Equipment financing, sized to the asset.

Equipment financing is a loan or lease that uses the equipment itself as the primary collateral. Because the asset secures the deal, lenders price it lower than unsecured loans and approve borrowers banks would decline. Terms typically match the useful life of the equipment (3–10 years).

Most equipment lenders require 6+ months in business, FICO 600+, and a quote or invoice for the equipment. Down payments range from 0–20% depending on credit and equipment type. New equipment from major manufacturers gets the best pricing; private-party and used assets price higher.

Trucks and trailers, construction (excavators, dozers, lifts), restaurant (ovens, refrigeration, POS), medical (imaging, dental chairs), IT (servers, software bundles), manufacturing (CNC, presses), agriculture (tractors, combines), and fitness equipment. Summit places all major categories.

6.99–9.99% for A-paper (FICO 700+, established business, new equipment). 10–18% for B/C paper. 18–35% for startup or sub-650 FICO equipment financing. Section 179 deductions often offset the financing cost in year one.

Yes. Used equipment financing is available through Summit's network, typically up to 10 years old with a clean title and acceptable appraisal. Pricing runs 1–4% higher than new equipment and may require a 10–25% down payment.

A loan builds ownership (you keep the asset at payoff) and qualifies for Section 179 depreciation. A lease (especially an FMV lease) lowers monthly payments and lets you swap into newer equipment, but you don't own the asset at term end. Summit structures both — the right choice depends on your tax position and how long you'll use the asset.