Equipment is one of the major things that people need when they are starting a new business. Every business requires some kind of equipment to support it. Equipment is not cheap, and you need funds to acquire them. Finding yourself the right equipment financing solution can ease up many things in your life.
There are many companies that are providing these kinds of financing including banks and traditional lenders. This is a type of loan in which you can just use loan money to buy equipment for your business.
Ways to get Equipment financing
There are multiple lenders from where you can apply for the equipment loans like banks, manufacturing companies, supply companies, and credit units. All these options will provide you 2 simple ways to get a loan for your equipment.
- Small business loans
- Equipment leasing
Before you choose any one of the first, you have to know what kind of equipment you require for your business. Once you make your decision on that then you can look out for the benefits that both options provide you.
1. Equipment Leasing
This is a unique but effective idea to get financing for your new equipment. In this option you guys you can save money and instead of buying the machinery you just get it on lease. This way you guys don’t have to pay high monthly repayments that you guys have to if you get a business loan. In this option, you don’t even have to pay down payment to get the equipment delivered to your place.
Leasing equipment has more flexible terms and conditions than the actual bank loan. The company or guy you are leasing equipment from is open to negotiation on the term of leasing. After a few years, if you guys make enough money from your business that you can purchase the equipment as well then, this option is also open. This way you will be able to get that the same equipment at lower rates. Or if you think that you don’t need equipment anymore you can always return it to the actual owner and stop paying rent for it as well.
2. Small business loan
If you guys think that small business loan usage is limited to start your business or pay for real estate than you are wrong. You can even use this money to buy equipment as well. Always keep in mind that when you get Small business loans its amount should match the amount of the equipment. You guys don’t need extra burden to pay off your equipment even after paying off your loan monthly repayments. When going to get the small business loan always go for the one which has a low annual interest rate. Getting a loan online can be a good option for companies like BitXfunding. The procedure of online small business loan application approval is way easy than traditional lending and you get a vast variety of loan options as well.
So, these are the two simple ways through which you guys can get equipment financing. If you apply for them at BitXfunding you will get a lower interest rate as well.
BitX Funding is the online marketplace for small business owners looking to fund a project. We specialize in connecting small business owners with lenders who will compete for your business. We believe small business owners drive the economy and we are passionate about helping your company reach its full potential.
You can reach loans specialist by toll-free at 1-800-824-2407, or email at firstname.lastname@example.org or applying online here and we can guide you on which loans are the best fit for your business.