Your equipment financing options include lease deals and loans. To determine which option is right for your business, you’ll need to consider the depreciation rate, potential maintenance costs, and turnover requirements associated with your equipment.
For instance, if the value of your equipment depreciates rapidly and requires frequent upgrading, an equipment lease is likely the right choice for you. However, if you’re looking to acquire equipment that holds its value and will be used for a relatively long period of time, you may want to opt for an equipment loan.
Of course, both loans and leases have their advantages and disadvantages. Whereas a lease is easier to obtain but typically more costly, a loan allows you to purchase the equipment and use it to secure your funding. Both options also have a variety of potential credit and tax benefits.
Review our list of pros and cons below to help you carefully evaluate your financing needs.
* If you meet these general loan guidelines, you will most likely receive loan offers for this funding product. Loan offers are preliminary based on the information evaluated, final funding amount offer may be adjusted during final underwriting.
Not sure equipment financing is the funding solution for your business? No problem! Fimerica makes it easy to view and compare all of the business loans and financing products for which you qualify. Get your real-time loan offers in 5 minutes or less.