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Business Equipment Loans

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Equipment & machinery loans offer benefits such as preserving cash flow, improving efficiency, easier qualification, predictable payments, and potential tax advantages, commonly used for machinery, technology, medical equipment, and office essentials.

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Equipment & Machinery Loan Benefits

Most Commonly Used For

Equipment & Machinery Loan Benefits

Preserve Cash Flow: The biggest perk is saving your working capital. Expensive equipment purchases can deplete your cash reserves. A loan lets you spread the cost over time, keeping cash on hand for other operational needs.

Improve Efficiency & Revenue: New equipment can boost productivity and efficiency, leading to higher revenue. A loan allows you to acquire these advancements without a large upfront cost.

Easier to Qualify For: Compared to traditional business loans, equipment loans often have less stringent qualifying requirements, especially for businesses with newer or limited credit history. The equipment itself serves as collateral, lowering the risk for the lender.

Predictable Payments: Equipment loans typically have fixed monthly payments, making budgeting and financial planning much easier. You’ll know exactly how much you owe each month.

Potential Tax Advantages: Depending on your tax situation, you might be able to deduct loan interest and equipment depreciation on your tax return, offering additional financial benefits.

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Most Commonly Used For

Machinery and Manufacturing Tools: For businesses that rely on production, equipment loans are a go-to option to finance industrial equipment, fabrication tools, or assembly line machinery.

Technology and Computers: Equipment loans can be used to purchase hardware and software upgrades, servers, or specialized computer systems that are critical for a business’s technological needs.

Medical Equipment: For medical practices, clinics, or hospitals, equipment loans can help finance essential medical devices, imaging machines, or diagnostic tools.

Office Furniture and Equipment: While not always the most common, equipment loans can also be used to finance essential office furniture or specialized equipment, such as printers or copiers.

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Business Loan Rates

Rates up to date as of July 4, 2024. Rates subject to change without notice.

All Business LoansTermAnnual Percentage Rate (APR)
Commercial Real EstateCall 801-359-9600 to learn moreCall 801-359-9600 for today's rates
Lines of CreditCall 801-359-9600 to learn moreCall 801-359-9600 for today's rates
EquipmentCall 801-359-9600 to learn moreCall 801-359-9600 for today's rates
VehiclesCall 801-359-9600 to learn moreCall 801-359-9600 for today's rates
Small Business (SBA)Call 801-359-9600 to learn moreCall 801-359-9600 for today's rates

Rates and financing are offered based on applicant’s credit worthiness and the term of the loan. Rates quoted are annual percentage rates (APR).

Frequently Asked Questions

What types of equipment are eligible for financing?

Most lenders finance tangible business assets with a long lifespan, like machinery, manufacturing tools, or medical equipment.

Is an equipment loan better than leasing the equipment?

This depends on your business needs. Leasing offers tax advantages and frees up cash flow, but you won’t own the equipment at the end. Ownership is a benefit of equipment loans, but you’ll pay interest.

Choose from all of our Business Loans

  • Commercial Real Estate
  • Business Equipment
  • Lines of Credit
  • Business Vehicles
  • SBA Loans
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