Specialized Equipment Financing For Your Business
If you are looking to purchase new or used equipment, Steer Financial has the equipment financing alternatives to expand your business. With your small business in mind, we'll find the best yellow iron equipment financing options.
Easy application and approval process.
Funding specialist support from start to finish.
Tailored financing options for your business.
Get funded within 24 hours from loan approval.
YELLOW IRON EQUIPMENT FINANCING OVERVIEW
What Is Yellow Iron Equipment Financing?
Yellow iron equipment financing allows businesses to acquire new or used commercial equipment through a loan or lease. Business equipment can be expensive, which can end up being a difficult purchase for small business owners. Equipment financing allows businesses to purchase equipment with flexible payments over time with the aim of becoming an owner at the end of the final payment. While equipment leasing allows businesses to acquire equipment through paying regular installments without the intention of becoming the owner at the end of the lease term. Both of these options can help propel businesses forward without impacting cash flow.
Equipment financing works by providing businesses with financing up to 100% of the value of the equipment with terms depending on the expected life of the equipment. Fixed payments are usually spread out on a weekly or monthly basis. Payments include principal and interest pre-determined over the term of the loan or lease. Businesses can finance almost any type of heavy machinery and equipment needed to run their business on a daily basis and be competitive in their commerce.
This type of financing allows business owners to purchase equipment without putting a hefty downpayment upfront, as the equipment itself is used as collateral for the loan. This means that the lender can seize the piece of equipment from the business owner who does not repay the loan. Lenders may ask for personal guarantees or put up collateral in the event of default.
Yellow Iron Equipment Financing Topics:
THE STEER PROMISE
Helping Small Businesses Grow Across The U.S.
At Steer Financial, we understand that no two businesses are alike. We offer financing solutions as unique as the business owners we help. Together, we can help steer your business to its full potential. Step one is determining which type of financing is ideal for your business. We work hard to deliver honest, reliable, and transparent customer service so you can feel confidence choosing us to help you meet your business capital needs.
Serving All 50 States
By leveraging our network of 45+ partner lenders, we can offer tailored solutions to businesses across the U.S. regardless of their size or industry.
Secure + Safe Data
We strive to keep all of your information secure and private. We assign a funding specialist to guide you along the entire process.
10+ Years of Experience
Our expertise has enabled us to understand small businesses and offer the highest level of service to you and your business.
HOW IT WORKS
How Does Yellow Iron Equipment Financing Work?
Yellow iron equipment financing is a type of loan or leasing that businesses use in order to purchase equipment. Majority of business owners get equipment financing approvals, as this loan is secured by collateral. As mentioned above, lenders will take into consideration the value, history, and life span of the piece of equipment when determining the term length and interest rate.
Rates tend to start at 7.99% with terms varying anywhere from 12 to 72 months. Interest rates are adjusted upon applicant's credit profile and market conditions.
At Steer Financial we strive to secure an approval that matches up to 100% of the value of the equipment you intend to buy for your business.
In addition, Steer Financial can help your business get an approval that covers the soft costs for the new or used piece of equipment. Soft costs usually are additional fees from equipment vendors that tend to cover delivery, installation, warranties, etc.
Repayment options can be tailored to meet your business' needs. Payments are withdrawn on a weekly, monthly, or sometimes quarterly basis.'
Get an approval within 2-4 business hours with a complete application package.
EQUIPMENT FINANCING BENEFITS
Benefits of Yellow Iron Equipment Financing
At Steer Financial, we understand that no two businesses are alike and that’s why we offer equipment financing solutions as unique as the business owners we help.
Yellow iron equipment financing can be used as one of the most important ways to invest capital into your business while managing cash flow and the company’s balance sheet. There are certainly many benefits to obtaining equipment financing versus paying for new or used equipment out of pocket.
We guarantee the best offer on the market with minimal paperwork required.
We offer programs that are based on business performance, bad credit is OK.
Receive your equipment financing approval within hours.
Improve Cash Flow
Businesses often use financing as a way to manage their working capital on hand. With the ability to use the piece of equipment as collateral some lenders require no down payment or upfront costs. Low payments also allow businesses preserve capital to use on day-to-day operations without disrupting their budget.
Your business may qualify for tax-deductions and depreciation by obtaining equipment financing or leasing. Portion of the payments and interest may be deduced on yearly basis per Section Deduction-179. Consult your tax advisor regarding any tax advantages that may be available.
Competitive Interest Rates
Unlike credit cards or personal loans, where interest rates start at 19%+, equipment financing and leasing offers competitive APRs that start as low as 7.99%. Interest rates are dependent on the value of the equipment, length of use, credit score, and payment schedule, etc.
Flexibility & Convenience
Either by obtaining equipment financing or leasing, lenders will calculate a fixed weekly or monthly payment for your piece of equipment over a pre-determined term length. Equipment financing will have a fixed principal and interest with ownership rights at the end of term. While leasing will have a rent payment and interest, and no ownership at the end of the term.
Boost Your Business Credit
Having access to loans like an equipment financing is an excellent way to boost your credit score. Credit reporting bureaus like Experian and TransUnion, amongst others, analyze credit scores based on credit availability. Having equipment financing with excellent payment history can improve your business credit rating as well as your personal credit score.
FINANCING vs. LEASING
Yellow Iron Equipment Financing vs. Leasing
The difference between yellow iron equipment financing and leasing is who owns the piece of equipment. Leasing a piece of equipment is vastly different than purchasing the equipment even though both types of financing can have fixed weekly or monthly dues. Leasing a piece of equipment means that the equipment is owned by the lender or a vendor with a predetermined weekly or monthly fixed cost for the duration of the lease term. Once the lease term ends, the asset is returned to the lender or vendor.
Financing a piece of equipment allows the small business owner to purchase the piece of equipment with installments over the duration of the loan. The equipment piece serves as collateral, until the loan is paid off. A small business owner then owns the equipment free and clear. Any interest expenses incurred on such payments are tax-deductible for your business, and can count as a depreciation expense when purchasing equipment.
Securing equipment financing can seem wary for many traditional lenders, but not for Steer Financial. We provide customized financial strategies for every industry and their equipment needs. There are many pre-qualifications out there, but do not worry. Steer Financial looks at every business with a unique eye, as exact qualifications vary by lender, industry, and type of equipment. We strive to help a variety of businesses from startups to expanding businesses.
ALTERNATIVE LOAN TYPES
Alternatives To Yellow Iron Equipment Financing
In addition to yellow iron equipment financing, we offer alternative small business loan options specific to your industry and business' goals. From merchant cash advances to SBA loans our recommendations are tailored to your business' needs, so you can make an informed and appropriate financial decision.
Yellow Iron Alternative Loan Options:
Merchant Cash Advance
Working capital can be a great option for businesses with poor credit, which can give a small business owner access to working capital. Merchant cash advances are a predetermined advance on the future sales of the business, repaid on a daily or weekly basis.These type of financing is often used to bridge the gap between billing and payment cycles and can help keep your business financially stable.
Business Line of Credit
Business lines of credit are typically unsecured, which mean that business owners do not need to guarantee any collateral. Once a line of credit is open, a business immediately receives access to a fixed, predetermined credit limit. A company can start withdrawing funds instantly and as often as needed only paying interest on the amount withdrawn. Monthly repayments are set up by the lender at a fixed interest and principal amount. Access to continue working capital occurs as a business owner pays monthly payments.
Recommended loans when there is time to spare. These loans are available and backed by the U.S. Small Business Administration. Although the process can be a bit tedious, as the agency requires a lot of paperwork to make a decision. SBA loans are better fitted for businesses already established looking to expand or buy real estate.
How To Qualify for Yellow Iron Equipment Financing
At Steer Financial, we will work closely with formulating a plan for your business. We will assess your business with our partnered lenders to evaluate the strengths and assets your business has to decide on the loan's size and conditions. Strong financial statements and a high credit score might also increase your chances of being approved. To make sure equipment financing for yellow iron is a realistic choice for your business, our funding specialist will walk you through the entire process from start to finish. Below is a quick overview of the minimum requirements in order to get an approval:
Time In Business
At least 6 months in business.
At least $15,000 per month in deposits.
Minimum of 600+ personal credit score.
1 year free from any open bankruptcies
HOW TO APPLY
Three Easy Steps to Secure Yellow Iron Equipment Financing
As a small business owner, you have plenty of financing and leasing options. These loans are a great way to expand your business and purchase new or used equipment. Steer Financial offers yellow iron equipment financing options with fast approvals and flexible terms.
We have partnered with over 45+ lenders to ensure that we match your business with the best lender and the most competitive rates. We work quickly to provide an approval in as soon as a few hours.
By utilizing our streamlined fast funding approach, your business can access the necessary capital in as little as 24 hours from the moment you approve the terms, ensuring a timely and efficient process.