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Equipment Financing Loan

Purchase most types of equipment through a fast and easy method. Equipment financing can help you finance up to 100% of used or new equipment for the business.

  • Processes as fast as two days.
  • Interest rates from 8% to 30%.
  • Loan terms last around the expected life of your equipment.
  • A maximum loan amount of 100% of equipment value.
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The 3-Step Process

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1. Application

Fill out our online form to begin your qualification process.

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2. Assessment

A member of our team will review your application form carefully to find the best rate you can avail.

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3. Approval

Receive the equipment financing for your business within 2 days.

The Basics of an Equipment Financing Loan

Equipment financing makes use of a loan to borrow or purchase hard assets for the business.

Applying for an equipment loan can be your ticket to business growth. It may even multiply your revenue. But how does your small business get the proper funds for that?

We, at Merchant ReFi, take pride in our diverse marketplace. We are all about helping all sorts of business owners fund their own business. Learn about how an equipment financing loan is a solution you need to acquire that hard asset for your business.

Every business needs specific equipment to operate properly or to grow. In cases like this, an equipment financing loan can be the appropriate course of action — especially when you lack cash on hand to purchase hard assets upfront. And usually, you work with lenders for financing with an APR ranging 8% to 25% depending on your industry, your credit scores, and the resale value of the needed equipment.

How much you borrow through an equipment loan depends on the type of equipment you require (whether used or new). The equipment itself also serves as the collateral to secure your loan. An equipment financing loan is a self-secured loan.

Also, equipment loans have fixed interest rates, with set term lengths. For the borrower, that means the same payment for every month.

Equipment financing loans don’t require a lot of documentation. With an equipment financing loan, you get to purchase the equipment and own it for the long term.

Equipment loan interest rates usually fall between 6-9%. Also, an equipment financing loan gets the best rates and the longest terms. They last as long as the expected life of the equipment. Also, equipment lenders will set a maximum repayment term of 10 years.

An equipment financing loan has several features that make them preferable for some people, as a source of funds. Some of the benefits you can garner by availing an equipment loan include:

  • No additional collateral: the only collateral needed for an equipment loan is the equipment itself. This lowers the downside risk.
  • Money for equipment: equipment financing loans let you borrow money specifically to pay for equipment; no need to wait for cash-on-hand to make important purchases.
  • Spread the cost of a purchase: equipment financing loans lets you spread your cost, so this type of loan helps solves most business’ cash flow problem brought up by equipment purchases.
  • Better business productivity: a new hard asset helps improve your business’ productivity, and even brings growth.

As implied in the name itself, an equipment financing loan is made for a specific purpose; to procure equipment that you need.

Equipment loans are fairly accessible to a lot of business owners. The collaterals are strong and fixed, and so are the terms and interest rates. This is especially ideal when your business is reliant on expensive equipment to run and be produced efficiently.

If your business is a part of the company above, then an equipment financing loan would be a good option.

How Do I Qualify For An Equipment Financing Loan?

Most, if not all, businesses can easily qualify for an equipment financing loan. It's relatively easy and doable online if your business meets the qualifications set by the lender.

The amount you can qualify for, and the interest rate that you would have to pay largely depends on the value of the equipment you want to purchase. Your company's credit scores and financial history are also taken into account. It's a good option too if your credit scores aren't perfect. The equipment itself is the collateral in the loan.

Most businesses who received approval had:

  • Credit scores of 630 or more.
  • Annual revenues exceed $130,000.
  • Been doing business for at least two years.

Applying for an Equipment Financing Loan

Applying for an equipment financing loan is quickly done through the internet. Also, the possibility of getting approved in the same week is relatively good.

Some documents we required include:

  • Driver’s License
  • Voided Business Check
  • Bank Statements
  • Credit Score
  • Business Tax Returns
  • Equipment Quote

Ready to get the funding your business needs?

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How Much Will An Equipment Financing Loan Cost?

An equipment financing loan doesn't require you to pay the entire cost of the equipment upfront. You'll be paying it off via regular installments -- just like a term loan.

This is how you can calculate the real cost of an equipment loan.

For instance, your business requires a new piece of equipment that costs $25,000.

So, an equipment financing lender offers the cash so that you can purchase that equipment. But the firm charges 15% interest over a 2-year (24 months) term.

Your $25,000 equipment will cost you $29,091.99. Plus, you need to make monthly payments of $1,212.17. The cost of the loan is $4,091.99, with an APR of 15%.

Deciding whether or not an equipment financing loan is a right option for you and your business, you need to have a look at your business’ current finances. Can you afford to shell out a large amount of money right now, or will buying it later mean lost profits?

Just be mindful enough to sort through your options thoroughly before determining that an equipment loan is the right financing option for you.

What’s in it for you?

Your small or even medium-sized business needs the proper equipment. We recognize that, and our equipment financing loan can help! You can use your loan for anything related to improving your business by buying the right equipment. Avail of our equipment loan under incredibly fair conditions. The collateral needed is the equipment itself, making the process easier and less stressful for you. Looking for funds to buy the necessary equipment? Welcome to Merchant ReFi.

On top of that, you also qualify to receive United MileagePlus® award miles. You’ll receive your bonus miles 30 days after funding for $20,000 or more if your account is in good standing. Whether you’re taking a business trip or jetting off on a family trip is up to you — we’re just here to help make it possible.

Merchant ReFi

Not sure how to find working capital? Merchant ReFi is the answer. Get merchant finance as soon as you’re approved — which is often the same day you apply — and repay your merchant advance quickly through small percentages taken out of your company’s credit card transactions or through a fixed ACH debited to your bank account. We’re business lenders who are here to help your business succeed, and you get United MileagePlus® award miles while you’re at it.

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Earn 10,000 United MileagePlus® bonus award miles with any qualifying Merchant ReFi advance

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Merchant ReFi is the only direct funder to offer bonus United MilagePlus award miles along with fast working capital.

Get an advance and earn 10,000 United MilagePlus bonus award miles.

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The United MileagePlus miles earned by funding with Merchant ReFi can only be received by the persons signing the agreement for funding. The name of the recipient(s) must match the name of the persons signing for the agreement, and the miles may not be earned by any other persons within the respective organization. The miles will be earned by the recipient(s) one time for completing funding, and will be sent out within 6-8 weeks of funding. If there are any questions about this please contact Merchant ReFi support at 1-877-737-7334, and not United MileagePlus.

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