Equipment Purchase



Do you need to purchase equipment for your company?

Purchasing new equipment is a good way to improve your productivity and the quality of your product or make your delivery on time. It’s often an important investment, which may be hard to finance with your company cash flow.

There are many options when purchasing new equipment:

> Pay upfront: This can be a big investment, which could put your company in a bad cash situation.
> Rent it from your provider: This could be a good solution, if you don’t need to be the owner of the equipment. Otherwise, this is not an option.
> Invoice financing: Depending on your company, products and provider payment delay, you can use invoice financing to get your money faster. This is a good solution to manage cash flow, but hard to use for investments, especially to purchase equipment.
> Business loan: Getting a business loan to purchase equipment seems a good option, since your company will be the owner and you can manage your cash flow with monthly payments.

A business loan to purchase equipment is a classic business loan. It’s based on a fixed rate, with clear interest rates and monthly payments.

You can negotiate depending on the financial situation of your company and the maturity of the loan.

With Comparelend, you can compare business loan lenders to purchase your equipment.

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Is my company eligible for a business loan to purchase equipment?

All lenders have certain criteria for your company to be eligible for a business loan:

> Depending on the lenders, your company must show that it has been in activity over the prior 12 or 24 months
> Revenues equaling $100,000
> No recent bankruptcies or tax liens
> Own at least 20% of your business

Depending on the lender, the owner's credit score can be important. Lenders generally ask for at least a fair, or better, personal credit rating.

Will it affect my credit score?

Checking your eligibility for a business loan will not affect your credit score.


What documents do I need to provide when applying for a business loan to purchase  equipment?

> Equipment purchase agreement / contract
> Business Income tax returns
> Business Financial Statements (Balance sheet, income statement, cash-flow, bank statements)
> Business Plan
> Business Credit Report (lender may consult it with your authorization)
> Legal Documents (business licenses, etc.)
> The owner's credit score and credit report

The lender may ask for other documents, depending on their internal procedures.

Why use Comparelend to make my business loan request and purchase equipment?

Comparelend allows you to find and compare the rates offered by our business lender partners.

Thanks to technology, the business loan application is online and only takes 10 minutes to complete, if you have all the documents ready.

You can have an answer in 48 hours maximum and get your money in 5 to 20 days.

Lenders selected by Comparelend are strong companies with clear prices and no hidden fees.

They give you the flexibility that your company needs.

With Comparelend, compare the rate and prices for your business loan and purchase the equipment you need.

5 REASONS TO GET BUSINESS LOAN ONLINE

Lower interest rates

Fast and simple

100% Online

Lower monthly repayment

FIXED RATE, TERM & MONTHLY REPAYMENTS

Frequently Asked Questions

Yes you can and it will probably be a very profitable way to get financed. The majority of lending platforms will lend you money if you are an LLP or a Limited company. Please check systematically the Terms of use of each platform you intend to invest through, as they may vary significantly.
 


If you own a small business, you probably know how complicated it is to get a business loan through traditional circuits. Through peer to peer lending however, some barrier to entry are suppressed. First of all, the requirements are lower investors being open to risk taking, and so securing a loan is easier, faster and cheaper. The process being entirely on line and very user friendly, it takes not more than 20 minutes to register on the platform, approximatively 48 hours to get accepted, and up to 3 weeks to receive the money. The interest rates are lower and usually no hidden fees added. Moreover, the online investors are welcoming for new borrowers as they are rather eager to support business owners, often locally.
 


CompareLend.com offers business owners a free, unbiased and immediate access to investors on peer-to-peer platforms. It helps business owners to choose the best financing opportunity from what the market has to offer. Getting financed is then easier, cheaper and faster.


Using the peer-to-peer lending market will not only give you the opportunity to help small business owners grow and reach their goals, but also profit from very interesting return rates.

It will depend on the platform you have chosen to invest with. Please check systematically the Terms of use of each platform you intend to invest through, as they may vary.
Every peer-to-peer platform reviews borrowers before posting their loan application online, you should check their Terms of use before lending money if you need to be reassured. One should note though, higher the return on investment, higher the risk a lender is taking.

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