Equipment loan interest rates typically range between 2% and 20%. While the variance is as wide as that tractor you're financing, it's only because the rate you get largely depends on your credit score and how long you've been in business. The higher your credit score, the lower your interest rate will likely be.

In addition to having a lower price point, used business equipment often has special discounts or promotions available. You might be able to negotiate a better deal because suppliers and vendors are always eager to move used equipment off their lots and showrooms to make room for new equipment. As a result, you can get a piece of fully functioning

Equipment financing is a type of small-business loan designed specifically for the purchase of machinery and equipment essential to running your business. You can use an equipment loan to purchase anything from office furniture and medical equipment to farm machinery or commercial ovens.