What are Equipment Financing?
Equipment financing allows you to get the equipment you need and ensure that your business isn’t ever held back by outdated or insufficient equipment.
Section 179 of the IRS Tax Code allows businesses to deduct part or all of the purchase amount of qualifying equipment for the year in which it was purchased or financed.
Get the tools you need without worrying about eating up your working capital or draining your savings, and with flexible rates and terms that work with your business.
Equipment Financing vs. Equipment Leasing – What is the Difference?
Business equipment financing and equipment leasing are both methods to acquire essential tools for your business, but they differ in certain aspects.
Equipment financing involves securing a loan to purchase your equipment, taking ownership of your new assets and repaying your loan over time with interest. Once the loan is paid off, you fully own the equipment you’ve financed.
Leasing allows you to use the equipment you need for a set period of time through regular monthly payments. You do not own the equipment unless you are given the option to purchase it at the end of the lease term. If you choose not to purchase, you can return the equipment once the term is over or continue to use it by extending your lease.
