies offer this type of option, however.

The typical “lease purchase” type of funding allows you to purchase the equipment at the end of the lease period – or even own it for a low price. How this would work depends on the company that gives you the lease. This price refers to the “residual value” – the amount you would pay to purchase that piece of equipment at the end of the lease period. Some lenders might also refer to this type of purchase as a “Dollar Buyout” or “Capital Lease.”

Business Equipment Loans for Vehicles

Suppose there are vehicles involved with your line of work in any way, whether it’s chauffeuring, delivery, client visitations, etc. In that case, you might be able to get business Equipment Loans to help you add to the fleet. Most lenders have a calculator on their website to determine what kind of payments you can afford.

If you aren’t sure, you would want to buy the equipment at the end of the leasing period. There might be a “Sales Lease Back” option available.

Don’t forget the lines of credit, either. Getting a business credit card with a high enough limit to buy some equipment might be a feasible option for you, depending on your credit score.

Regardless of your needs and what you hope to achieve with business equipment loans, you might find what you’re looking for with US Business Funding. They offer plenty of options, and you can effortlessly search through their products and get a free quote.



This post first appeared on Financially Genius, please read the originial post: here

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Business Equipment Loans Report: The Types of Leasing Offers, Traditional Loans, and Credit Options

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