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BUSINESS FINANCING FAQs

BUSINESS FINANCING HOME > FAQ

Find the answers to the most common equipment financing questions here. If you have questions about unsecured working capital, click here.

What is the minimum/maximum amount I can finance?

Our target range is a minimum of $5,000 with a maximum of $500,000. Please call if you would like us to consider a larger amount as this is a possibility.

What types of equipment are acceptable?

Most types of equipment are acceptable. This includes both new and used equipment as well as titled vehicles and trailers. We cannot finance inventory or other consumables or any property that is permanently affixed to the ground or other structure. The equipment must have value on the secondary market, so highly customized equipment is looked at on a case by case basis.

What term lengths are offered?

Our standard term lengths consist of 24, 36, 48 or 60 months. Terms as short as 12 months are available in most cases, and 72 month terms are available for larger transactions pending credit approval.

Are down payments required?

Generally the first and last monthly payments are due before loan commencement. However, we do have 0 and 1 advance payment programs along with 90 day deferred payments, seasonal skip-payments, quarterly/semi-annual/annual payments, and more. We can custom tailor a payment schedule based on your unique cash flow.

Are there any early payment penalties?

You can pay off any time you like with no additional penalty fees. With that said, there is not much interest savings in doing so. If you do plan to pay early, it is suggested you keep the term length to 36 months or less to keep your interest expense as low as possible. In reality, 95% of our customers end up taking their lease to full term.

What are your rates?

Our current rates as of today can be found by clicking here.

I have already purchased equipment. Is it too late to finance?

No, it is not too late! If you have purchased equipment in the last 30 days, we can still finance that purchase and get you reimbursed directly. Also, if you own or have significant equity in heavy construction equipment, tractors/trailers, manufacturing equipment or logging equipment, to name a few, we can get you a cash out loan against those assets regardless of how long you have owned them.

Will this loan show up on my personal credit report?

No. Since this is a business loan, no installment or revolving debt will appear on your personal credit report.

Can I secure a personal loan?

Union Credit strictly does business financing, so personal loans will not qualify. Unincorporated sole proprietorships and partnerships do count as businesses.

I'm having trouble submitting the Financing Application. How do I get help?

If you are attempting to apply online and are having any issues with the application, please call one of our representatives at 866-205-0030. You may also download a PDF copy of the form and submit it via fax or e-mail. 

I am just starting a new business. Can I get financing?

Yes, we can finance equipment for new businesses. Any business with less than 2 years of operating history is considered a start-up. NOTE: Owners of a start-up business must have good credit (roughly 620 or above). Our maximum start-up funding amount is $50,000 ($16,500 for new restaurants).

Do you finance trucking companies?

We can finance both standard cab and sleeper cab tractors for trucking companies with 2 or more years in business. We CANNOT finance a sleeper cab tractor for an owner/operator or for any trucking company with less than 3 power units (day cabs OK).
If your question was not answered here or if you would like to speak with a representative, please call 866-205-0030.