FAQ’s – Equipment Financing


What kind of equipment can I finance?

We work with a multitude of different lenders, each of which have their own specialties when it comes to Equipment Financing services. So, we will try to link you up with a lender that can help you finance the equipment you’re looking for. That being said, most of our lenders will be able to get you funding for these popular kinds of equipment:

  • Boom trucks, tow trucks, and trailers
  • Embroidery and screen printing machines
  • Computers, office, and warehouse equipment
  • Industrial machinery
  • Software, and equipment maintenance/repair

How long does it take to be approved?

Here’s the amazing part about Equipment Financing. We can get you approved within hours. At most, you’re looking at a 24 to 48 hour wait. Usually, it’s same-day.

Are there any restrictions on which vendors I can order from?

Not really. As long as they are reputable, it’s all up to you.

What are the fees associated with this?

There really aren’t any application or closing fees associated with Equipment Financing loans.

What do I need in order to be approved for a loan?

For Equipment Financing, lenders will want to know the value of the equipment you’re intending to purchase, since that will be the collateral used on the loan. They also will be checking both your business and personal credit scores in most cases.

I have a bad FICO score. What does this mean for me?

You can still get approved, but it will likely involve a down payment, shorter terms, and/or a higher interest rate.

Once I’m approved, what happens?

Once you’ve been approved, you will get some documents via email or snail mail which you will have to sign and send back. After they’ve been received, we will issue a purchase order for the equipment you want to buy, then we’ll pay the vendor. This is when your lease technically begins, and your first payment will be due 30 days after this period.

How much equipment can I buy?

We’ve offered Equipment Financing for as little as $7,500, and for as much as $500,000. For smaller loans, many clients often find it easier to finance through an alternative method.

How long are these loan terms, anyway?

They range from 24 months to 60 months, depending on the price of the equipment as well as other factors. In certain situations, terms can be extended to a total of 84 months.

How do I pay this loan?

You can arrange that directly with the lender. Most of the time, you can schedule recurring payments if you want to. You can use your ACH, credit card, or business checks to pay the fee.

Who’s responsible for the taxes?

In most cases, it will be the borrower who will have to deal with taxes.

I’m a startup. Can you help?

Equipment Financing isn’t usually made for startups, sorry.

Do I need an attorney’s assistance?

It’s never harmful to speak with an attorney regarding personal and business matters, and often times, it may be the best thing you can do if you think that an attorney’s advice can help you. Although we aren’t a law firm and we cannot provide anyone with any legal advice, you are more than welcome to speak with an attorney that we use for our company. We truly want to get familiar with our clients, and help them in any way we can. Simply send an email to info@thecreditexpress.org and we’ll be sure to forward it.

Still need help?  If you have a question that isn’t answered here, or if you feel like you could use advice when it comes to the best route of financing for your business, we are here to help you make the best choice for your company!  You may call us at (678) 983-4555 or email: info@thecreditexpress.org.  You’re also more than welcome to visit our office.  Evening and weekend appointments are available.