How Do You Qualify for Business Equipment Financing?
No Minimum Time in BusinessWe fund all businesses, from the most ancient, to those taking their first steps (with 650+ credit) and everything in between.
(If You Have a Credit Score of 650+)
$120,000 in Annual Gross SalesIf your credit score is 650 or higher, there are no required sales minimums— National has the perfect financing option for you!
(If You Have a FICO Score of 650+)
No Minimum Credit ScoreYou don’t need squeaky clean credit to qualify for a small business loan—we work with all credit profiles.
(If You Make $120K in Annual Gross Sales & Have Been in Business for 6+ Months)
In order to qualify for business equipment financing, you’ll typically need a FICO score of at least 650 - or 6 months of business history and at least $120,000 in annual revenue.
While banks and credit unions have low approval rates, National offers enormous flexibility when it comes to qualifying for equipment financing.
With a FICO score of 650 or higher, you may be able to forgo time in business and monthly revenue requirements entirely. You can still secure funding if your FICO score is less than 650, but you’ll need to show at least 6 months of business history and $120,000 in annual revenue. This setup is ideal for newer businesses and startups, or those that may be otherwise rejected by traditional banks.
What Are the Benefits?
Simple, Fast Process
Streamlined process with a fully digital application and funding in as little as 24 hours.
Choose Your Vendor
Purchase the best equipment for your business, regardless of industry (no restrictions).
No Up-Front Fees
Finance the entire cost of the equipment, without high fees in the beginning.
The benefits of business equipment financing involve being able to quickly acquire equipment with minimal upfront fees and manageable payments. This can improve your cash flow, balance sheets, and even features certain tax advantages. Business equipment financing is a strategic way to boost your productivity without an enormous upfront investment.
1. Improved cash flow
Business equipment financing allows you to acquire the equipment you need now - and manage the costs later on. There’s no need to make a large, lump-sum payment to cover the entire price upfront. Instead, the cost of the equipment will be broken down into more manageable payments - which will be easier on your cash flow.
2. Greater productivity
Business equipment financing gives you a head start on boosting your productivity. You’ll be able to put your plans to action now and make payments as your business grows.
3. Enhanced Forcasting
There are no surprises when it comes to business equipment financing. Your payments will stay steady over time and you’ll know exactly how much you’ll be paying for how long. The interest rate you’ll receive will also be locked in for the duration of your loan. With exact figures in mind, you’ll be able to effectively forecast your business’s cash flow.
4. Potential tax advantages
Business equipment financing may allow you to claim additional deductions on your annual tax return. Make sure to contact your tax advisor to learn about the specifics, including how much you could possibly save.
5. Flexibility
You have complete freedom to choose your vendor and the type of equipment you’d like to purchase. Unlike some banks, National doesn’t impose restrictions on the type of equipment you can finance - as long as it makes sense for your business it’s a good fit!
Start growing your business right away. Learn how you can skip the standard 2 week waiting period and get new or used equipment financing in less than 24 hours.
We've Secured $2 Billion in Funding Through Our ExclusiveMarketplace
How to Apply for Equipment Financing With National
Start growing your business right away. Learn how you can skip the standard 2 week waiting period and get your new or
used equipment financing in under 24 hours!
Get The Best Equipment Financing Rates, Terms & Amounts With National
Purchase Amount $10,000 – $5Mil
Flexible Terms 1—5 Years
Time to Fund As Fast As 3 Days
How Can Business Equipment Financing Help You?
Business Growth
Purchase any type of equipment to take on more customers and grow your business.
Business Expenses
Avoid large, out-of-pocket expenses by preserving your capital, and write off the entire cost on your tax return.
Business Opportunities
Deliver more value to your customers by upgrading old equipment or adding new equipment.
What is Equipment Financing?
Regardless of your industry, we can help you obtain the best deal on business equipment financing for virtually every type of equipment. We work with a wide range of business types, including medical, software, manufacturing, commerce, food services, automotive, and much more.
If you're looking for equipment financing to grow your business, offer new products or services, or simply get a competitive edge, we can help! Our streamlined equipment financing process will help you secure the capital you need in as little as 24 hours. Our Business Financing Advisors will tell you everything you need to know, and give you the opportunity to ask any questions.
All of our business equipment financing options are fully customizable to fit you and your business needs.
Why National Business Capital?
- Fast Digital Application
- Preserve Capital
- Own Equipment Instead of Renting
- Possible Tax Benefits
10 Reasons Why National Business Capital Offers the Best Small Business Financing
| Bank | Direct Lenders |  |
|
|---|---|---|---|
| Paperwork |
- 2-3 Years Tax Return - 2-3 years Financials |
- 3-6 Months Bank Statements - 1 Year Tax Return - 1 year Financials |
- 3 Months Bank Statements - No Tax Returns Required |
| Application |
- Lengthy - Paper Intensive |
Multi-page Paper Application |
- One page - One Minute - DocuSign® |
| Number of Lenders | 1 | 1 | 75+ |
| Service Level | Processor | Programmatic | Personal Advisor |
| Approval Process | Weeks/Months | Days/Weeks | Hours/Days |
| Speed to Funding | Months | Days/Weeks | Hours/Days |
| Collateral Requirements | Always | Sometimes Required | Not Necessary |
| Business Profitability | Always | Sometimes Required | Not Necessary |
| Credit Score | 680+FICO | 600+FICO | No Minimum FICO |
| Credit Check | Hard Pull | Hard Pull | Soft Pull |
Why Choose National Business Capital for Equipment Financing?
Better Terms. Faster Funding. Easier Process.
National Business Capital is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date. Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services. We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!FAQ
How does equipment financing work?
Business equipment financing is a type of loan used to purchase equipment for your business. You’ll be able to select the type of equipment, the vendor you want to work with, as well as other details. You’ll present this information with your financing application.
If you’re approved, you’ll be granted a lump-sum of capital to be put towards purchasing the equipment. From there, you’ll make regular payments for the duration of your loan - typically up to 5 years. You may even be able to customize certain terms and conditions to your business’s needs. With National, the entire funding process can be as quick as 3 days or less.
Some lenders may impose restrictions on the types of business equipment you can finance - but not National. Whether it’s a new model or previously used, so long as it makes sense for your business there shouldn’t be an issue.
You can use business equipment financing to cover a number of different business-related equipment. This includes machinery, vehicles, office supplies, computer hardware or software systems, commercial ovens, manufacturing materials, and more.
Is it hard to get financed for equipment?
It's not very hard to get business equipment financing. In fact, in many cases it’s actually easier to get approved for business equipment financing than other types of loans. All you need to qualify is a FICO score of at least 650 - or 6 months of business history and at least $120,000 in annual revenue. If your FICO score is above 650, you may be able to bypass time in business and annual revenue requirements entirely.
With business equipment financing, the materials you’re purchasing will act as collateral for the loan. This gives lenders an extra layer of security - which in turn improves your approval odds.
National has business equipment financing options for all types of businesses, and you’ll find it’s easier to get approved compared to traditional banks. Plus, the application process is fast and straightforward. There’s no need to go back and forth collecting numerous documents. You can simply upload your paperwork into the online portal with just a few clicks.
National’s application process for business equipment financing is designed to be completed in about a minute. Funding times for your loan can be as fast as 3 days or less.
How long can you finance used equipment?
You’ll typically be able to finance used equipment for 1 to 5 years. If the equipment you are purchasing isn’t too expensive, you may be able to get a shorter term loan.
The repayment term on your business equipment loan is important because it represents how long you’ll be in debt as well as the overall cost of financing. Longer term loans feature lower monthly payments, but can be more expensive over loan’s lifetime. Shorter term loans have higher monthly payments, but you’ll be in debt for less time and save on interest fees overall.
Still, many businesses will select a repayment term based on the monthly payment amount they can afford. Make sure to consult with one of our Business Financing Advisors to help you understand which would work best for your scenario.
Can I get startup equipment financing with bad credit?
Yes! It is possible to secure startup equipment financing even with bad credit. You’ll need to have at least 6 months of business history and $120,000 in annual revenue in order to bypass credit score requirements.
National fills in the gaps where banks and traditional financing options fall short - especially when it comes to financing startups. With a FICO score requirement of at least 650, National is inherently more flexible. But even if your credit score is lower than 650, you may still be able to access financing solutions catered to your needs.
