Equipment Financing vs. Outright Purchase: What is the Right Choice for Your Small Business?
Equipment financing vs. outright purchase for small businesses – learn the pros, cons, strategies, and how to maximize your funding for growth.
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Restrictions in equipment financing are often driven by a blend of industry volatility, high failure rates, equipment specificity, and concerns about resale value.
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The declaration and signature confirm business owners' consent, granting the lender access to their credit profiles. These aren't just formalities but legal commitments, enhancing loan security and trust-building.
Asset-based lending relies on collateral value. Understand how orderly liquidation value, forced liquidation value, and fair market value differ. Tips to optimize equipment collateral through maintenance, customization, upgrades, and maximizing demand can help secure top loan amounts and terms.
Proof of full ownership is critical for asset-based lending. Borrowers should properly document collateral ownership through titles, paid invoices, purchase records, and UCC searches. This demonstrates credibility and expedites the lending process.
American Credit® Secured $224,000 in Equipment Financing for Georgia Construction & Building Contractor
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American Credit, a leading asset-based lender, has funded a $493,500 commercial real estate (CRE) funding for a Long Island, New York-based com.
Understanding the reasons behind the need for collateral, the differing perceptions of lenders and borrowers, the process of collateral evaluation, and the roles of various parties involved can empower SMBs to navigate the lending process more confidently and effectively.
Learn how equipment leasing works and why it may be a smart financing solution for small businesses.
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