Commercial Equipment Loans
Is your business in need of a new van or truck or an updated computer system? Our commercial equipment loans are designed with the needs of your business in mind. Whatever equipment you need to grow your business, our experienced North Central West Virginia lenders will help you find the right financing.
What is a Commercial Equipment Loan?
Business equipment loans are a type of financing for business-related equipment such as commercial vehicles or machinery (computers, manufacturing or medical equipment, etc.). Equipment loans usually have a fixed repayment term and may offer a lower interest rate because the equipment can serve as collateral for the loan. You’ll generally need to put a certain percentage of the purchase price down. Financing the rest helps you keep cash in reserve for other needs or unexpected expenses.
What Does a Commercial Equipment Loan Cover?
Commercial equipment loans can be used for just about any business-related vehicle or piece of machinery, such as:
- Manufacturing equipment
- Heavy-duty machinery
- Office equipment such as computers and copy machines
- Medical and dental equipment
- Restaurant equipment such as ovens, cookware, tables, and linens
- Trucks, vans, or cars for commercial use
- and much more!
How Do Business Equipment Loans Work?
If you’re wondering how does an equipment loan work, the process is fairly straightforward. Contact one of our lenders to discuss your business finances and equipment needs. We’ll look at basic information such as credit history and current balance sheets
How To Apply for a Commercial Equipment Loan
To apply for any of our business loans or ask questions, contact one of our commercial loan officers in Morgantown, Mannington, Fairview, Fairmont, Hundred, and White Hall, WV.
Over the years, First Exchange Bank has helped many West Virginia businesses grow and thrive. We are a true local financial partner, offering business banking and lending products and services for all of your commercial needs. Experience our friendly and personal service for yourself! To learn more about applying for a business loan read “How To Apply For Your First Business Loan”