BUY OR LEASE NEW EQUIPMENT
As the name suggests, this is a form of specialty financing that is for equipment only. A wide range of equipment is eligible and this can be structured as either a loan or lease, depending on your specific needs and the use and lifespan of the equipment.
1 year in business
$250,000 annual revenue
620+ FICO
Completed application
Most recent business tax return
6 most recent business bank statements
AR/AP aging report
YTD financials
Invoice or sale listing of equipment
I needed a new tractor quickly. I shopped around quite a bit and Clear was able to get me the best terms on a large equipment loan. Very impressed with the process and outcome and will definitely be using them again.
At the end of the loan term, you own the equipment. At the end of the lease term, you have the option of either returning the equipment or buying it.
A very wide range of equipment can be financed including commercial vehicles, agricultural products, hardware, software, medical equipment, heavy machinery, restaurant equipment, office furniture, construction equipment and more.
Funds are sent directly to the vendor.
A down payment is often, but not always, required.
The interest rate is normally fixed.
Since the loan is fully-collateralized, it is relatively easy to get approved.
There is typically no prepayment penalty on a loan. Prepayment would not apply to a lease.
The lender may charge additional fees.
Payments are typically made monthly, often via automated ACH withdrawals.
The equipment being financed would serve as collateral.
