With an equipment line of credit from Patriot Equipment Lending, you can access cash when your small business needs it. This can be useful when you want to invest in new equipment or replace outdated equipment without delay, ensuring that your operations can continue smoothly.
An equipment line of credit comes with a specific dollar limit. When you withdraw funds, that amount is deducted from your total pre-approved limit, allowing you to see your remaining available credit. For example, if you have a $100,000 credit line and draw $40,000 for equipment, you will have $60,000 in available credit. You then repay the amount you borrow, plus interest.
If you’re exploring options for business equipment and finding yourself overwhelmed by the high prices, Patriot Equipment Lending has a solution. We offer equipment financing, which functions as an equipment loan and allows you to acquire equipment without the burden of a significant upfront cost.
We provide the funding for your equipment purchase, and you will repay what you borrow, plus interest, over a set term. You will own the equipment once you have paid the loan in full. Equipment financing can be used to overcome budget limitations; it also helps conserve your capital for other business-related needs.
Equipment leasing is another popular solution available from Patriot Equipment Lending. When you lease equipment, you use (rent) it for a specific time frame in exchange for monthly payments, plus interest, over a set term length. Leasing is budget-friendly—the upfront costs are low, and the payments are designed to fit your business’s budget.
Equipment leasing presents you with flexibility, too. Once your lease term ends and you’ve made the required payments, you have several choices to consider. You can return the equipment, renew the lease for another term and keep using the equipment, or buy the equipment outright at a predetermined price.
Navigating the various funding options can be challenging, mainly because they each have several benefits. If you need additional information about equipment lines of credit, equipment financing, or equipment leasing, Patriot Equipment Lending is here to help.
One of our account managers will gladly answer your questions and provide you with information and insights, so you are fully informed about these equipment funding options and can choose the best solution for your needs.
