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How does Equipment Financing work?
Equipment Financing is a loan used for businesses to purchase equipment. Most equipment loans require the equipment to be an essential need for the business. Essential use equipment is used to run the day to day operations of the business. For a construction company, this could be scaffolding or an excavator. The essential use of equipment for an event rental company might be tables or chairs.
How do you get Equipment Financing?
You need a business entity or DBA in order to get equipment financing. There is a wide range of equipment financing programs available. The qualification process varies between programs. Most equipment financing programs look at these factors.
Equipment Financing Qualifying Factors
- Shareholder Credit
- Time in Business
- Business Credit
- Collateral
- Revenue
Shareholder Credit: This is one of the most important factors. New businesses with poor FICO scores typically will not get approved for an equipment loan. Unless they are putting down a very high down payment or they have additional collateral to use.
Time in Business: Anything under two years' time in business is considered high risk from an equipment financing perspective. This is because equipment financing is tied to businesses and a business that is two years or less time in business is statistically considered higher risk. In order to get equipment financing under two years' time in business, the shareholders must have very strong credit. After two years' time in business Shareholder credit can be average in order to get approved for equipment loans.
Collateral: Hard asset type equipment typically has some more flexibility in regards to the shareholder credit score. Examples of hard assets are yellow iron, construction equipment, titled vehicles etc.
Revenue: For larger equipment financing transactions revenue becomes an important factor. For equipment financing transactions under 50,000 revenue is not as important.
How long can you Finance Equipment?
Equipment Financing Terms Range from 1 to 7 years or 12 to 84 months. The term length typically matches the useful life of the equipment, which varies by the type of equipment being purchased. Heavy assets such as construction equipment will have the longest terms whereas hardware and software may be capped 36 months.
How to Pre-Qualify for Equipment Financing
Answer a few questions and see what financing options are available for your business.
What types of Equipment can be financed?
Automotive Repair Shop Equipment Financing
You pick the Automotive Repair Shop Equipment you need and we will help you finance it. Contact BNC for Automotive Repair Shop Equipment Financing a Quick and Easy process to acquire New and Used Automotive Repair Shop Equipment from Dealer, Private Party or Auction company.
Catering Equipment Financing
You pick the Catering Equipment you need and we will help you finance it. Contact BNC for Catering Equipment Financing, a Quick and Easy process to acquire New and Used Catering Equipment.
Chiropractic Equipment Financing
You pick the Chiropractic Equipment you need and we will help you finance it. Contact BNC for Chiropractic Equipment Financing a Quick and Easy process to acquire New and Used Chiropractic Equipment from Dealer, Private Party or Auction company. Inquire about our no down payment program and flexible term structures. Quick Turnaround too
Commercial Drone Financing
You pick the Commercial Drone Equipment you need and we help you finance it. Contact BNC for Commercial Drone Equipment Financing a Quick and Easy process to acquire New and Used Commercial Drone Equipment. Inquire about our 90-day deferred payment program.
Construction Equipment Financing
You pick the Construction Equipment you need and we help you finance it. Contact BNC for Construction Equipment Financing a Quick and Easy process to acquire New and Used Construction Equipment.
BNC Construction Equipment Financing division has built relationships with equipment Manufacturers and Dealers to offer our customers specialized financing and leasing options. We help you find good deals or finance the equipment you already found.
Dental Equipment Financing
You pick the Dental Equipment you need and we will help you finance it. Contact BNC for Dental Equipment Financing, a Quick and Easy process to acquire New and Used Dental Equipment.
Event Rental Equipment Financing
BNC Finance's Event Rental Equipment Financing Program allows You to pick the Event Rental Equipment you need and we will help you finance it. Contact BNC for Event Rental Equipment Financing Program is a Quick and Easy process to acquire New and Used Event Rental Equipment. Inquire about our no down payment program and flexible term structures. Quick Turnaround too
Event Rental Equipment Financing
BNC Finance's Event Rental Equipment Financing Program allows You to pick the Event Rental Equipment you need and we will help you finance it. Contact BNC for Event Rental Equipment Financing Program is a Quick and Easy process to acquire New and Used Event Rental Equipment. Inquire about our no down payment program and flexible term structures. Quick Turnaround too
Hardware & Software Financing
BNC Finance's Hardware & Software Financing Program allows You to pick the Equipment you need and we will help you finance it. 100% software and Hardware Financing program. Apply Now
Landscape Equipment Financing
You pick the Landscaping Equipment you need and we will help you finance it. Contact BNC for Landscape Equipment Financing a Quick and Easy process to acquire New and Used Landscaping Equipment from Dealer, Private Party or Auction company. We can bundle together several pieces of equipment for one payment. Inquire about our no down payment program and flexible term structures. Quick Turnaround too
Manufacturing Equipment Financing
You pick the Manufacturing Equipment you need and we will help you finance it. Contact BNC for Manufacturing Equipment Financing a Quick and Easy process to acquire New and Used Manufacturing Equipment you need.
Application Only Financing up to $500,000 Apply Now
Restaurant Equipment Financing
You pick the Restaurant Equipment you need and we will help you finance it. Contact BNC for Restaurant Equipment Financing a Quick and Easy process to acquire New and Used Restaurant Equipment you need.
Whether you need a new oven or furniture offering Application Only Financing from $500 up to $250,000 Apply Now
Types of Equipment Financing Programs
Equipment Financing & Leasing Program for Bad Credit
Application Only Equipment Financing Program Description
"Application Only" program for equipment ranging from $15,000 to $150,000. Simple process only requires two documents to apply. A signed credit application and equipment quote or invoice that includes the assets specifications. The quote needs to list equipment description, make, model, price, mileage or hours(if applicable).
Program Benefits
The program is for businesses that are looking for quick equipment financing at competitive rates for a wide range of assets the business can benefit from. This program also has a quick turnaround, usually within 24 hours. Also, the process from the submission of an application to the funding of the vendor is simple and straightforward.
Eligible Equipment for This Program
A wide range of equipment types is eligible for this program. Construction, Transportation, manufacturing, industrial, medical, commercial printing, trailer and agricultural equipment. They will also consider financing equipment for franchises provided certain financial information is included. If the type of equipment is not listed inquire to see if it can be added to this program.
Application only Equipment Financing
What is Application Only Equipment Financing?
A quick easy way for businesses to acquire the equipment they need with a simple one-page application.
Benefits of Application Only Equipment Financing?
- From as low as $500 up to $250,000
- Online application and quick approval process
- No financial statements required
- Finance software up to 36 months
Corp Only Financing Program
- Minimum 3 Years Time In Business required
- Comparative Depth of Business Credit
- From Large Companies to Single Stockholder S-Corps
- Non Profits with no personal guarantee required - Churches
Asset Backed Financing Programs
Financing Programs Secured by Collateral
- Financing from $10,000 up to $2,500,000
- Available for all industry types
- No Minimum FICO Requirement
- Great for Equipment Financing and Working Capital
- Must have 2x collateral position
Software Financing program
- 100% Software Financing Programs Available
- Renewal, Subscription and Cloud Based Financing
- Server and Data Storage Financing Available
- Telecommunications Financing
- Voice and Data Communications
And Much More
Private Party Equipment Financing
- Finance Equipment that is being sold from a private party.
- Some Asset Restrictions may Apply
- Most Hard Assets Qualify for Private Party Financing Program. Trucks, Trailers, Construction and Manufacturing
- Competitive risk based pricing
- Structured approvals & approvals with additional collateral
Commercial Equipment Financing Programs
- Commercial Program For A and B credits over $100,000
- Full financial disclosure is required
- Financing from $100,000 up to $40,000,000
- Software & Technology Financing Available
No Age Limit Used equipment financing
- 24 to 48 month terms – Up to 60 Month with Used Condition Report
- No age limits for yellow iron, titled vehicles and some manufacturing
- Challenged credit program may have age restrictions
Deferred Payment Schedules
- 30, 60, 90 Day Deferred Payments
- $100.00 per month Minimum Contact Payments
- Over $75,000 Equipment Cost required
Higher Risk & Challenged Credits
Have a good story? We want to hear it.
- B, C, D Credits with bureau scores as low as 550
- Under 3 Years Time in Business with bureau scores as low as 650
- Competitive risk based pricing
- Structured approvals & approvals with additional collateral
Ready to Apply?
Apply Now for Equipment or Working Capital
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