Equipment Financing in New York
So, why would you be looking for equipment financing in New York in the first place?
While the equipment does make jobs easier to perform, the price tag stands as a major hurdle for entrepreneurs in the industry looking to stay competitive. This creates an uneven playing field within the industry, where those with the equipment can take the higher-paying jobs and leave the dirty work for the businesses that can’t afford it.
Some entrepreneurs will find a way around using the expensive equipment, but there’s not always a way to avoid it, especially if you’re investing your excess revenue back into your business to support your growth. If you want to earn and maintain a spot amongst the competition, consider leveraging equipment financing to break down the sizeable purchase into more manageable monthly payments.
The benefit of your equipment financing depends on the lender you’re doing business with and the terms you’ve agreed to. Factors such as your:
- Interest rate
- Repayment terms
- Associated fees
Can all work against you if they aren’t tailored to your specific circumstances, which is why it’s so important to research lenders and compare their programs.
But, as we know, running a business doesn’t allow for an abundance of free time. You might feel like you’re wasting your time when you sit down to start your research, and you’d be right. Comparing individual lenders is something that isn’t necessary anymore, especially with the emergence of FinTech marketplaces.
National Business Capital, the leading FinTech marketplace, is a time-saving machine for entrepreneurs. We take the time to learn about you, your business, and your challenges to streamline your search for equipment financing in New York. Don’t waste time you could have spent running your business; Team up with National, and have our team do the heavy lifting for you.
How Do You Qualify for Business Equipment Financing in New York?
No Minimum Time in Business
We 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+)
$500,000 in Annual Gross Sales
If 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 Score
You don’t need squeaky clean credit to qualify for a small business loan—we work with all credit profiles.
(If You Make $500K in Annual Gross Sales & Have Been in Business for 6+ Months)
What Is Equipment Financing?
Equipment financing is an agreement between you and a lending institution for an equipment purchase. It’s essentially a loan you take out specifically to purchase equipment, but you must also pay an interest rate on top of the principal amount plus any fees.
You’ll make payments on a schedule that you’ve agreed upon with your lender, and once you’re done, you will either keep the equipment, sell it, or give it back to the lender, depending on the kind of terms you’ve agreed to.
The amount you’ll pay to finance a piece of equipment will end up costing you more than if you had just purchased the equipment outright because of the interest rate. Generally, interest rates on equipment financing range from 2% to 20%, but this all depends on the financial background of your business as well as the lender themselves.
Some lending institutions might see your business as a risk and charge higher interest rates as a method of protecting themselves, whereas other lenders might not see your operation as inherently risky and offer you favorable terms.
The only way to find the right lender for your business is to search diligently and explore your options. Sifting through lenders one by one, however, requires a lot of time and effort, which many business owners can’t offer much of. Rather than take your focus away from running your business, you can streamline your search for equipment financing options with National Business Capital.
How to Apply for Equipment Financing in New York
If you are looking to get equipment financing in New York, you’ll need to meet a few minimum qualifications before you can qualify. Fortunately, equipment financing works differently than other loan products, and you won’t necessarily need to meet all of the traditional eligibility requirements associated with other business loan products.
FICO score
If you have a 650+ FICO score, you can typically qualify for equipment financing without issue, even if you haven’t operated very long or your annual revenue is less than required.
Credit score
This also applies to the other criteria. High annual gross sales mean you won’t need a high credit score, whereas an extended time in business might allow you to qualify without having high annual gross sales.
This format makes it easier for newer businesses and those without perfect credit to reach approval and secure the funds they need to grow.
Other financial information
Each lender will judge your business differently based on your financial information. The most important factor in qualifying for equipment financing is convincing the lender that you’re more than capable of paying back the loan, plus interest, within the agreed-upon time frame.
Lenders use the above mentioned criteria to make this determination. Having:
- An extended time in business
- A strong credit score
- High annual gross sales
Can all work to increase your odds of approval, but that doesn’t mean you should accept the first best approval you receive.
Banks and credit unions tend to have strict eligibility requirements and lengthy underwriting processes, which can complicate the process and delay your access to capital.
On the other hand, online lenders can help you secure fast funding with streamlined applications, but they will charge higher interest rates than others. Generally speaking, online lenders are easier to qualify for but are usually more expensive in the long run.
For the best results? In order to get equipment financing in New York, it’s best to compare your options, or team up with a marketplace to consolidate your search into one easy-to-use platform.
How Can Business Equipment Financing Help You?
Whether you need construction machinery, restaurant appliances, computers, or other business equipment, the price tag can stand as a barrier between you and using the asset in your business. This creates an uneven playing field within industries, where only the most established businesses can compete for work because they have expensive assets on their balance sheet. New businesses, growing operations, and those experiencing cash flow constraints simply can’t keep up, but with equipment financing, everything becomes much fairer.
The basics? You take a sizable purchase and spread out the payments over time. Not only is it an opportunity to protect your cash flow and keep your business operating at its highest capacity, but it also allows you to increase your buying power and secure assets that you wouldn’t have been able to previously.
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 monthly 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, the benefits of financing equipment in New York depend on many factors. Most importantly, the lender you’re doing business with. Make sure to carefully read your offered contract and determine if the repayment schedule or interest payments are too much for your organization to handle. There’s always a better deal out there—you just have to do your research and find it
Benefits of Equipment Financing in New York
Equipment financing can break down sizable asset purchases into more manageable monthly payments, allowing you to secure the equipment you need to stay competitive. Here are a few other benefits associated with securing equipment financing in New York:
1. Streamline Your Cash Flow
An equipment purchase can cost anywhere from a few hundred to millions of dollars. Most entrepreneurs can’t afford an expense of this caliber without significant planning and preparation, which is where equipment financing comes into play.
Rather than put your business’s growth on hold, you can seize the opportunity and protect your cash flow by breaking down the sizeable purchase into more manageable monthly payments with the help of equipment financing.
2. Increased Productivity/Profitability
That piece of equipment could be the difference between taking a job and not being able to start one. If you finance that equipment, you can get your hands on it quickly and immediately start to use it toward growing your business.
You won’t have to wait to take on that new contract; You can take action today and reach your full potential promptly.
3. Transparent Forecasting
Equipment financing is static, and you won’t have to worry about dynamic payments unless you’ve signed on with the wrong lender.
Your interest rate and monthly payments should remain the same throughout your repayment period, allowing you to plan accordingly for the future.
4. Flexibility
There isn’t just one way to secure equipment financing; There are hundreds of lenders who can help you purchase the equipment you need.
If the terms of one lender don’t fit your needs, then you have the freedom to continue your search until you’ve found a lender with terms that mirror your needs. Plus, if you work with a marketplace, you’ll have a variety of options to choose from before making a final decision.
5. Tax Advantages
Financing a piece of equipment can allow you to take advantage of additional deductions on your annual tax return.
Speak with your financial advisor about how much you could save on your return, both before and after you’ve secured equipment financing in New York.
Don’t let price stand as a barrier between you and staying competitive in your industry when getting equipment financing in New York. Financing solutions exist for almost every business challenge, and if you’re savvy enough, you can leverage one of these options for sustainable growth.
National Business Capital can help you streamline your search for equipment financing and, more importantly, connect you with the RIGHT lender for your business.
Why Choose National Business Capital for Equipment Financing?
Better Terms. Faster Funding. Easier Process.
Think about it: Finding a lender, sending them your information, and waiting for an approval from each one will take time for each organization you’re dealing with.
Plus, what if your approval doesn’t fit your specific circumstances, or maybe you waited weeks for a decision, and you find out you were denied after two weeks of underwriting? In either case, you’re still without the funds you need to grow, and you’ve already spent so much time going through the process.
Rather than waste time that could have been spent running your business, you can team up with National and take the guesswork out of equipment financing. Our team leverages a 75+ lender marketplace to connect entrepreneurs like yourself with competitive financing options that best fit their situation.
We take the time to learn about you, your business, and your challenges to find solutions to your business challenges, all the while ensuring that the process moves as fast and as smoothly as possible.
It’s always a good idea to have a financing relationship in your back pocket, especially if you’re growing. National can be the tool you leverage to afford growth opportunities, manage your cash flow, and ensure that your organization is on the right track.
In fact, many of our clients return to us for additional financing, and they’re always happy that we’re here to have their back—1,900+ 5-star reviews on Trustpilot.
Complete our digital application to get started and speak to a member of our award-winning team!
Get the Best Equipment Financing Rates, Terms & Amounts With National
Purchase Amount
$10,000 – $5M
Flexible Terms
1-5 Years
Time to Fund
As Fast as 24 Hours
10 Reasons Why National Business Capital Offers the Best Small Business Financing
| Bank | Direct Lenders | ||
|---|---|---|---|
Paperwork |
| Bank
| Direct Lenders
|
Application |
| Bank
| Direct Lenders
|
Number of Lenders | 75+ | Bank 1 | Direct Lenders 1 |
Service Level | Personal Advisor | Bank Processor | Direct Lenders Programmatic |
Approval Process | Hours/Days | Bank Weeks/Months | Direct Lenders Days/Weeks |
Speed to Funding | Hours/Days | Bank Months | Direct Lenders Days/Weeks |
Collateral Requirements | Not Necessary | Bank Always | Direct Lenders Sometimes Required |
Business Profitability | Not Necessary | Bank Last 2 Years | Direct Lenders Sometimes Required |
Credit Score | No Minimum FICO | Bank 680+ FICO | Direct Lenders 600+ FICO |
Credit Check | Soft Pull | Bank Hard Pull | Direct Lenders Hard Pull |
How It Works
You’re only a few clicks away from the capital you need to reach your full potential.
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1.Apply Safely & Securely
Move through our streamlined application within minutes and upload your business documents with zero risk.
Apply Now -
2.Review Your Offers
Our expert Business Finance Advisors reach out within minutes, taking the time to learn about you, your business, and your goals.
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3.Start Growing
With your money in hand, you can take advantage of opportunities and tackle challenges with confidence.
FAQs
Generally, you need to have at least a 650 credit score to qualify for equipment financing, but this isn’t always the case. Some lenders prioritize your time in business or annual gross revenue higher than your credit score, and you may be able to receive an approval with a lower credit score if you have other strong financial information.
The most favorable terms are often given to the businesses that can display the strongest financials, but many lenders will help businesses without stellar credit scores or time in business secure the funds they need to grow.
A “good” interest rate will vary depending on the business, but you should try to secure the lowest rate to avoid paying more for your financing. However, the interest rate is negligible if your plan to use the borrowed funds will result in growth for your business.
For example, if you leverage equipment financing to secure an asset that will increase your profits by 75% monthly, then a higher interest rate becomes less of a challenge in your business. But, that isn’t to say that you should accept a higher interest rate just because you think it’s your only option. For the best results? Shop around and compare your options.
The difficulty of securing equipment financing will depend on your specific circumstances. Businesses with strong credit scores, extended time in operation, and high gross annual revenue will find it easier to secure favorable terms, but even those without these qualifications can still find a lender to help them finance equipment—you’ll just have to search for them.
Equipment financing is often easier to secure compared to other types of financing because lenders usually require two out of the three traditional qualifications rather than all three, which allows businesses to get creative and secure the financing they need to reach their full potential.
Equipment financing allows entrepreneurs to purchase the assets they need to grow without having to shell out an exorbitant amount of money to afford the venture. The sizable purchase becomes much more manageable when it’s broken down into monthly payments, and the opportunity allows you to secure the assets necessary to stay competitive in your industry.
Making your payments can also increase your credit score, qualify you for additional tax deductions, and give you an opportunity to streamline your cash flow.
Driving Growth for All
National empowers growth without limits for every business owner, giving them the capital and the confidence to grow to greatness.
Apply for Equipment Financing in New York
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