8 Reasons to Work With Intrepid
When you utilize business equipment financing with Intrepid, your capital does not tie up in the equipment. Instead, you are allowed to use it for other investments that will bring you quick revenue and ensure the equipment you acquire earns profits.
The monthly payment remains equivalent over the term of the loan. Dollars paid later usually have less purchasing power compared to those spent at the beginning We aim to offer the best finance solutions.
All it takes is one good opportunity to make a difference. Financing equipment with Intrepid means you'll have the wealth available to capitalize on future opportunities.
We know the importance of staying relevant in your industry. You can add new equipment to your existing lease easily. You can stay ahead of the competition with the latest equipment and technologies. We aim to solve the problems of obsolescence so you can streamline your business.
Unlike banks, Intrepid will not burden you with compensating balances, closing costs, and blanket liens to increase your cost. We believe in good partnership and long-term collaboration.
Intrepid's standard rates are extremely competitive. Get a free quote from us and see how we offer the benefits and ease of financing.
With Intrepid, your payments may be tax-deductible. Tax deduction eligibility depends on the type of lease you select.
You are free to choose the type of loan that suits you best, and then you have multiple options to select the length of the lease term.
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Affordable Equipment Financing
Get the capital available at co mpetitive loan and lease terms.
Improve productivity and efficiency with our financing programs.
Custom finance solutions based on your current needs.
Years of experience in financing technology, heavy machinery, and more.
Equipment Financing: The Fundamentals
Imagine you’re opening a new restaurant and the equipment you need costs you a total of $75,000. Then you get an equipment loan equal to 80% of the total cost which is $61,500. It will lead you to out-of-pocket expenses of $13,500, and you can retain $61,500 in cash reserves to offset all the other costs. Other costs may include space, marketing, and permits, or licenses.
There are two different terms, business equipment financing, and the other is business equipment leasing. Equipment leasing allows you to rent a piece of equipment from a vendor without ownership during the lease period. You may purchase it at the end depending on your contract. On the other hand, equipment financing gives you the ownership of equipment when you complete the repayment according to the contract.
The criteria for leasing are generally less stringent than financing. If the equipment is required for your business, the endless payments on leasing may prove to be a more expensive option.
It’s a type of loan that helps businesses to purchase equipment, inventory, or update their capital assets. Equipment finance is applicable for many businesses such as farming. It is also often secured against the value of the asset you intend to purchase.
Equipment financing includes interest and principal over a fixed duration. First, you have to be eligible to get the capital. Lenders and banks have different eligibility criteria. As security, lenders may ask for a lien on your business equipment. After the repayment, you own the equipment free of any lien. In case, if you fail to pay off the loan, it may result in the repossession of your business assets. You may also lose your personal assets depending on your contract.
Below are the general qualifications that you should follow in order to get equipment financing for your business. The requirements may vary depending on the lender you’re working with:
- Your personal credit score matters. The higher your score, the more likely it increases your qualification chances to get the capital. The average credit score must be 630+
- Your business plan and a detailed proposal that highlights the future growth.
- The number of years you’ve been in the business with annual revenue. Annual revenue should be $100k >
Intrepid supports the hurdles a startup may face and is looking forward to accentuating the growth of the newly established business.