Utilizing the best tools to expand your business.
Collateral within itself
Use your equipment to secure your loan. No down payment required.
Get funds faster
Receive funds within 48 hours after submitting your application.
Financing It All
Get enough to cover the entire cost of your machinery purchase.
The right funding will help your business thrive.
To create a successful business, you’ll need the best machinery to run it.
Business Equipment Financing will help you achieve that and still allow you to have the cash flow you need.
You can obtain up to 100% of equipment value all while using the machinery as collateral.
We make equipment financing easy for you
Take 5 minutes to fill out our online application.
Find the best fit for you
Compare your options to ensure you’re getting the best one.
Pick your financing
Our advisors will make sure you’re provided with offers that will only benefit you.
Requirements for Equipment Financing
Equipment financing is a financial option that requires no down payment. This being that this kind of financing is self-collateralizing, meaning the machinery is it’s own collateral. With equipment financing, you have your pick at new or used equipment.
What you’ll need to qualify
- 2+ years in business
- $160K+ annual revenue
- 620+ credit score
Here’s How Equipment Financing Works
With every financing option, comes the periodic payments and interest fees. Some lenders require collateral to help finance their agreement. Equipment financing is beneficial because the machinery can be the collateral itself. Once you’ve paid your equipment off in full, you’re officially the owner.
Depending on your loan, you may be able to seek additional assets for your business or even get a personal guarantee. It’s important to make sure you have a set repayment schedule, missing a payment can cause repossession of your business and personal assets.
The Best Way to Utilize Equipment Financing
If your business is short on funds because you’re waiting on an invoice payment or dealing with a seasonal lull, a merchant cash advance is an ideal short-term financing option to keep your business running smoothly.
Upgrade your current equipment
With your equipment financing, there’s no reason you shouldn’t stay up to date with the latest technology and systems. Providing yourself with the current machinery can help increase your business profits in more ways than one. You have to spend money, to make money.
Leasing may be the right option for you if you’re looking to save money and time. The equipment you require may only have a temporary use for a short project.
Treat Your Business to A New Opportunity
Buying new equipment can be the best investment for your business. When purchasing new machinery, we have high hopes that it will run accordingly and work at it’s best to achieve the results you’d like.
Got some questions?
This kind of financing is where lenders disrupt loans to help provide you access to equipment for your business. This allows you the ability to own your equipment outright.
With this kind of financing, you have the option to use your funds to loan or lease.
After approval for an equipment loan, you’ll make periodic payments over time including interest and fees.
Collateral may be needed as a lien against your debt. After paying off the loan in full, the equipment is officially yours.
The options are endless when it comes to the equipment that you can finance.
We know that being in the business can be costly, and run you up a hefty bill.
- Printers and copy machines
- Furniture (chairs and tables for restaurants)
- Computer monitors
- Industrial equipment
We’re here to supply you with whatever your business needs.
Leasing does come with its advantages over financing. This doesn’t require any kind of down payment to retrieve the equipment upfront.
The drawback of leasing comes with potentially paying more in the long run.
With equipment financing, you can use the money to repair, purchase, or lease the equipment you need, no additional collateral necessary, and increase your sales for business.
Unfortunately, these loans are only restricted to equipment and can run you higher traditional loan rates.
Is an equipment financing loan right for me?
As a business owner, you ultimately make the final decision on whether or not equipment financing is the best decision for you.
It’s all about doing your research and having your numbers and blueprints ready on hand. We can help you narrow down your options and make the right choice for you and your business.
It’s simple! Just fill out our online application or give us a call and speak to one of our representatives who can help guide you through it.
Upon applying, review your business’s following:
- Annual/Monthly Revenue
- Length in Business
- Credit Score
We review these factors to help make our final decision. Meeting minimal requirements still gives you a likely chance
At NYTG, we prefer that your business have an overall healthy status. This includes being in business for some time, having a good monthly revenue coming in, and making payments on time where it’s due.
A healthy business is vital because it gives the overall summary of how your operations have been running. A good credit score is important but it is not the major key to making or breaking your approval rate for a line of credit.