Owning a Business
Wellington, Florida is equine country, located west of Palm Beach. The International Polo Club in Palm Beach has private boxes where spectators may watch the tournaments. The Winter Equestrian Festival is a competition that lasts for 12 weeks and features the best Olympic riders. There have also been a few celebrities who have visited the area throughout the years, including Madonna and Prince Charles.
With Wellington being such an equine capital – simply full of horses and horse-lovers – there’s a high probability that the town is full of stables which need specified gear. Managing a single stable, or multiple stables, requires having the correct equipment which is well-maintain and meets the standards of world-class horse-owners. As well, it requires buying products to keep the horses healthy and competitive, including visits to the vet etc. So, how do you make sure that your equipment for looking after competitive horses stays up to par without breaking the bank? An equipment loan would be one of the best ways to manage such a situation.
Equipment Financing for Wellington Businesses
What Is An Equipment Loan And What Is It Used For?
Obtaining a loan for equipment is a great way for companies to get the cutting-edge machinery and tools they need to improve productivity and attract and retain customers. Companies specializing in equipment financing may finance a purchase’s full price, provide flexible repayment terms, and have low interest rates and easy qualification requirements. This may allow both new and existing firms to put money toward expansion and maintenance without having to fork out a ton of cash. Interest rates might be anything from 2% to 20%, depending on the lender, or even lower with dealer or manufacturer financing.
Equipment financing applications have a turnaround time of as little as two business days, however this varies by lender and loan type. The loan length might range from three years to ten years, with payments spaced out during that time. In the event of a default on an equipment loan, the lender may seize the equipment and resell it to recuperate their losses.
Comparing equipment financing requires checking eligibility criteria to see whether you can get a good rate. Equipment lending providers usually evaluate these qualifying factors:
- Industry. Industry affects approval chances, down payment, and interest rates. Because certain sectors are riskier to lenders. Construction companies are riskier than transportation companies.
- Business Lifetime. Equipment financing requires a 12-month company history. Startups may get equipment loans, but they may require a greater down payment and cash flow.
- Revenue. Equipment financing is more likely for companies with at least $50,000 in sales. To prove the firm can repay the loan, lenders may need financial documents and tax reports.
- Credit Scores. Equipment financing requires a 650 personal credit score. However, company earnings may qualify borrowers with bad credit.
Loan amounts differ from one lender to the next but you can get between $10,000 to $5 million, or sometimes higher than that depending on your industry.