With flexible terms and competitive interest rates, our equipment financing can help you obtain the proper tools and equipment your company needs to stay competitive and efficient.
What is a Commercial Equipment Loan?
An equipment loan is a short or mid-length term loan (usually less than ten years) used to finance commercial machinery, tools, vehicles, and other implements with commercial uses. Loans are secured by the equipment that they are used to purchase and often have more affordable interest rates than unsecured business loans.
Equipment loans can be used to finance:
- Medical equipment
- Manufacturing equipment and machinery
- Commercial vehicles
- Agricultural equipment including tractors and harvesters
- Restaurant equipment
- Automotive equipment and tools
- And more…
Equipment loans allow your business to purchase the equipment it needs for its immediate and ongoing success, making the cost fit into your cash flow requirements by spreading it out over monthly payments for the term of the loan.
How do I get approved for equipment financing?
Most equipment loans require a down payment of 10-20%. Additionally, you’ll need to provide documentation of income and liabilities to show that your company is able to afford monthly payments for the loan, with reasonable term lengths. This could include:
- Personal and/or business income and cash flow statements
- Balance Sheet
- Business registration documents
- Bank account, other loan, and credit card statements
- Business plans
Why Get an Equipment Loan with Field & Main Bank?
At Field & Main, our lenders live and work in the communities they serve and are dedicated partners in the success of your business. With Urgency & Care that you would expect from your
local trusted advisor, Field & Main Bank continually strives to meet your small business banking needs. We offer exceptional accessibility and availability, before, during, and after your loan closes, with direct lines of communication. And because we’re based right here in Central Kentucky, Western Kentucky, and Southern Indiana, you can take advantage of fast, local decision-making and in-person, one-on-one assistance, when you need it most.
Apply for a Commercial Equipment Loan
Ready to take advantage of our competitive rates and dedicated, local service? Contact us for an equipment loan or visit one of our convenient branches in Henderson, Cynthiana, Evansville, and Lexington.