Equipment Loans

Most lenders, including Texell, require borrowers to have a minimum score for business loans, including equipment loans. Texell will look at “Paydex” and Intelliscore Plus scores during the process. You will also need to show at least three years in your business under current ownership.

Applying for an equipment loan may require some or all of the following documentation:

• Business tax returns
• Personal tax returns
• Your books, records, and financial reports
• Details regarding collateral
• A third-party appraisal of the equipment may be required
• Business plan

Texell will help you every step of the way. We are here to guide you through the loan application process to help your business succeed. We’ll work together to get a loan that best meets your needs.

The loan term depends on the maximum life of the equipment. However, the maturity for most new and used equipment loans is generally 10 years. Texell can finance up to 75% of the purchase price or value, whichever is less, for new equipment, and up to 50% of the net book value or 70% of the cost or orderly liquidation value for used equipment.

Many equipment loans will take a week or less to close. However, funding may take longer for loans that are more complex or ones that require government approval.

Yes, equipment loans can only be used for purchasing or repairing equipment. Texell has several other commercial lending options if you need funds for other business interests.