A: If you are an existing business over two years old, we just need a completed
application and three months of business bank statements.

If you are a startup business, you’ll need excellent personal credit 680+ credit score
with at least five years of credit history on file, home ownership is preferred but not necessary, comparable installment borrowing (car loan or similar equal to 75% of the cost of the trailer), and more than 70% revolving available. You’ll also need to have prior industry experience and decent cash reserves.

A: If you are an existing business, the lenders typically only need one payment upfront and a document fee that’s around $300. If you are a startup business, you’ll likely need 20% down and the document fee

A: Soft pull, which means it won’t affect your credit score.

A: Rates right now vary from 9% to 22% and are based on your time in business, credit score/depth, cost of equipment, and several other factors. Apex Financial is an equipment finance broker with a network of about 80 lenders they do business with. Our sole function is to match your transaction to the correct lender and find the best program for your application.

A: The longest the lenders will go is five years.

A: Business equipment financing is typically done as an EFA or Equipment Finance Agreement. It’s a simple interest-type contract where the ‘interest’ is calculated upfront
and divided over the term. This means that although financing can be paid off early without penalty, you still owe the lender the remaining payments. Also, keep in mind that
if you pay it off early, you’re using your operating capital (which you could be using to make money on) to purchase a depreciating asset. The cost of that depreciation is the
same as paying interest, so you’re not really saving any money

A: This is commercial financing, not consumer, so even though the lender used your personal credit in their decision-making process, this financing won’t appear on your personal credit.