What is Equipment Financing?
You can finance the equipment your business needs by getting a small business loan or an equipment lease. When financing equipment, a business gets a loan to finance the purchase, and owns the equipment financed.
With leasing, the business makes payments with the option to purchase that equipment at some point in the future. Either way, the equipment serves as collateral for the loan or lease, and if the business is unable to make payments, the lender or lessor has the right to repossess that collateral.
What Types of Equipment Can Be Financed?
Most tangible assets used in the operation of a business may be financed. A few examples:
- Office furniture and fixtures
- Computers and IT equipment
- Restaurant equipment
- Healthcare equipment
- Dental practice equipment
- Hair or nail salon equipment
- Construction equipment
- Manufacturing or industrial equipment
- Trucks and trailers
- Farm and agricultural equipment
- Snow removal and landscaping equipment
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