¿Es el momento adecuado para un préstamo de equipo? Esto es lo que debes saber.

Sometimes, your business is ready to grow but cash flow is holding you back. Whether you need a new pizza oven, med spa equipment, or a new skid steer, equipment loans can help you get the tools you need without draining your budget upfront. 

What is an equipment loan?

An equipment loan gives your business the funds to purchase machinery, technology, vehicles, or other essential tools. Instead of paying the full cost upfront, you spread payments over time. This keeps your cash flow healthy while investing in growth. 

Who can benefit from equipment loans?

Almost any industry can take advantage of equipment financing. Here are just a few examples of what Elevations can fund: 

• Medical equipment: Imaging, sterilization, diagnostics, med spa tools
• Industrial kitchen equipment: Commercial ovens, refrigeration, fryers, dishwashers
• Construction equipment: Skid steers, excavators, bulldozers, cranes
• Manufacturing machinery: Assembly line machines, packaging machines, CNC machinery
• Technology & IT hardware: Computers, servers, networking equipment
• Vehicles: Box trucks, semi-trucks, delivery vans, trailers

When is the right time to get an equipment loan?

Funding equipment may be a smart move if: 

• You’ll use the equipment regularly to generate income for your business
• Your business has the cash flow to comfortably make payments
• You are considering end of year tax strategies for your business

Not sure if now is the right time? Our local business bankers are here to help you weigh your options and find the best fit for your budget. 

Talk to a business banker today to explore your financing options. 

What does an equipment loan cost?

Loan amounts vary widely — Elevations offers equipment loans from $5,000 to $250,000+ with flexible rates and terms. You can even match your repayment period to the useful life of the equipment. 

Should I lease or buy?

Both options have pros and cons: 

Leasing: 

• Lower upfront cost
• Flexibility to upgrade equipment
• Possible restrictions and cost increases

Buying: 

• Higher upfront cost
• Equipment becomes a long-term asset
• Potential tax benefits (depreciation and Section 179 deductions)

Should I look at new or used equipment?

Consider these factors: 

• Cost: New equipment costs more but usually includes a warranty and the latest features.
• Maintenance: Used equipment is cheaper but may require more upkeep and have a shorter lifespan.

Other costs to keep in mind

Keep these factors in mind before committing to an equipment loan: 

• Rate changes: Look for fixed-rate loans to avoid surprises (Elevations offers these).
• Hidden costs: Shipping, installation, and taxes can add up—ask if financing can cover these.
• Maintenance: Budget for ongoing upkeep.
• Tax benefits: Section 179 may allow you to deduct the full purchase price of qualifying equipment. Always consult your tax advisor.

Local lending expertise

Elevations has local underwriting, dedicated business bankers, and a community-first approach. That means we’re invested in your success. More than 8,000 local businesses trust Elevations to help them reach their goals. 

Connect with our business banking team