Sometimes, all you need to increase revenue or take your business to the next level is the right equipment. Whether your office needs a new business equipment, vehicles, software, machinery, or technology, Equipment Loan can help you cover costs.Equipment loans allow you to pay in predictable, monthly installments so that you can purchase the equipment you need now without paying all costs upfront. This lets you continue running your business without depleting your available cash.
An advantage of purchasing equipment over leasing is that you will own the equipment once your loan is paid off. You can then use the equipment for the rest of its lifetime with no further costs while with renting you will always be paying for something that is never yours to keep. With ownership also comes to option to resell down the road, allowing you to make some of your money back.
The amount you borrow depends on the cost of the equipment you intend to purchase. Are you buying several items or just a few? New or used? The price of the equipment determines the specifics of the loan including the total loan amount and terms of financing.
The length of your equipment loan depends on the sort of equipment purchased and how long the equipment is expected to last. The duration of the loan is typically the same or less than the anticipated lifespan of the equipment.
Precision Lending Group works with the funding sources who can approve the Equipment Loans in 24 hours.
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