Equipment Financing in Florida

Equipment financing is a method to secure the equipment you need for your business without putting up the entire amount. Basically, you come to an agreement with a lender, and they supply the funds you need to afford the venture. You repay the borrowed amount over the specified term, with your specific repayment schedule depending on the cost of the equipment, the lender you’re dealing with, and your business’s financial information.

You’ll have to pay an interest rate in addition to the cost of the equipment, which will also depend on the factors listed above. Businesses that boast the strongest financial information are often given the best rates and terms, but those without these qualifications can still secure favorable financing—you just might have to offer collateral or provide a down payment. Fortunately, the asset you’re seeking to purchase can serve as collateral for the loan, so you won’t have to offer another asset on your balance sheet. 

Equipment financing can allow you to take on new jobs, expand your business, and much more. You can purchase almost any kind of equipment, too, like construction machinery, vehicles, food service equipment, office supplies, and industrial refrigeration units, amongst others. Whether you’re a newer entrepreneur looking to compete in their industry or you’ve operated for years, and it’s time to update your assets, equipment financing can get you where you want to be—and fast.

You’ll need to have been in business for at least six months, generate at least $500,000 in annual revenue, and have a 650+ credit score to qualify for equipment financing. However, these qualifications aren’t set in stone. For example, if your business has a 790 credit score, you don’t necessarily have to meet the annual revenue requirement to reach an approval. The same idea applies to the other qualifications, but it often depends on the lender you’re dealing with.

If you team up with National, you gain access to a 75+ lender marketplace, where our Business Finance Advisors will work their magic and find you a deal that fits your circumstances. If you don’t meet one of the three criteria above but excel in one or more of them, our team is uniquely capable of helping you reach an approval that will allow you to secure the equipment you need to grow and compete. We’re problem solvers at our core, and our flexibility is one of our greatest strengths.

Equipment financing allows you to secure the equipment your business needs without having to front the total cost before your competition has an opportunity to outpace you. You break down the sizable purchase into convenient payments that fit your schedule, which can improve your cash flow, bolster your balance sheets, and qualify you for certain tax advantages.

1. Streamlined Cash Flow

Instead of finding a way to afford a massive expenditure, equipment financing allows you to secure the equipment your business needs now and manage the payments over time. You don’t have to stretch yourself thin by uncovering every spare dollar to afford the expenditure; Preserve your cash flow by paying over time.

2. Increased Productivity

Equipment can speed up your processes and allow you to operate at the highest capacity. Rather than find a way around using expensive equipment, you can secure the resources you need to afford the asset with equipment financing.

3. Simpler Forecasting

There aren’t many constants in the world of business, except when it comes to equipment financing. Your payments stay the same throughout your term, and you’ll always know exactly how much you’ll have to pay when it comes time to make your monthly payment. Your interest rate is locked in, too, which allows you to forecast your future cash flow effectively.

4. Tax Advantages

Consistent payments on your financing may qualify you for additional tax deductions. If you’re in the midst of your repayment, you should speak with your tax advisor to see if you’re missing out on potential deductions.

5. Flexibility

Some banks won’t finance specific types of equipment, but National’s 75+ lender marketplace allows you to find a lender that will help you secure the equipment your business needs—if it makes sense for your business, of course.

Equipment financing in Florida allows entrepreneurs to stay competitive and reach their full potential. The possibilities are endless, but if you’re finding it difficult to reach an approval, reach out to the experts at National Business Capital for personalized, competitive solutions to your challenge.

Equipment financing is an opportunity to secure the assets you need to stay competitive and break down the cost over time. Let’s face it: A majority of business equipment comes with a hefty price tag. Paying the full price of the equipment upfront puts pressure on your cash flow, leaving you without the cash you need to handle expenses in other areas of your business.

With equipment financing, entrepreneurs in Florida can stay competitive by breaking down sizable equipment purchases into more manageable weekly or monthly payments. You can use the equipment immediately, sell the asset when you’re done, and benefit from interest-payment write-offs on your tax return—does it get better than that?

Business Growth

Purchase the equipment you need to increase your productivity, maximize your efficiency, and reach your full potential.

Business Expenses

Preserve your cash flow by breaking down a sizable equipment purchase into more manageable payments.

Business Opportunities

Serve your customers and win more business by leveraging new equipment or updating your old assets, all without breaking the bank with a large out-of-pocket payment.

However, you’ll need to ensure that the terms you agree to reflect the capabilities of your business. In other words, you shouldn’t lock yourself into a repayment schedule that you can’t handle. There are other things to watch out for as well, like scams and organizations that don’t have your best interest in mind, but for the most part, equipment financing is a straightforward means to an end.

Better Terms. Faster Funding. Easier Process.

National Business Capital, the leading FinTech SMB marketplace, helps entrepreneurs secure quick and fair financing to save time and cultivate sustainable growth. Our stress-free online platform is designed for simplicity and speed, helping business owners go from application to approval in a matter of hours. And while we remain a leader in the Fintech industry, our clients agree it’s our personalized service and award-winning team that sets us apart. 

From SBA loans to lines of credit, equipment financing, and more, business owners can access all the different financing programs available to them in one place. Through our streamlined process, we have helped clients secure $2 billion in financing since 2007, and, more importantly, we’ve helped entrepreneurs save a tremendous amount of time and grow faster.

We’re uniquely capable of helping entrepreneurs secure equipment financing in Florida. If you’re ready to take your business to the next level, complete our digital application to speak with our team!