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Equipment financing

Finance the asset against itself, over a term that matches how long it will be earning.

Amount
$10,000 – $1,000,000
Term
12 – 72 months

When it fits

  • The spend is a specific piece of equipment with a quote or an invoice.
  • The equipment earns — a truck, an oven, a lift, a line.
  • You would rather not take the cost out of working capital in one month.

When it does not

Financing a purchase you have already made out of cash is harder and usually more expensive than financing it at the time. Come to us with the quote, not the receipt.

What it looks like

What arrives
Payment to the vendor, or to you against the invoice
What leaves
A fixed payment over the term, matched to the asset's life
Security
The equipment itself
Term
12 to 72 months, depending on what it is

Have the quote or the invoice to hand. It is the one document this product cannot start without.

The asset, paid for up frontShape, not price
full amountnothing owed

What you still owe

Level payments over the term

Level payments, and they end. The machine does not — it is still yours, and still earning, after the last one.

Drawn over a full term. Illustrative — your amount, term and payments come from the offer.

What people get wrong about it

It is a loan that happens to buy a machine.
The machine is the security, which is why it usually prices below an unsecured facility of the same size. That also means the machine's age and hours affect the term.
Used equipment is not financeable.
It generally is. Age and hours move the term more than they move the answer, and a private sale mostly just needs better paperwork than a dealer one.
Wait until the machine is delivered.
Arrange it against the quote. Financing agreed before the order means the deposit does not come out of your own account.

What people spend it on

  • A truck, a trailer, a van
  • An oven, a lift, a line
  • Replacing the thing that keeps breaking
  • A machine that lets you take work you turn down now

Pick this when the money is for one specific thing with a quote attached. The payment then sits against what that thing earns.

Mechanic bending over to repair truck inside a dimly lit garage, demonstrating precision.

Start on a laptop, finish on your phone

You say how much you need and what it is for. The same file reaches the lenders most likely to fund it, and it saves as you type.

The funding step of a Spark application, with an amount entered and a one-line note saying what the money is for.
The same application open in the Spark iPhone app, showing each step and which are complete.

How to get one

Five steps. About ten minutes, most of it finding your statements. One file goes to the lenders most likely to fund it — you don't apply four times.

  1. 1Make an accountBusiness email, name, phone, password. Two minutes.
  2. 2Answer eleven short questionsWhere you are based, what you bring in, how much you need. It saves as you type.
  3. 3Send six months of bank statementsPDFs from your bank. This is the part underwriters read.
  4. 4Add your paperwork and verify your IDIncorporation documents, the owners, and a photo of your licence.
  5. 5Send itMost decisions come back within one business day.

This one against the other three

You don't have to pick — send one application and we come back with the one that fits. But if you are weighing them up, this is how this one differs from each of the others.

versus term loans

If the money is buying one identifiable machine, this is almost always the cheaper of the two, because the machine is the security. A term loan is the answer when the spend is not a thing.

Amount
$5,000 – $2,000,000
Term
6 – 60 months

versus revenue-based line of credit

Do not buy equipment on a credit line. The machine can secure its own financing at a better price, and the line is more useful kept free for the months that need it.

Amount
Up to $500,000
Term
Revolving

versus asset-based lending

This is asset-based lending with the asset being the thing you are buying. Broader asset-based facilities lend against what you already hold — receivables, stock, machines that are paid for.

Amount
$50,000 – $2,000,000
Term
Revolving or fixed

What it costs

In dollars, before you sign. The amount. The total you'll repay. The payment. How many payments. Multiply the last two and you're back at the total — that's the whole of it.

No rate to compound out yourself. Read the agreement for the fees the lender charges. If a number on an agreement isn't obvious, call us before you sign it. That's what we're for.

Equipment is the one case where the cost has something on the other side of it. At the end of the term you still own the machine, and it is still earning. Weigh the payment against what the machine brings in rather than against the sticker price.

How this kind of money is priced →Reading an offer line by line →
An approved Spark application: the approved amount of $55,000, and a terms card showing total payback $69,300, a weekly payment of $1,333, and 52 payments.

An approved application. Amount, total payback, payment, number of payments — the four figures, before anything is signed.

What we need to place it

The same file whichever of the four it turns out to be. Most of the ten minutes is finding the statements, which is why it is worth doing first.

The machine is part of the file, so a quote with a serial or VIN on it moves this faster than anything else you can send.

See what you qualify forNo hard credit pull · most decisions within one business day

Questions

That depends on whether the agreement is a loan or a lease, and it is stated plainly in the agreement. Ask before signing if it is not obvious.

Still deciding? Talk to a specialist — no application required.

See what you qualify for.

About ten minutes, most of it finding your statements. Applying never touches your credit score.

Takes about ten minutes, and applying never touches your credit score.