Obtaining financing for new or used business equipment can be a challenging undertaking for most business owners unless you know where to look for the funding you need. There are many programs out there but how do you know which one to apply for with the greatest chance of success.

You do have advantages with applying for a Business Equipment Loan rather than a traditional personal or business loan. Business Equipment Loans are based on the value of the equipment you are financing not so much your personal credit or income whether it is new or used, it does not matter but there are limits on how old a piece of equipment can be. The loan is secured by the value of the equipment purchased, and if for some reason you default the lender will acquire the property back from the client and sell it to recover their losses.

Another nice feature in these type of loans is if a business owner already owns a piece of equipment and you need some working capital. They can do this by use of a Business Equipment Refinancing Loan. You can get up to 100% of current book value on the equipment depending on what it is and how old it is and its current condition.

You can finance a wide range of business equipment, some of them are as follows, Audio & Video Equipment, Computer Hardware & Software, Dental, Dry Cleaning & Laundry Equipment, Fork Lift Trucks, Garage Service Equipment, Labeling Machines, Lifts and Lifting Equipment, Machine Tools, Medical Equipment, Nursing Home,, Packaging Equipment, Pizza Ovens, Pressure Cleaning Machinery, Printing Machinery, Industrial Recycling Equipment, Refrigeration and Oven Equipment, Sewing Machines, Industrial, Telephone Systems, Tractor Trailer Equipment, Vending Machines, Welding Equipment.

As you can see these loans are very powerful for business owners. In addition to business owners anyone can use this type of loan to strat up a new business, bypassing the long painful process of applying for a business loan from your bank which generally do not go through for funding.

Business Equipment Loans repayment terms are pretty flexible. Repayment terms generally run from 36 to 60 months on most purchases. For larger purchase this term may be able to be extended depending on the lenders guideline and what equipment is being bought.

In order to find the lenders that can help you with this loan type you should seek out a Business Loan Broker, they generally have access to many lenders that can get you the financing you need even if your credit is not so great.