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Do you need to upgrade your oven or replace a broken freezer? Mint Financial Group understands that restaurant equipment are core to the operation and scalability of the business.
There are two options when it comes to equipment financing; leasing and purchasing. The latter involves making a commitment to own a piece of restaurant equipment and making monthly repayments to your lender after securing the item. Alternatively, you can explore the equipment leasing option, whereby you temporarily own the equipment for a specified period as per your leasing agreement. Equipment financing can also boost your credit score as long as you make your payments on time, and you honor the lending agreement.
When your business needs a certain piece of equipment to get started or reach the next level, a small business equipment loan could be the right choice. This is especially true when you don’t have cash on hand to purchase the piece of equipment up front. You can use the proceeds of business equipment financing loans to purchase almost any kind of business equipment, from computers to cars and anything else your business may need.
Depends on the type of equipment you’re buying and whether that equipment is new or used, since this very piece of equipment ultimately serves as collateral to secure your loan.
This is because a business equipment loan is a self-secured loan, which means that the piece of equipment itself acts as collateral for the loan. The self-collateralized nature of equipment financing can make these loans slightly easier for some business owners to qualify for.
Why? Because the equipment provides security for the lender. If you can’t afford to pay back your business equipment loan, the lender can simply seize the piece of equipment and liquidize it for cash to recoup their losses.
Mint Financial is just as concerned with what’s securing the loan as with your borrowing history. So, if you’re planning on investing in a high-value (and value-retaining) piece of equipment with your small business equipment loan, then Mint Financial might be willing to work with you, even if your finances aren’t pristine.
Yes. In general, you can finance used equipment but not every lender will allow it. After all, if you default on an equipment loan the lender repossesses the machinery.
Newer assets are often easier to liquidate and have less depreciation, so lenders often prefer financing new equipment.
When your business needs a certain piece of equipment to get started or reach the next level, a small business equipment loan could be the right choice. This is especially true when you don’t have cash on hand to purchase the piece of equipment upfront.
You can use the proceeds of business equipment financing loans to purchase almost any kind of business equipment, from computers to cars and anything else your business may need.
How much you can borrow through a business equipment loan depends on the type of equipment you’re buying and whether that equipment is new or used, since this very piece of equipment ultimately serves as collateral to secure your loan.
This is because a business equipment loan is a self-secured loan, which means that the piece of equipment itself acts as collateral for the loan. The self-collateralized nature of equipment financing can make these loans slightly easier for some business owners to qualify for.
Why? Because the equipment provides security for the lender. If you can’t afford to pay back your business equipment loan, the lender can simply seize the piece of equipment and liquidize it for cash to recoup their losses.
Here’s something good to know: Most small business equipment loans are made at fixed interest rates—usually between 8% and 30%—with set term lengths, so you can expect the same payment each and every month.
If you’ve ever had a car loan, you’re already familiar with the basic structure of a business equipment loan:
Business equipment is a long-lasting hard asset that is fundamental to your business.
Considered more permanent than supplies that are used up quickly, equipment includes machinery, vehicles, computers, fixtures, furniture, electronic devices, and other office machines.
Equipment leasing and equipment financing both allow you to access the equipment you need while paying for the asset over its lifetime.
Equipment leasing permits you to rent business equipment from your vendor for a monthly payment while equipment loans allow you to fully own the asset once you have repaid your loan.