Equipment Financing

  • Borrow up to 100% value of equipment
  • Interest rates as low as 6%
  • Funded within 1-2 days
  • Minimal paperwork
  • Monthly payment terms
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Working Capital Loans

Working capital to purchase new or pre-owned equipment.

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What is Equipment Financing?

Equipment financing, also called an equipment loan, provides small business owners capital to buy or lease new or used equipment. You can finance up to 100% of the equipment's value.

The process to get an equipment loan is quick and can be used for a wide array of purchases including vehicles, technology, and industrial machinery.

The equipment you are purchasing itself serves as collateral for the loan. The loan term length depends on the expected life of the equipment.

Benefits of Equipment Financing

Every business has to upgrade or replace aging equipment at some point. Equipment financing provides the working capital your small business needs to succeed.

Competitive interest rates

Since equipment loans are less risky for lenders as compared to term loans, you can secure financing at APRs as low as 6%. This allows you to grow your business while covering the costs of buying or repairing equipment.


100% financing

While banks only finance up to 80% of the equipment's value, funding through Clarify provides up to 100% of the capital needed.

Low documentation requirement

Clarify makes financing equipment simple and quick. There is minimal paperwork needed to get approved for an equipment loan. Your dedicated advisor at Clarify walks you through the transparent approval process.


Low personal credit requirement

Since the equipment serves as collateral for the secured loan, you can get approved with a credit score of 550 or above.


Transparent process, no hidden fees

Equipment financing through Clarify has no pre-payment penalties. We walk you through the entire approval process, terms, and payment schedule. We keep it crystal clear.

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How Does Equipment Financing Work?

For business owners in many industries like transportation and manufacturing, growth is a direct result of purchasing more equipment.

If your plans for growth are larger than what your current cash flow allows, how can you afford to buy the needed equipment or industrial machines to reach your goals?

That's where equipment financing come to the rescue. Equipment loans provide the working capital needed to take your business to the next level.

If you've ever taken a car loan before, you are already familiar with the overall structure of an equipment loan. The total amount you borrow depends on the type of equipment you need to purchase and whether it's new or pre-owned.

Since the funding is secured with the equipment itself, there are no additional collateral requirements to get approved by a lender. Most equipment financing interest rates are fixed with monthly payment terms.


How to Qualify for Equipment Financing?

Since funding is secured with the equipment as collateral, a majority of business owners can get approved.

The total amount you are looking to borrow and the APR you'll get from a lender depends on three factors:

  1. Value of the equipment
  2. Your company's financial history
  3. Your credit score

Your credit score plays a smaller role as compared to other types of loans. Even if you have less than stellar credit, you can get approved for funding.


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Frequently Asked Questions about Equipment Financing


Yes. Borrowers with less-than stellar credit can still meet eligibility requirements. Because the equipment is used as collateral, individuals with lower scores can qualify for funding.
Yes. A down payment isn’t required. You can receive funding without making a deposit upfront.
Term lengths vary lender to lender. On average, the duration is from 24 to 72 months.
With financing, you take out a loan, which is used to purchase machinery. You become the owner of the equipment once the purchase is made. With leasing, you rent the equipment. You pay for temporary use of the machinery.

Top uses for equipment financing

  • check Vehicles
  • check Computers
  • check Restaurant needs
  • check COVID-related equipment
  • check Office supplies
  • check Heavy equipment
  • check Manufacturing & parts
  • check Construction equipment
  • check Farming equipment
  • check Transportation needs
  • check Commercial machinery

Equipment financing at a glance

  • check 1 – 5 year terms
  • check Monthly payments
  • check Up to 100% of equipment value
  • check 7 – 14 day closing
  • check Equipment serves as collateral

Requirements

  • keyboard_arrow_right Most businesses qualify for equipment financing
  • keyboard_arrow_right How much you qualify for depends on value of equipment, financial history, and credit score

Note: These are general equipment financing qualifications. Other information might be considered during your application. Your dedicated Clarify advisor will guide you through it!

Alternatives to equipment financing

Equipment Financing

"Bryan from Clarify happened to call me at the right time last year when I needed to replace one of my tractor trailers. They handled everything from start to finish -- unlike most of the other aggressive funding companies that just try to sell you into whatever deal they can. I've now done a few loans with Clarify for repairs to some of my trucks and other equipment."

Steve
Trucking Company
Texas
5-star Trustpilot reviews5-star Trustpilot ratingClarify Capital is rated 10/10 based on 139 reviews on Trustpilot
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