Equipment Refinancing

What Is Equipment Refinancing?

Equipment refinancing involves securing a new loan or financing agreement to replace existing borrowing terms on equipment that a business owns. This process allows businesses to access new terms, such as lower interest rates or extended repayment periods, which can lead to benefits such as reduced monthly payments or improved cash flow. 

Equipment refinancing can be a beneficial financial strategy for businesses looking to reduce lending costs, boost cash flow, access capital, and fine-tune their overall debt structure. If you are not satisfied with your current finance framework, consider refinancing.

Do You Need to Refinance Your Equipment Loan?

Equipment Refinancing Process

Application

You submit a request stating you want to refinance your equipment with us, providing information about the equipment being refinanced and any other relevant documentation that will help our evaluation process.

Evaluation

We will work to assess the current equipment financing arrangement, including the terms of the existing loan, interest rates, and repayment schedule. We work to turn this around in 24 hours.

Approval

We will then, if approved, offer new loan terms, including interest rates, repayment periods, and any associated fees.

Closing

Once you accept the new loan terms, we will finalize the refinancing agreement, and the old loan will be paid off with the proceeds from the new loan.

Equipment Refinancing Benefits

Equipment refinancing can provide several potential benefits for your business, including a few below that might be a high priority for you:

  • Lower monthly payments: By securing a new loan with lower interest rates or longer repayment periods, you may be able to reduce your monthly payments, improving cash flow.
  • Improved terms: Refinancing can allow you to negotiate more favorable terms, such as flexible terms and structure.
  • Access to capital: Refinancing your equipment can free up capital by lowering monthly payments or providing access to cash through equity in the equipment. 

Overall, equipment refinancing can be a useful tool for your business if you’re looking to improve your financial position, reduce costs, or access capital for growth or expansion initiatives.

We are proud to refinance equipment throughout the continental United States, except in New York, California, and Dade County, Florida. We do not provide personal loans.

Helpful Resources on Equipment Financing

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