There are many times when a business may need to purchase equipment. The right equipment can not only be necessary for day-to-day operations but can also help a business grow, expand, and improve efficiency. But costly equipment may be out of the budget for many small- and medium-sized businesses.
Equipment doesn’t just mean heavy machinery. For instance, the average trade association spends nearly $75,000 each year on basic essentials like computer hardware and software alone.1 This is enough to impact many businesses' bottom line.
Similar to personal loan products, companies can get the equipment they need through loans from equipment financing lenders. These loans provide flexible access to tens (or even hundreds) of thousands of dollars when your business needs them most.
To help you find the best equipment financing for you and your unique business needs, we have provided the following guide. We compared more than 10 of the top industry leaders looking at factors like repayment terms, loan limits, credit score and business history requirements, fees, and even the types of equipment that can be purchased with those funds.