Business Banking · Business Loans ·
Get your equipment loans from us and take your business to the next level. Our experienced equipment loan experts work quickly to get you the funding you need for new equipment. Our lending decisions are done locally and quickly by experts that understand our communities and economic landscape. Get started today!
What is an equipment loan?
As your business expands, it will need to meet increasing demands for optimal performance, deadlines, and production. However, purchasing equipment outright can put a financial strain on your business’s cash flow. An equipment loan may be the ideal solution to keep your business performing optimally and meeting demands.
Equipment loans can be used by businesses to purchase new or replace existing, equipment. Equipment loans are typically secured by the equipment that’s being purchased. This means that you will not need additional collateral, like real estate or inventory to apply for financing.
Generally, equipment loans are used by businesses to make large purchases of equipment such as:
- Large vehicles (semi-trucks)
- Farm equipment (tractors and combines)
- Manufacturing equipment (laser cutters, drills, saws, etc.)
- Large commercial printers
- Healthcare equipment (x-ray machines, diagnostic machines, pumps, etc.)
- Construction vehicles and equipment (skid steers, track hoes, mixer trucks, etc.)
- Restaurant equipment (ovens, ranges, etc.)
- Computer equipment (servers, scanners, 3-D printers, etc.)
Unlike equipment leases, with an equipment loan, you actually purchase the equipment and own it long term instead of turning it over to your lease provider at the end of the financing term.