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Main StreetLending

RE: Main Street Lending — Equipment Financing · Loan Summary

Loan Summary

Equipment Financing.

Buy or lease the equipment you need, the equipment is the collateral.

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— At a glance

At a glance

$10,000 to $1,000,000+
Loan size
24 to 84 months
Term
Best for
Buying or replacing tangible equipment with a clear vendor invoice
Repayment
Fixed monthly payment over the financing term
— What it is

What it is

Equipment financing covers commercial equipment purchases: trucks and trailers, construction and farm equipment, restaurant equipment, medical and dental equipment, manufacturing machinery, and IT and office systems. We fund the purchase, take a security interest in the equipment, and you repay over a fixed term that often matches the useful life of the asset.

Main Street equipment financing lets you buy or lease tangible business equipment without paying the full price up front. Because the equipment itself usually serves as collateral, our approval criteria can be more flexible than on unsecured products, and terms can stretch longer because the asset retains value over time. We underwrite the deal, we fund the vendor, and you take delivery.

— Pros and cons

Pros and cons

Pros

  • Equipment serves as collateral, which makes underwriting more flexible
  • Spread the cost of a large purchase over the asset's useful life
  • Terms commonly stretch out to 60 or 84 months
  • Some structures may carry tax benefits, including Section 179

Cons

  • Restricted to specific equipment with a vendor invoice
  • Down payment of 0 to 25 percent may be required
  • Equipment can be repossessed if you default
  • Used or older equipment may have stricter terms
— Documents we'll ask for

Documents we'll ask for

  • Equipment quote or invoice from the vendor
  • Three to six months of business bank statements
  • Most recent business tax return for larger requests
  • Driver license for each owner with 20 percent or more ownership
  • Application with description of the equipment and use
— Common questions

Common questions

Can I finance used equipment?

Yes. We finance used equipment, although the year, condition, and remaining useful life of the asset can affect the term length and rate.

Is equipment financing the same as a lease?

Not exactly. A loan finances a purchase and you own the equipment outright once it is paid off. A lease is a rental arrangement, sometimes with a buyout option at the end. We offer both structures and pick the one that fits the asset and the use case.

Do I need a down payment?

It depends on the equipment type and credit profile. Many programs are zero down for established businesses with strong credit. Used or specialized equipment may require 10 to 25 percent down.

Can I write the financing payments off?

Ask your accountant about Section 179 and bonus depreciation. Many owners use those provisions to reduce taxable income on financed equipment.

— Related products

Term loan

A traditional installment loan from Main Street with a clear amortization schedule and predictable monthly payments.

SBA

SBA-guaranteed loans from Main Street, with longer terms and lower payments for qualifying borrowers.

Line of credit

A revolving credit line from Main Street you can draw from, repay, and reuse as you go.

Signed by Main Street Lending LLC

Est. 2019 · The lender on your block

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