Once again, this is not even close to an exhaustive list of all the different types of equipment that Canadian and U.S. businesses can acquire equipment lease financing for, but it does give you a pretty idea of what sorts of equipment get approved for funding on a regular basis.
Dry Cleaning Equipment
For equipment purchases under $25,000, the approval process can be completed in as little as an hour. Amounts under $100,000 will typically be approved within a day. Larger amounts over $100k may take anywhere between 2 to 5 business days, depending on type of asset, and the complexity of the business financials.
As we have mentioned previously , more specialized equipment will be more difficult to lease and the related cost of financing and lease term will likely be less favorable than more commodity based assets that have a more defined resale market.
Used equipment financing will typically be considered for assets less than ten years old, but there can be exceptions to this if there is clearly longer term asset value.
Before even starting your research process for what you want to acquire, we strongly recommend that you apply for a pre approval so that you know what you can and can’t get financing for. This will also speed up the purchasing process and allow you to bid and offer more aggressively on assets of interest once you know that funding is going to be available.
But even if you purchase equipment for cash, remember that most leasing companies will agree to purchase the equipment from you and lease it back up to 6 months after the purchase is made, allowing you to put cash back into your cash flow.
If you need commercial equipment leasing for your business, please give us a call and we’ll quickly review your options with you.
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