We can help you finance up to 100% of the equipment you need for your business.
Our goal is to help you come up with the smartest solution. A shorter term may have you stressing to make payments, and a longer term will have you paying off the equipment even after you stop using it. Depending upon the equipment, funding terms could extend from three, five, or even 10 years.
At Fundygo, we work with multiple lenders to provide quick approval and funding. Our team will work with you to secure fast processing and larger fund amounts for your equipment needs.
Fundygo for All
Fundygo is perfect for large or fledgling companies looking to expand quickly but don’t have the means for immediate equipment acquisition. Our equipment offerings span over many industries and we have a wide range of lenders to meet your specific business needs. We offer flexible plans, some of which involve using the equipment itself as financial collateral, lines of credit, and even using commercial and residential real estate as a means of borrowing. With quick approval and funding, Fundygo can offer new and innovative ways to expand your business more quickly than you may have previously thought possible.
You may be wondering, do you I qualify for Fundygo equipment financing? The answer is most likely yes, as most businesses can quality for our loans, regardless of previous bad credit history. The amount you qualify for and the interest rate you’ll be paying on your flexible financing loans depends on the value of the equipment, industry your business falls under, you businesses financial portfolio, as well as your credit score. Additionally, even if your small business finances don’t have a pristine history, lenders are willing to take larger risks as long as their loans are secure. Rates and other factors are also variable based on the value, age, and purpose of the equipment required.
Our business equipment loans feature a straight-forward and simple loan application and are quickly processed within 24-48 hours depending on the lender you’ve chosen to best suit your business needs. Applications often require the aforementioned business records and financial portfolio, as well as credit score, tax returns, and bank statement, all proving the financial stability and (if applicable) revenue stream of your current business model. Documents you may need include a driver’s license, business tax returns, business checks (voided), credit score, bank statement, and a quote on the equipment you’d like to borrow.
Overcome that Hurdle
Many small businesses at some point in their lifetime run into the issue of needing one last piece of equipment to finalize production, improve your product and services, or expand your client offerings, but are unable accrue the funds necessary to make that last final step to success. That’s where Fundygo comes in and helps those who don’t have the immediate cash on-hand to purchase that last piece of equipment up-front. Many business owners aren’t aware that equipment loans are some of the least risky and easiest to be approved for due to the fact that the equipment you’re borrowing acts as collateral insurance for the lender.
You can use the proceeds of the business equipment financing loan to purchase all types of equipment for any industry, from dough mixers, to server rooms, to trucks and vehicles, there’s no limit to what you can invest in. The item and equipment itself however does affect certain aspects of the loan. Interest rates, financing amounts, and payment plans are all affected by the value of the equipment and whether the item is new or used. If the loan terms were broken and payment can’t be made, the lender can seize the equipment and liquidate it for its value, thus recouping their losses made on the loan. This is why equipment loans are so agreeable when it comes to the lender, and why the risk to both parties in minimized and works in both parties’ favor.
Rates & Terms
As far as rates are concerned, 8%-30% is to be expected for fixed rate loans, but the rate does vary depending on the loan type, be it revenue based funding, residential real estate lending, commercial real estate lending, or SBA loans. The length of your term also depends on the type of equipment and the expected longevity of the item. The majority of loans will be set at a maximum of 10 years repayment, but others may be shorter if the life expectancy of the equipment is less. Therefore, you’ll want to consider the likelihood of loan extensions; it’s important to the lender the piece of equipment is still useful after the length of the loan in the instance that liquidation is necessary – plus, the purpose of the loan is to provide you with a piece of useful equipment. If the equipment is no longer functioning, both parties are at a loss.
Lease or Finance?
Leasing may seem like an appealing option for some business, however, very few contracts from equipment distributors are lease to buy. It may be advantageous to lease if you only need the equipment for a short time, but businesses owners looking for a long-term investment will find an equipment financing structure more sustainable. Equipment loans payments are put towards the purchase of the item, and some plans allow for larger payment installments so that you can own the equipment faster were your revenue to accelerate due to the growth brought on by said equipment. Once the loan is paid off, the equipment is yours for life, and you can choose to liquidate the asset yourself if you choose, thus generating funds for an equipment upgrade or minimizing the interest rate paid on the equipment over time.