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What is the interest rate for equipment finance loan?Interest rates for equipment loans can range anywhere from 4.99 percent to 35 percent, though the exact rates depend on your business credit ...
Traditional lenders may also offer SBA loans, like the 504 loan, which is designed specifically for buying commercial equipment. The SBA limits interest rates and offers long repayment terms of up ...
Bankrate insight. The SBA weekly lending report details SBA loan approvals. As of March 2024 for the 2024 fiscal year, the SBA has approved over 28,370 7(a) loans, totaling more than $12 billion ...
Loan amount: The loan amount varies by lender, but expect it to cover between 80 and 125 percent of the equipment’s cost. Down payment: An equipment loan may require a down payment between 10 ...
Cons. Limited to financing equipment. May require a down payment. Loan could outlast life of equipment. Pros of equipment loans. If you need to acquire equipment for your business, there are lots ...
Here are some of our top lenders for equipment loans: Best equipment loan for startups: Creditfy. Best equipment loan with low revenue: Funding Circle. Best equipment loan for large amounts: SMB ...