Equipment Loan in Tulsa, OK - Is it Best for Your Business?

Equipment loans are a great way to bridge the gap between what you need and what you can afford. If you're an entrepreneur or small business owner in Tulsa, Oklahoma, you've probably already realized that it's hard to get by without quality equipment and supplies.

You may not have or want to spend a large amount of cash for significant equipment purchases, and leasing equipment is only sometimes the right option. We've compiled this guide to getting an equipment loan in Tulsa, OK, so you can decide if this type of financing is the best choice for your business and, if so, what to expect.

What is an Equipment Loan?

An equipment loan allows you to purchase equipment for your business. The loan is repaid by using the revenue generated from the use of that equipment. Equipment loans can be used to purchase most types of equipment for your business - from computers to furniture, machinery and more. 

What Can You Buy With an Equipment Loan?

Equipment loans are a great way to get the equipment you need for your business, whether a restaurant remodel or an office upgrade.

When you're a restaurant owner, it's essential to make sure that your kitchen is up-to-date and efficient. An equipment loan can help you do this by providing you with new stoves, refrigerators, and other appliances that will help you serve your customers more quickly and efficiently.

If you have a private practice, there's no doubt that keeping up with technology is crucial. Whether it's replacing outdated computers or adding printers for more efficient filing systems, loans for office equipment can help fund these purchases without breaking the bank.

Whatever your equipment needs, you may not be able to pay for them upfront from your cash flow. An equipment loan can help you support the growth of your business. 

When is an Equipment Loan the Best Option for Your Business?

Equipment loans are great for businesses that need funding for fixed assets which often involve machinery.

Since these types of loans are more likely to be secured by collateral, they can also be easier to obtain. This makes it possible for many smaller companies that don't have the same credit history or assets available as larger ones to still qualify for an equipment loan.

What Are the Benefits of Equipment Loans?

Equipment loans are beneficial for any business, but especially for those in the growth stage that need to keep cash on hand or if they need to keep business going during unexpected equipment breakdowns. 

Equipment loans are easier to secure and have a faster decision time. There may also be some tax benefits, including write-offs for your equipment loan payments. However, you would need to speak with a tax professional about whether this applies to your unique situation.

How to Get an Equipment Loan

If you're planning an equipment purchase and have time to prepare, take special care of your business and personal credit scores. Depending on the age of your business, Triad may review both your personal and business credit history to make a decision. 

You should also put money aside for the down payment on a more significant equipment purchase and discuss your plans with any partnering owners.

You may also need to prepare a personal resume’ so the Triad can learn more about you and your business. Triad would like to build relationships with a local business bank in order to provide guidance for your particular business. Triad  will work with you to determine the amount of money that fits your needs and what type of equipment or other assets will be used as collateral for the loan (and what types of payments you'll be making).

If approved Triad will put together a contract outlining the loan terms and details of your agreement, including payment terms, interest rate, and any other fees associated with the loan. 

Once you've received the funding, you'll be able to purchase the equipment your business needs to grow or get back on track. Once all payments have been made on time and in full, you'll own your equipment outright.

Apply for an Equipment Loan in Tulsa, OK, with Triad Bank

If you're ready to expand your business or invest in new equipment to keep your business up and running, Triad Bank can help. We offer competitive equipment financing designed to meet small businesses' needs.

Our local lenders take the time to build a relationship with you and understand your business to ensure your loan is customized to meet your specific needs. We'll help you get the best rate possible, so you can focus on getting back to running your business. Apply for an equipment loan with Triad Bank today.