Straight Talk: Financial Insights
Business Finances Blog
What you need to know about commercial equipment financing for your business
What's an equipment loan?
Commercial equipment of any sort can be a major expense. If your business doesn't quite have the capital to pay for your equipment in full, you do have options.
A commercial equipment loan can be used by a business to purchase or lease new or used equipment needed to run your business. You may qualify to finance up to 100% of the purchase price depending on the value of the equipment, your financial history, and your credit score. The expected life of the equipment will determine the duration of the loan and the equipment itself can be used as collateral.
Examples of commercial equipment financed include, but are not limited to:
- Farming equipment
- Construction equipment
- Logging
- Heavy equipment/manufacturing machinery
- Trucking
It's important to choose the right lender
A quick approval process is imperative for most businesses. Typically, jobs have deadlines so it's important to work with a bank that respects that. Choose a lender that provides a quick and easy application process and gives you the option to close as soon as 2-3 business days. If you decide to bank with Skowhegan Savings, we offer online applications specific to rolling stock equipment and commercial vehicles. For other equipment financings, please call us at 207-858-2540.
At Skowhegan Savings, we're here for the makers and we offer commercial equipment financing so you can move Maine forward. Our commercial lenders are ready to answer your questions and assist you in meeting your commercial lending needs.
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