Equipment Financing Rates

The higher your credit score the lower your interest rate will.

Equipment financing rates.

Lock in a low lease payment with agdirect s special lease residuals. Equipment loan interest rates typically range between 2 and 20. We finance general purpose equipment such as packing machines and office equipment heavy industrial equipment such as manufacturing lines printing presses and stationary machinery construction equipment and commercial vehicles typically greater than 2 5 tons such as heavy trucks and trailers. Take someone financing a trencher for 75 000.

Equipment financing is essentially a term business loan used to purchase equipment. Special pro and put residuals on new and late model used 2015 or newer combines for a limited time only. Since the equipment is usually costly equipment financing allows small businesses to access higher amounts by using the equipment as collateral. Special pro put and fpo residuals on new and used grain carts dump carts forage wagons dump wagons tillage equipment and heads cornheads drapers platforms.

Equipment loan interest rates. Equipment financing average costs. If you bought from a dealer at a 5 rate over 5 years your payment would be 1 400 a month. This being said the repayment terms on equipment financing are usually five to six years although some lenders may offer longer terms up to 10 years.

Equipment priced less than 100 000 usually comes with a higher finance rate anywhere from 8 to 20. Unless rates are outrageous it makes very little difference what actual rate you pay for your equipment. While the variance is as wide as that tractor you re financing it s only because the rate you get largely depends on your credit score and how long you ve been in business. Thus the borrowing amount is directly based on the equipment s price.