How to Get Equipment Financing to Quickly Reach Your Business Goals

Equipment financing is usually associated with tractors and backhoes. Construction equipment isn't the only item you can finance. Financing your company's equipment needs is easy with equipment leases and loans. We can help you understand the potential risks and opportunities of equipment financing.

In general, you'll need to have been in business for at least 12 months, have $50,000 or more in annual revenue, and have a credit score of at least 650. You may still qualify if your credit score is less than 650 but you have strong revenues and cash flow from the past three to six months.

Despite these requirements, you shouldn't be worried if you don't meet all of them. Exact qualifications will vary based on the lender and the type of equipment you choose. No down payment or collateral? No problem. Equipment financing offers the benefit of the equipment acting as a collateral for your loan, which means you can borrow money without risking your assets or draining your liquid cash reserves. The amount you can finance will depend on the type of equipment you're buying, its lifetime value, and whether it's new or used. 

Small business owners often underestimate the difficulty of getting approved because collateral is part of the loan. Our nationwide network of 75+ lenders offers a world of equipment financing options. Just fill out our application and compare them.

In addition, with National Legacy Capital Group businesses across the country have access to working capital loans which can be used for the purchase of equipment, technology - or for anything else a business may need. You can determine what you qualify for by filling out our free 15-minute application or calling one of our personal funding managers at (858) 345-6338.