Easier equipment financing process
Customized solutions
Make sure to obtain the necessary financial support required for acquiring all the vital machinery and tools, regardless if they are fresh from the factory or previously used, to guarantee the seamless functioning of your company.
Flexible terms
Make the most of the opportunity presented to you by choosing from among the diverse array of choices on offer, with available durations ranging from 36 months to as long as 84 months, to ensure a perfect fit for your needs.
Numerous industries
Almost every sector can benefit from equipment financing. The most common items include gear for auto shops, tools for beverage operations, dental and medical apparatus, landscaping machinery, laundromat necessities, and restaurant essentials.
Tax benefits
Under Section 179 of the IRS Tax Code, eligible businesses can write off a portion or the entire cost of qualifying equipment in the year it is bought or financed. Check with your accountant to see if your equipment purchase meets the requirements.
Qualifications
- US based business
- Time in business 2 years
- 650 credit score
Equipment financing 101
What is Equipment Financing?
Equipment leasing is ideal if you need to use assets without a long-term commitment. For the duration of your lease, enjoy all the benefits that come with not having full ownership responsibilties – and when it’s time to move on, decide whether to extend or return your property as desired.
With Equipment financing from Affinity, you can take ownership of the assets your business needs – without breaking the bank. We’ll review all available programs and help structure financing that fits into your budget and cash flow plan to ensure a smooth process for everyone involved.
Equipment financing vs. equipment lease
Business equipment financing and equipment leasing are two distinct ways to obtain necessary tools for your business.
When you finance equipment, you take out a loan to buy the items, gaining ownership immediately. You then repay the loan with interest over a set period. Once the loan is fully repaid, the equipment is entirely yours.
On the other hand, leasing allows you to rent the equipment for a specified duration with regular monthly payments. Ownership remains with the leasing company unless you have an option to buy the equipment at the lease’s end. If you decide against purchasing, you can either return the equipment or continue using it by renewing the lease.
Frequently asked questions
Almost any type of equipment can be financed, including vehicles, manufacturing machinery, construction equipment, medical equipment, and more.
Yes! Many times used equipment can be financed. This will depend on the specifications of the equipment.
Through equipment financing, businesses can obtain crucial machinery by making scheduled payments with interest. At the end of the loan term, you’ll either gain ownership of the equipment or choose whether to renew the lease. Almost all types of equipment qualify for financing to help maintain efficient and competitive operations.