Business Equipment Loan Shopping

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Equipment financing is a very specific sort of business loan designed, as the term implies, to facilitate the purchase or replacement of essential equipment. What this looks like can cover a fairly wide range, depending on the industry.

An ambitious property development partnership, for example, may use a construction equipment loan to purchase additional backhoes or a larger excavator, or they may simply need a few more heavy-duty company trucks. An agricultural landowner scrambling to remain competitive might seek farm equipment financing in order to facilitate her investment in the latest high-tech harvester, a newer windrower, and maybe a larger baler. A growing communications business may take out a commercial equipment loan in order to upgrade and add more phones and computers, all connected to and controlled by a more efficient server. Next door to them is a small manufacturing business which is finally taking off. They’ll soon need a machinery loan to substantially update their factory if they’re going to keep up with the increased demand.

The equipment in question need not be so specialized, of course. Almost any business needs reliable technology – computers, copy machines, and the ability to communicate with customers. Commercial equipment can be almost anything tangible that your business needs to survive and grow.

Whatever your business, the right equipment can be essential to your productivity, your growth – maybe even your survival. Even if you have the resources to purchase new equipment outright, such dramatic expenditures can disrupt your cash flow and become obstacles to your productivity rather than aids. Well-planned, longer-term equipment funding allows you to secure the machinery or technology you need while paying for it in smaller structured amounts over time. As your business grows or productivity increases, you’ll be able to use the profits made possible by your purchase to help pay off the loan itself.

Qualifying for Equipment Funding

Not every lender will have the exact same set of requirements, but there are a few things for which you should be prepared before you apply.

First, you should know specifically what you’re planning to buy, where you’ll get it, and what it will cost. While in some cases estimates may be acceptable, no lender is going to be impressed by haphazard generalizations. “I’m thinking maybe X dollars should get me a whole bunch of good stuff” is not sufficient. It’s also important to establish the value of the equipment as collateral. If you are unable to pay back the loan, what would this equipment be worth to the lender? Establishing the value of the equipment you’re purchasing as collateral for the loan not only improves your chances of getting funding in the first place, it lowers the likely interest rate you’ll be paying and may help you avoid other optional fees or charges as well.

Second, your credit is a major consideration for determining whether or not to approve your equipment loan and what sorts of interest rates and other terms will be offered. If your business has been in operation for several years and has its own credit history, it will be considered first. Your personal credit history and credit score are important factors as well. The better your score, the more likely you’ll be approved and the more favorable the terms you’ll be offered.

It’s possible to find lenders who specialize in high-risk loans. You may be able to explore equipment loans for bad credit, but just as you’d expect with a personal loan or auto loan for bad credit, terms won’t be as favorable and interest rates will be higher. You may encounter limits on how much you can borrow which complicate your plans as well. That doesn’t mean you shouldn’t consider all of your options, but be prepared to make your best case why you’re a good risk for this loan, despite your past credit history.

Finally, many lenders will request to see a copy of your business plan and documentation of your current financial status. Usually this includes annual revenue and a detailed profit and loss statement if available. They want to see whether or not the math makes sense – will you be able to pay back this loan reliably based on what they see on the paperwork in front of them? If you believe your profits are likely to increase as a result of the new equipment, be prepared to document and justify this to lenders.

Vendor Leasing

Some equipment companies (your “vendors”) offer their own financing or leasing options. Like many car dealerships, they recognize that the high price of the items being sold means many customers will require some alternatives in order to actually make the purchase. Larger companies may have in-house financing which they manage themselves, while others work with third-party lenders to provide you options for stretching out payments on new equipment.

Either way, the use of the term “leasing” should not be understood to suggest this is a rental with option to return unless such provisions are explicitly spelled out in the agreement. This is a purchase paid out over time, generally with interest and a set payment schedule. Not making a payment could result in not only losing the equipment but substantial damage to your personal credit rating as well as that of your business.

This sort of “vendor leasing” arrangement can be quite convenient, but it’s important to pay attention to the details before you commit. Some will insist on a sizeable down payment before the equipment is actually delivered. Others carry specific penalties for late payments or early pay-off. Customer service varies widely, since in many cases whatever financing they offer is secondary to their primary business model. It’s simply impossible for institutions offering financial services “on the side” to truly compare with those who specialize in the field and who want your return business for your future fiscal needs.

One other factor when considering vendor leasing is that vendors are generally only interested in financing equipment you’re purchasing from them. (You wouldn’t go to a Ford dealership and ask if they could put together a better loan package on the Kia you’re wanting to buy down the street than what the Kia dealer is offering.) If your business is purchasing equipment from multiple vendors, this means multiple applications, multiple credit checks, multiple loans and multiple payments every month. Bundling your equipment financing and using a local or online lender, on the other hand, simplifies things considerably.

Loanry® is here to help you get your Business Loans


Why Loanry?

If you’re a small business owner, you know the importance of accomplishing big things in a limited amount of time. In many cases, it’s difficult for you to be away from your business even for an afternoon without something going awry as a result. That means that anything you can accomplish from your own office, or on your own time, is a win.

There’s nothing wrong with seeking quotes from your local bank or credit union. Some of them are eager to support local businesses and may even work with you on interest rates or other terms. Don’t overlook, however, the major advantages of online lending. Loanry isn’t a lender, but we’re experts at connecting individuals or small businesses in need of funding with reputable online options. We maintain a curated database of reliable financial organizations, and with a little information about yourself, your business, and your goals, and put you in touch with one another. There’s no cost, no obligation, and no promises – just convenience and opportunity.

Reach out on your work laptop after the work day begins, or submit your information from home late at night after the kids have gone to bed. You can use your cell phone, tablet, or the old school desktop in your office or at the local library. Whenever you choose and from wherever you are, we’re here. If you’re approved, you’ll often see funds deposited within 24 – 48 hours. We know you have a business to run. Ours is trying to help you do it.


Any small business is by its nature a risk. Entrepreneurship, by definition, means rolling the dice in the belief you can make your vision work – that you can provide a product or service people want or need and do so profitably enough to flourish. It’s always an investment of time, and of resources. Sometimes it’s also a major investment of capital – like that required to be the necessary equipment for your construction business, restaurant, retail storefront, or other undertaking.

There’s no avoiding risk, but it can be managed. It’s essential to plan out the parts under your control, to prepare for the various possibilities you can anticipate, and to take charge of the elements you can. One of those elements is financial planning. You can pick and choose the best loan and select the lender with whom you’re most comfortable. You can accept or reject the terms offered, or seek other options altogether.

When you do accept equipment funding, every payment you make – or miss – has an impact on your credit score and your cumulative credit worthiness. A business with a limited credit history can build a strong track record over the life of the loan, while even an individual with a high three-digit credit score can watch that score plummet if they have difficulty paying off their equipment.

The present matters, but so does the future. Whether it’s six months, six years, or six decades from now, what exactly it’s going to look like financially starts here, with this, now.


Every element of the family is designed to help you take more effective control of your personal and small business finances. Whether you’re researching property values at or learning common mortgage terminology at, we provide the information and tools while you make the decisions. You can investigate investment options on or begin preparing for tax season with knowing we’re not selling you anything or trying to persuade you of anything beyond the power of knowledge and preparation in all things.

Welcome to our content mall of information and financial tools. It’s open 24/7 and serves all variety of needs from any background and with goals both large and small. Our informational blog posts are organized by topic and always presented in plain, simple English instead of econo-speak. Our videos are straightforward and avoid those high pressure sales pitches to which you’ve grown accustomed from other sites. And our online tools are always free to use – compare interest rates, check your credit score, or request more information. We’re here when you’re ready.

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Did You Hear?

“As ever, the accountant in me saw the risk, the entrepreneur saw the possibility. So I split the difference and kept moving forward.”

Phil Knight (American Businessman and Philanthropist)

Educate Yourself

Being Better Equipped Can Help Grow Your Business

There are more than 28 million small businesses in the United States. They make up nearly 99% of all American businesses. But we all know the statistics – about half fail in the first five years and only a third celebrate their tenth business anniversary. There are any number of reasons why, but one of the biggest is lack of capital, or limited access to financing. Like with so many things, if your business isn’t growing it might be in danger of dying. And you don’t always have the resources to expand or update the way you know is necessary.

What is equipment financing? What are its benefits and how does it even work? What are the potential pitfalls? We can’t make the big decisions for you, but at Loanry we can help you weigh the options. Then, when you’re ready, we’re available to connect you to the lenders most likely meet your needs. After that, it’s up to you. But then, you’re an entrepreneur – you’re used to that.

Explained in 3 easy steps

How all of
this works?

It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.


Step 1

Start Loan Shopping

Tell us things like who you are and how much money you need.It only takes minutes.

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Step 2

Find Lender

The Loanry® Store may help you find a lender interested in your loan request.

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Step 3

Check out

Funds are deposited directly to your bank account as soon as the next business day.

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Pros & Cons of Equipment Financing Loans

There are many reason for buying or leasing equipment for your business. Adding cost versus investing in growth is something only you can decide.

Pros: Increases Your Value & Your Potential

New equipment isn’t about aesthetics or bragging rights. It’s about productivity, efficiency, and doing whatever it is your company does – but better. Strategic growth requires strategic investment in the tools to get there.

Pros: Makes Expansion Manageable

Growth is good, but most small business lack the capital to simply purchase specialized machinery or extensive technology outright. Equipment financing allows you to begin benefiting from your growth while still paying for it.

Pros: Tax Deductible

Equipment purchases are a business expense and thus tax deductible. Any interest you pay on the loan may be deductible as well. As your growing your business and strengthening your credit rating, you’re also reducing your tax burden!

Cons: Lender Liens on Equipment

As with any other collateral, failure to repay your loan may result in a loss of the equipment being purchased. Since your business presumably relies on this equipment to function effectively, negative results could snowball quickly.

Cons: Loans Cost Money

While there are many reasons not to pay for major purchases outright, even if the funds are technically available, borrowing costs money. There are usually set-up charges and interest to be paid, along with potential penalties along the way. Pay close attention to the numbers in any agreement.

Cons: Limited to Specific Purchases

Unlike most personal loans or a general small business loan, equipment loans are designed to purchase specific equipment, spelled out in advance and limited to the items agreed to by both borrower and lender. If circumstances change, the commitment may prove limiting instead of freeing.

See FAQs

Find answers to some of the most commonly asked questions here

We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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  • The selection of a third-party purchaser to acquire your information may be determined by a comparison of your registration information with available loan products. Lenders consider a number of factors when assessing your request.

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