Equipment loans help you purchase equipment with competitive rates, if you have good credit and good finances. The equipment serves as collateral and the term is usually calculated off of the expected life span of the purchased equipment. 

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Pros: 

• After payments are complete you own the equipment

• If you have good credit and strong finances you can get competitive rates

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Cons:

• May need a down payment
   

Best for:

• Businesses in need of equipment with competitive financing rates