Financing For Business Equipment
Equipment for some is at the backbone of their business. Without the right tools, without all of the right pieces coming together, you cannot perform at the top of your game. Therefore, finding a business loan for equipment can be critical at times if you wish to remain competitive within your respective industry. The problem, however, is that with traditional financing routes, it can take months, not to mention, credit score is usually the primary determining factor and so if yours is less than ideal—you’re out of luck. First Union is taking a new approach to business equipment financing.
Should You Lease Equipment?
The concept of equipment leasing has been well-publicized; this may not be the best option though when it comes to your business needs. These can be significantly longer-term contracts. Plus, one lease can roll over into two, and getting out of such an agreement may be extremely difficult. Purchasing either new or used equipment, if you can do it, is most often the better way to go. You have more flexibility, more negotiating power and the option of shopping around far more extensively than if leasing.
At First Union, we specialize in loans for equipment purchases. With a short-term business loan structured on your individual needs, we can help you:
• Avoid a long-term lease
• Be able to upgrade your equipment when necessary
• Sell the equipment if you so choose
• Come in with buying power and thus negotiating power
• Build equity in your equipment
We’ve worked with business owners concerning financing machinery, technology, furnishings, farm equipment, the list is fairly long as far as the fields we service and the kinds of equipment we can help you to buy!
Applying is easy. That is what makes us different. A simple and fast application and you can have the money you need within a couple of business days. We look at the entire picture—not just your credit score. We understand that your needs are unique, our funding solutions are too!
18 Business Loan Requirements 15 - Business Credit Score Different from a personal credit score, your business credit score is focused on precisely what—your business. This means it takes into account your timelines as far as payments to creditors and suppliers....read more
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18 Business Loan Requirements 13 - Loan Purpose Why are you trying to get a business loan? This is a pretty basic question and one the lender is probably going to want to be documented- particularly if you are going the more traditional lending route. Some companies...read more