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When deciding whether to buy or lease a particular piece of business equipment, try to figure out the approximate net cost of that asset. Be sure to factor in tax breaks and resale value when making this calculation. After determining which option is more cost-effective, consider other intangibles such as the possibility that the product will becom

Equipment financing is a type of small-business loan designed specifically for the purchase of machinery and equipment essential to running your business. You can use an equipment loan to purchase anything from office furniture and medical equipment to farm machinery or commercial ovens.

Equipment loan interest rates typically range between 2% and 20%. While the variance is as wide as that tractor you're financing, it's only because the rate you get largely depends on your credit score and how long you've been in business. The higher your credit score, the lower your interest rate will likely be.

In most cases, you'll need to have good credit (600+), and you should be able to demonstrate the ability to service your equipment loan or lease. You'll also need to select the right equipment financer; that is to say, you'll need to pick one that finances your typ

In addition to having a lower price point, used business equipment often has special discounts or promotions available. You might be able to negotiate a better deal because suppliers and vendors are always eager to move used equipment off their lots and showrooms to make room for new equipment. As a result, you can get a piece of fully functioning

SBA loans, administered by lenders such as banks and secured by the government's Small Business Administration, can work to purchase equipment. This is particularly the case with CDC/504 loans, which are specifically meant to finance the purchase of fixed assets such as machinery and real estate.