Navigating equipment financing and securing operating capital can be challenging, especially for new business owners. To help simplify the process, we’ve compiled answers to the most common financing questions.
Got Financing Questions?
We have AnswersTo go through the application process, you should have the following;
- Business name
- Business address
- Current ownership
- Founding date
- 3 months of recent bank statements
- A quote or invoice for equipment financing
The Rate can be as low a prime and as high as credit card rates, and this is determined by the client’s credit file and other main factors such as:
- Time in business
- Business credit
- Personal credit
- Bank balances
- Bank deposits
- Comparable borrowing history
- Equipment type
- Dollar amount and term requested
It takes 3 to 5 business days for most transactions to be approved.
Start by filling out an application form. A representative will contact you to schedule a 3 to 5-minute call to better understand your needs. Afterward, we can better estimate how much time is needed and if any additional information is required to meet eligibility requirements. See our process step-by-step.
No, you can pay off your finance agreement early and at any time without a prepayment penalty.
It is essential to understand that an early payoff has no advantage other than the fact that you will no longer have the monthly payment. You are required to make all the payments under the agreement. We recommend choosing a structure based on the useful life of the equipment and what most comfortably fits your budget.
Yes, in most cases, financing requires a first and last payment and a minimal documentation fee. It is rare that it requires more than a first and last payment.
It depends on your situation. A personal guarantee would be needed if you are under three years in business, your company’s ownership is tightly held, or you simply do not qualify for a corporation-only approval.
Yes, we have programs for financing brand-new startups.
Yes, we can finance businesses and business owners who have experienced bankruptcy in the past.
Yes, we can include costs in the finance agreement, such as shipping, installation, training, and sales tax. These additional expenses are defined as soft costs, and unlike a traditional bank loan, they can be accounted for in an equipment finance agreement.
Yes, we offer 100% financing on software, including support, implementation, and web development.
Yes, we finance nearly any type of equipment across various industries in the U.S. and Canada. Some of the industries we serve include Medical, Construction, Manufacturing, Restaurants, Recreational Sports, Automotive, Short-Haul Trucking, and more.
Yes, we offer operating capital. To qualify, you’ll need at least 6 months of operating history and provide 3 months of recent bank statements. Our terms typically range from 3 to 24 months, with payment options available on a weekly or monthly basis. This program is often used as a complementary solution.