The Funding Frog
Equipment Financing is a way to secure new equipment that you need to run your business. With monthly payments and lower rates than our other programs, this is a good option for those with good credit.
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-Been in business for more than 2 years*
-Minimum credit score is a 580
*We have options for new businesses but they may include increased rates
-Completed application
-Copy of your credit score/report
-Invoice/quote for the equipment you are looking at
-Minimum three months of business bank statements*
-Copy of your Drivers License
-Copy of a voided check for the business
*Not required but will help secure offers
Equipment financing can be used to purchase any equipment that is necessary for your business. You can get all types of equipment from a new truck and trailer, to medical supplies. We have lenders that specialize in restaurants, transportation, dental/medical, energy, communication and other industries. The process works like this, you pick out the equipment you want and it will be purchased from the manufacturer by the lending company. After that you receive the equipment to start working and pay it off. This type of loan is heavily dependent on your credit score. Clients with lower credit should take a look at Unsecured Working Capital Loans
Finance the necessary equipment to run your business with low rates and monthly payments. Have extra cashflow for your business by not having to purchase expensive equipment effectively raising your ROI and keeping costs down. No Down Payment. Most clients do not require a down payment on the equipment really saving upfront costs. Start making money before you spend any. Equipment loans are also generally executed a lot quicker to traditional options so if you're looking for speed this may be the option for you.
The rates are fixed over the course of the term and range from 3% to 22% depending on the business and your credit score. The best rates are given to business with consistent revenue and good credit history. If you company has good business credit (Paydex score) better rates may be available to you. The terms are one of our longer options, ranging from 5 months to 5 years. This program is targeted at businesses who need expensive equipment soon and want a long time to pay it back.