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Business equipment financing: how to apply through 1West
Last updated: · Published by 1West
Business equipment financing through 1West starts with a vendor quote and one ABLE application, which is matched with lenders whose equipment programs fit your business.
With equipment financing, the equipment itself usually serves as collateral. 1West explains that this is why lenders can often approve businesses that would not qualify for an unsecured loan, and why rates tend to be lower than on many other forms of small business funding. You get the equipment now and pay over time.
Procedure
How does equipment financing work?
Equipment financing is a loan or lease for a specific piece of business equipment, repaid in fixed payments over the term. 1West describes the process in five steps:
Step 1: Get a quote
Ask the vendor or dealer for a quote or invoice for the equipment, new or used.Step 2: Apply once
Submit one application with 1West. ABLE matches your business with lenders whose programs fit your credit, revenue, and the asset.Step 3: Compare offers
Review rates, terms, and any down payment side by side, and choose the structure that fits your cash flow.Step 4: Get the equipment
In most cases the lender pays the vendor directly, so you can put the equipment to work right away.Step 5: Repay over time
Make fixed payments over the term. Once paid off, the lender releases its claim on the equipment.
What equipment can I finance?
Restaurant and food service
Ovens, refrigeration, POS systems, and full kitchen packages.
Medical and dental
Imaging, exam, and lab equipment.
Technology
Computers, servers, phone systems, and software.
Categories as listed by 1West. Vehicles and furniture are also named on its equipment page.
Is equipment financing right for my business?
Equipment financing fits when the money is for a specific asset that earns revenue, and you would rather keep cash in the business than pay a large lump sum. It is less suited to general expenses such as payroll; for those, compare working capital options. Because the equipment secures the financing, it is also one of the options worth reading if your credit is below other products' minimums.
Before applying, have the vendor quote, four months of business bank statements, and your basic business details ready. The documents checklist lists everything.
FAQ
Common questions
- What do I need to apply for equipment financing?
- Start with a quote or invoice from the vendor or dealer for the equipment, new or used. 1West's equipment process begins there: get a quote, apply once, compare offers, and in most cases the lender pays the vendor directly. Keep your bank statements and business details ready alongside the quote.
- Why use equipment financing instead of a general business loan?
- With equipment financing the equipment itself usually serves as collateral. 1West explains that this is why lenders can often approve businesses that would not qualify for an unsecured loan, and why rates tend to be lower than many other forms of small business funding. It only works for buying or leasing specific equipment.
- Can I finance used equipment through 1West?
- Yes. 1West's equipment financing page lists both used and new equipment as eligible, along with most equipment types, including software. One exclusion is stated plainly: no leasebacks, meaning you cannot lease back equipment the business already owns. Bring the vendor quote for the used item when you apply.
- What interest rate will I get through 1West?
- Your rate depends on the lender, the financing type, and your business profile, so no one can quote it before review. Some 1West product pages publish a starting figure, such as rates as low as 7% for equipment financing, as listed on its site. Treat starting figures as the lowest published point, not a likely offer.
- How can I get business funding with bad credit?
- Focus on financing that leans on something other than your credit score. Equipment financing uses the equipment as collateral, and accounts receivable financing uses money clients owe you. Steady monthly revenue and clean bank statements also matter to lenders. Be wary of any offer that promises approval regardless of credit.
- Is a small business loan fixed or variable?
- Both exist. Some financing has a fixed rate and fixed payments for the full term, while others, such as many lines of credit, can change with market rates. 1West describes equipment financing as repaid with fixed payments over the term. Confirm the rate type in each offer before accepting.
Have a vendor quote? Start your equipment application
Apply once through ABLE and compare equipment financing offers side by side.
Related guides
Keep reading
- Compare financingAll six financing types listed by 1West in one table.
- DocumentsA checklist of what to gather before you start, by financing type.
- Readiness checkA worksheet that compares your figures with 1West's published guidelines.
- Back to the 1West apply guideThe hub for the whole ABLE application process
For full product pages, visit the official 1West website.