Whether you are buying new or used equipment, financing options may be available. Using a personal loan for business equipment financing can be one of the most cost-effective ways to finance the purchase. In most cases, equipment financing allows you to finance 100% of the cost. Whether you have good credit or bad credit or a small business or a large business, you may qualify for business equipment financing.

How Does Business Equipment Financing Work?

In order to run a successful business, you?ll most likely need the proper equipment. Business equipment financing allows you to borrow a lump sum of money that can be used for business equipment, accessories, and more. Essentially you are taking a personal loan that will be used for business equipment. You may use a secured or unsecured personal loan. While both offer competitive interest rates, an unsecured loan can be less risky. Unsecured personal loans do not require collateral or an asset. You will be required to repay the loan monthly until your term ends or the loan is paid in full.

What Are Equipment Funding Options for Small Businesses?

If you are a small business or?startup business that needs financing, you have plenty of options. As a proactive entrepreneur, you should spread out your financing sources. A personal loan is a top choice for financing business equipment. It?s relatively easy to qualify for and typically offers lower rates than business credit cards. If you can make larger purchases using a personal loan and offset other expenses with a business credit card and or a business line of credit you should be on the road to success. Let?s take a look at some funding options for small businesses?

#1. Personal Loan Personal loans are a leading financing option for small businesses. They offer competitive interest rates starting at 5.73%, loan amounts up to $100,000, and terms up to 12 years. Personal loans are best for making large purchases such as equipment.

#2. Small Business Line of Credit A small business line of credit allows you to borrow up to a certain limit. However, you only pay interest on the amount of money you use. For example, If you are approved for a $50,000 small business line of credit, you have access to up to $50,000 at any time. If you only use $30,000 of the $50,000, you only pay interest on $30,000. Small business lines of credit are an effective way to manage cash flow, pay for surprise expenses, or? purchase inventory.

#3. Business Credit Card Business credit cards are similar to lines of credit. Business credit cards can offer attractive rewards and incentives, making them a popular choice for regular spending. In addition, they can make tracking your spending and expenses easier. However, you should be careful maxing out cards or spending more than you can pay off quickly. Business credit cards can have higher interest rates than other options.

How Long Can You Finance Business Equipment For?

Most lenders offer loan terms up to 12 years for business equipment financing. You should choose a loan that has no early pay off penalty. This means you can pay the loan off early without being charged any penalties or extra fees. The sooner you pay the loan off or down, the less you will pay in interest. Paying an extra 10% to 20% each month can help you save hundreds of dollars in interest.

How Can I Qualify for Business Equipment Financing?

To qualify for business equipment financing you should have a credit score of 580 or better. If you have bad credit you should use a secured personal loan or a cosigner. Secured personal loans require collateral or an asset. Unsecured personal loans do not require collateral or an asset but can be harder to qualify for. To find out what you qualify for you should apply at Acorn Finance. You can submit one application which will not affect your credit score. Within seconds, you can receive multiple personalized personal loan offers that can be used for business equipment financing.

What Are the Rates and Terms for Business Equipment Financing?

If you use a personal loan for business equipment financing you can take advantage of competitive rates and terms. Acorn Finance partners with lenders that offer personal loans up to $100,000 starting at 5.73% with terms up to 12 years.

How Equipment Financing Loans Can Work for You?

Equipment financing loans can provide your business with the tools it needs to grow and generate more revenue. They can also help your business have better cash flow by allowing you to make affordable monthly payments rather than using a lump sum to purchase expensive equipment.

What Is the Best Equipment Financing Option for a Business?

The best option for businesses that need equipment financing is a personal loan. Personal loans offer competitive interest rates and high loan amounts. This makes them ideal for financing large purchases. Equipment financing can help startups, small businesses, and large businesses. Personal loans are one of the best ways to finance equipment for a business. Acorn Finance provides a secure platform that allows you to compare multiple personalized equipment financing offers without affecting your credit score. Discover the best equipment financing. . . apply online today!

How to Apply for Business Equipment Financing?

You can apply for business equipment financing using these three easy steps?
#1. Submit an online application
#2. Receive multiple personalized offers in seconds
#3. Select the best offer & receive funds quickly