Your business relies on equipment that can be expensive to acquire. Industrial equipment financing is a specialized process of leasing or purchasing the equipment you require. In this article, you’ll discover more about equipment leasing and financing, as well as how POM Capital & Funding Services can assist you with this important investment.
What is Industrial Equipment Financing?
Industrial equipment financing is a method of funding the purchase or leasing of industrial equipment that a company would need to operate. Many companies use loans to obtain their industrial equipment since it is usually very expensive. They can then borrow money to buy costly equipment and pay the funds back over time rather than all at once.
How Does Equipment Financing Work?
Industrial equipment financing is reasonably simple and quick for companies that can confirm their ability to make regular payments. It would be good to show that your company has the financial means to make regular payments and has a proven history of doing so.
Equipment financing has a wide range of terms. Interest rates as low as 7.5 percent are possible, dependent on your credit history and other factors. Fast funding is one of the trademarks of equipment finance. You can possibly obtain financing in as little as 24 hours after the process is started.
How Long Can Industrial Equipment be Financed?
The estimated life cycle of the equipment will influence the loan terms offered. Typical periods will range from two to seven years, with some equipment lasting up to ten years. The older the equipment being financed, the shorter the loan terms should be.
Industrial Equipment Financing: Should You Get New or Used Equipment?
A choice to buy new or used industrial equipment is based on several things. Although there is always a case to be made for buying new equipment, but depending on the nature of the equipment, its estimated lifetime, market value, and expected maintenance costs, buying and even financing used industrial equipment may make sense.
What Kinds of Equipment Can You Get Financed?
Generally, whatever equipment your business needs to run everyday operations, there’s a good chance you’ll be able to finance it.
Office equipment, such as filing cabinets, desks, and HVAC equipment; retail equipment, such as cash registers, scanners, printers, and displays; technology equipment, such as computers, software, and printers; transportation and delivery equipment, such as delivery trucks, dollies, and GPS devices; and warehouse equipment, such as forklifts, conveyor belts, and scanners are some common uses of equipment financing.
Work With POM Capital & Funding Services
When it comes to supplying or upgrading their equipment, many organizations are unsure where to begin. POM (Peace of Mind) Capital & Funding Services can help. We provide an equipment financing program with quick approvals and significant amounts for qualified businesses. We feature competitive interest rates, flexible payment options, and simple application criteria. Our programs require either a low-down payment or none at all.
POM Capital & Funding Services is a leading provider of alternative funding solutions for businesses of all types and sizes, offering commercial finance solutions and products to businesses in the Centerport, New York area and throughout the state of New York.