Posted on May 08 2017

If you need equipment for your business but don’t have the money to buy it, an Equipment Loan from ShubhBank can save the day. You can qualify for up to 100 % equipment financing to purchase restaurant appliances, farm tools, vehicles, or other essential equipment and machinery for your business. It is relatively easy to qualify for equipment financing because the equipment collateralizes the loan. Even those with poor credit and start-ups can qualify. While some businesses may be asked to provide a down payment, many are able to get 100 % financing. Business owners with a bad credit scores and start-ups can generally qualify for equipment financing but must be prepared to pay slightly higher rates. Those with Credit Scores about 660 will typically receive much better terms. Having a down payment can help such borrowers qualify for equipment financing. The type of equipment also plays a role. It’s easier to get financing for new equipment compared to second hand equipment. Also, durable equipment like cranes and refrigerators tend to retain their value over time and present a better credit risk than things like computers or medical equipment. Lastly, all else being equal, the longer the loan term, the better the interest rate will be.