Equipment loans help you purchase equipment with competitive rates if you have good credit and good finances. The equipment serves as collateral and the term is usually calculated off of the expected life span of the purchased equipment.
Pros:
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After payments complete you own the equipment
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If you have good credit and strong finances you can get competitive rates.
- Has tax advantage (speak with a qualified CPA)
Cons:
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May need a down payment
Best for:
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Businesses in need of equipment with competitive financing rates.
