Your business needs machines, trucks and other equipment to run its business efficiently. Equipment financing is designed to allow your business leverage its cash to purchase the equipment it needs or refinance existing equipment using the equipment as collateral for the loan. Learn more by reading our:
Guide to Business Loans
There are multiple options for your business's equipment financing. We can look at individual equipment purchases or multiple pieces of equipment/vehicles in one loan. The transaction is dependent on review of the following:
Why do we review all these items? We do so to provide you the best terms possible and we do it in short order. Online lenders and others may request fewer items but generally make up for it with higher rates and less flexible terms. We focus on getting to know your business and your credit quality to provide great rates with creative solutions for your business.
Flagship Bank will consider financing up to 80% of acquisition cost of new equipment and up to 100% with additional collateral for qualifying businesses and equipment.
Business equipment loans are generally term loans. Term loans are repaid with principal and interest payments with fixed or variable interest rates for a period up to 84 months (7 years).
At Flagship, we work to understand your business so there may be opportunities for a line of credit to be put in place secured by the new equipment purchase and/or significant existing equipment. The terms for a line of credit are generally interest only for a period of 12 months and have a floating interest rate.
