We Can Help You Get The Heavy Equipment You Need
We understand your business and so do our lenders. Getting financial assistance from a bank can prove to be difficult.
Let us connect you with our curated network of lenders.Our lenders specialize in funding businesses like yours.
Tell us about your business and let us find you the best solution for your business. These lenders specialize in equipment financing & other forms of business lending.
Construction Equipment
Commercial Trucks
Farming Equipment
Heavy Equipment Financing For Your Business
We cover multiple industries.
Construction
Every construction business needs tools. Our Lenders can finance skid loaders, backhoes, excavators and more.
Commercial Trucks
Own A trucking business? No matter if its semi-trucks, tow trucks or box trucks, our lenders cover a wide variety of commercial trucks.
Farming
To grow your crops you need to grow your farming equipment. This includes tractors, compact tractors and more.
What we offer
We aim to help you and your business thrive by providing things such as helpful knowledge through our content, access to private lenders and expert advise. Here at MTM, your business is our business.
Access To Our Lending Partners
We have an exclusive network of lenders that specialize in funding businesses like yours.
Content & Resources
Visit our blog for information on how to finance equipment, requirements and more things you need to know
Business Consult
We understand your business and so do our lenders. Getting financial assistance from a bank can prove to be difficult.
What Is Heavy Equipment Financing?
Commercial equipment financing refers to the various financial products and services that businesses can use to acquire new equipment or upgrade existing machinery. This type of financing helps businesses maintain their competitive edge, improve productivity, and expand operations without bearing the entire upfront cost. Commercial equipment financing can be used for a wide range of equipment, including heavy machinery, office equipment, commercial vehicles, and more.
Equipment Financing
Equipment loans are a popular option for businesses looking to purchase new equipment. With an equipment loan, a lender provides the funds needed to acquire the equipment, and the business repays the loan over a predetermined period, typically with fixed monthly payments. Interest rates can range from 2% to 20%, depending on factors such as the lender, creditworthiness, and loan term.
Equipment Leasing
Equipment leasing allows businesses to rent equipment for a specified period without the need to purchase it outright. This option can be ideal for businesses that require equipment for a short time or those that want to avoid the risk of owning obsolete equipment.
Comparing Equipment Financing and Leasing
When deciding between equipment financing and leasing, consider the following factors:
Ownership: With financing, you own the equipment once the loan is repaid, while with leasing, you never own the equipment.
Cost: Leasing may have lower upfront costs, but financing can be more cost-effective in the long run.
Depreciation: Equipment financing allows businesses to claim depreciation deductions, whereas leasing does not.
Equipment Lifespan: If you plan to use the equipment for a short period, leasing may be a better option. However, if you intend to keep the equipment for an extended period, financing might be more suitable.
Qualifications and Requirements for Equipment Financing
To qualify for commercial equipment financing, businesses typically need to meet specific requirements, such as:
- At least 12 months in business
- A minimum of $50,000 in annual revenue
- A credit score of 650 or higher
However, these qualifications can vary depending on the lender and the equipment being financed. Some lenders may consider businesses with lower credit scores if they can demonstrate strong cash flow and revenues for the past 3 to 6 months.
Factors Determining Equipment Financing Payments
Equipment financing payments are influenced by the following factors:
- Funded amount
- Interest rate
- Loan term
- Collateral
These factors can vary widely across industries and equipment types, making it essential to work with a lender that specializes in your specific industry and equipment needs.
How to Apply for Commercial Equipment Financing
Applying for commercial equipment financing is a straightforward process. Follow these steps:
- 1. Complete an Application: Fill out an application either in-person or over the phone with your chosen lender.
- 2. Get a Decision: The lender will work with you to determine the loan amount and terms that best fit your budget.
- 3. Access Funds: Upon approval, funds are generally available within 10 business days.
Choosing the Right Lender for Your Business
When selecting a lender for commercial equipment financing, consider the following factors:
- 1. Interest Rates: Compare interest rates across various lenders to find the most competitive offer.
- 2. Loan Terms: Ensure the loan terms align with your business needs and cash flow requirements.
- 3. Qualifications and Requirements: Check if you meet the lender’s qualifications and requirements for equipment financing.
- 4. Reputation: Research the lender’s reputation and track record in providing commercial equipment financing.
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Commercial Trucks
FREQUENTLY ASKED QUESTIONS
Typical financing terms usually depends on whether your leasing or financing. Leasing terms are often shorter while financing terms are longer. Financing terms can stretch up to 7-10 years.
To finance construction equipment, lenders will usually require financial statements and business licenses. Things you will need is the equipment invoice from the dealer or manufacturer and business financials such as tax returns or income statements.
Although lenders prefer more fair credit scores, financing with less than perfect credit is possible. The good thing about equipment financing is that lenders care more about your businesses health more than the credit. Getting a loan with bad credit may come at the cost of higher interest rates.
