Business Line of Credit

A business line of credit provides access to capital as needed, with interest charged only on the amount borrowed.

How Do You Qualify for Business Equipment Financing?

1+ Year in Business

Assets or Collateral

Lowest Rates, Longest Terms, & Highest Amounts

Funding Amount

Up to $100MM


Up to 25 years

Time to Fund

1 to 7 days

How It Works!

The funding you require to achieve your full potential is
just a few clicks away.

Complete our simplified application process in minutes and securely upload your business documents with no risk involved.

Apply Now

Review and compare your options with guidance from our experienced team, ensuring you choose the best fit for your unique situation.

Armed with your funds, you can confidently seize opportunities and overcome challenges.

Questions to Ask Before Applying for a Business Line of Credit

It’s relatively straightforward to secure business equipment financing, often easier than obtaining other types of loans. To qualify, you typically need a FICO score of at least 1+ year of business history and annual revenue of at least $500,000.

With business equipment financing, the equipment you’re purchasing serves as collateral for the loan, providing lenders with added security and improving your chances of approval.

At National, we offer business equipment financing options tailored to various business needs. Our approval process is streamlined compared to traditional banks, with a fast and simple online application. You can upload your documents quickly through our online portal, minimizing paperwork and hassle. Our goal is to process applications in about a minute, with funding available in as little as 3 days or less.

When financing used equipment, the typical repayment terms range from 1 to 5 years. The choice of repayment term is crucial as it dictates both the duration of your debt and the total cost of financing. Here’s how it generally works:

  1. Longer-term Loans: These usually span over several years, resulting in lower monthly payments. However, they may accrue higher overall interest costs compared to shorter-term loans.

  2. Shorter-term Loans: These involve higher monthly payments but result in less time spent in debt and lower overall interest fees.

Choosing the right repayment term often depends on your business’s financial capacity and objectives. Many businesses opt for a term that aligns with their ability to manage monthly payments comfortably. It’s advisable to consult with one of our Business Financing Advisors to determine which option best suits your specific circumstances. They can provide guidance tailored to your needs and help you make an informed decision.

It’s definitely possible to secure startup equipment financing even if your credit isn’t perfect. National Business Capital offers solutions that cater to startups and businesses with varying credit profiles. Here’s how we can help:

  1. Flexible Eligibility: While many traditional lenders require a higher credit score, National Business Capital can work with startups and businesses with credit scores below 650.

  2. Business History: Having at least 6 months of business history is typically required, along with a minimum annual revenue of $500,000. This helps demonstrate your business’s viability and ability to repay the loan.

  3. Tailored Solutions: We specialize in filling the gaps left by traditional banks, providing customized financing options that suit your specific needs and financial situation.

  4. Streamlined Process: Our application process is fast and straightforward, designed to minimize paperwork and accelerate funding times, often within 3 days or less.

Whether you’re looking to purchase new or used equipment, our Business Financing Advisors are here to guide you through the process. They can help you explore financing options that align with your business goals and financial capabilities.

Here’s a rewritten version:

Choosing Equipment Financing: Factors to Consider

When seeking equipment financing, it’s crucial to assess your business’s specific needs, understand lender eligibility criteria, and evaluate associated costs. Here are key considerations to guide your decision:

Business Needs: Before committing to equipment financing, evaluate how the equipment will benefit your business. Determine if it will enhance efficiency, increase productivity, or generate revenue. Sometimes, purchasing new equipment may not be the most strategic decision for your business.

Eligibility Requirements: Different lenders have varying eligibility criteria. Typical factors include your business’s creditworthiness, revenue history, and the type of equipment being financed. Be sure to review these requirements to assess your likelihood of securing a loan at competitive rates.

Costs: Equipment financing entails several costs beyond the loan amount:

  • Interest Rates: Rates can range widely, typically between 2% to 20%, depending on the lender and your business’s financial health.
  • Fees: Look out for application fees, origination fees (around 3% of the loan amount), and potentially other fees that contribute to the overall cost.
  • Down Payment: While some lenders may require a down payment (often 15% to 20% of the equipment’s purchase price), others may offer no-down-payment options. This varies by lender and affects upfront costs.

Understanding these factors will help you choose the most suitable equipment financing option that aligns with your business goals and financial capabilities.

Interest rates for equipment financing can vary significantly, typically ranging from 7% to over 50%. These rates depend on factors such as the lender’s terms, your business’s financial profile, and the economic environment at the time of the transaction. Equipment financing rates are akin to those of secured loans because the equipment being purchased acts as collateral for the loan. Thus, the interest rate you secure will be influenced by how well your business meets the lender’s risk criteria and prevailing market conditions.

Equipment loans are generally longer term. Repayment ranges from 3 to 5 years on average, but some lenders offer prepayment discounts, which allow you to shorten your repayment schedule considerably.

Secure the Best Business Line of Credit in 2024

  • Paperwork
  • Application
  • Number of Lenders
  • Service Level
  • Approval Process
  • Speed to Funding
  • Collateral Requirements
  • Business Profitability
  • Credit Score
  • Credit Check
Successful Funds  
  • 3 Months Bank Statements
    No Tax Returns Required
  • One Page – One Minute
  • 75+
  • Business Advisor
  • Hours/Days
  • Hours/Days
  • Not Necessary
  • Not Necessary
  • No Minimum FICO
  • Soft Pull
  • 2-3 Years Tax Return
    2-3 Years Financials
  • Lengthy
    Paper Intensive
  • 1
  • Processor
  • Weeks/Months
  • Months
  • Always
  • Last 2 Years
  • 680+ FICO
  • Hard Pull
Direct Lenders  
  • 2-3 Years Tax Return
    2-3 Years Financials
  • Lengthy
    Paper Intensive
  • 1
  • Processor
  • Weeks/Months
  • Months
  • Always
  • Last 2 Years
  • 680+ FICO
  • Hard Pull

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