A business equipment loan, or equipment financing, provides businesses with the funding they need to upgrade or repair the equipment they use for daily business functions. Qualifying equipment includes appliances, vehicles and electronics, such as computers. An equipment loan agreement usually cannot be used for payroll, real estate, debt servicing or other expenses. Following loan approval and funds remittance to you bank accounts, you begin making payments on the loan, which includes the total cost of the equipment plus interest over a fixed period. Once you have repaid the term loan in full, you own the equipment.
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