Find answers to common questions about Independence Equipment Funding and our equipment funding solutions.
Independence Equipment Funding can help your business if you seek funding for new or used equipment. Our solutions include equipment lines of credit, equipment financing, and equipment leasing.
We offer equipment credit lines up to $10 million and application-only equipment financing and equipment leasing up to $500,000.
Yes. Our equipment funding products can be used to finance equipment soft costs such as shipping, installation, training, and warranties.
Good question. Equipment financing involves taking out a loan to purchase equipment outright, and you back the loan in fixed monthly installments, plus interest, over an agreed-upon term. On the other hand, equipment leasing involves leasing/renting the equipment for a specified period. In this arrangement, you pay a monthly fee and interest to use the equipment without gaining ownership at the end of the lease term.
Absolutely. Contact Independence Equipment Funding, and one of our account managers will assist you by phone. They will answer your questions and explain our funding products in greater detail so you can make an informed decision for your business.
Independence Equipment Funding makes it easy to apply for funding. You will need some basic business and personal information to complete your application and the past three months of business bank statements. If you are financing or leasing equipment, you will need to provide an equipment quote or invoice.
Various factors, such as your credit score, annual revenue, and time in business, will determine your funding limit. The higher your creditworthiness, the higher your potential equipment funding limit may be.
If your application is approved and we have all the required documentation, Independence Equipment Funding will ensure your funding is provided as soon as possible. We are known for our fast turnaround times—same-day funding is available for specific transaction amounts during our regular hours.
In most cases, yes, but there are a couple of important rules to keep in mind. The equipment needs to qualify for the Section 179 tax deduction, and it must be purchased or leased and put into business use before midnight, December 31 of the current year. Independence Equipment Funding recommends you consult an accountant if you have questions about business equipment and Section 179.