EQUIPMENT FINANCING
Fund the machine and keep the cash
Paying $80,000 out of the operating account for a machine that earns for the next eight years is a hard way to run a business. Finance it from 7.25% APR over 24 to 84 months and let the equipment pay for itself.
Why finance it
The equipment is the collateral, so the terms are better
An unsecured loan prices for risk. An equipment loan is secured by a machine with a resale market, which is why the rate starts lower and the down payment is smaller or gone entirely. Meanwhile the $80,000 you did not spend stays available for payroll, materials and the slow month you did not plan for.
Terms by category
The term should end before the equipment does
We set the length against how long the asset realistically earns. Nobody should still be paying for a laptop in year six.
Equipment
Maximum term
Detail
Machine tools and production equipment
84 months
Longest terms go to heavy, serviceable equipment with a real resale market
Medical, dental and veterinary
84 months
Chairs, imaging and lab equipment, including buildout of the operatory
Trucks, trailers and titled vehicles
72 months
Box trucks, service bodies, dump trailers. Title is held as collateral
Kitchen and food service
60 months
Ranges, hoods, walk-ins and the installation labor to set them
Technology and point of sale
36 months
Short useful life, so we keep the term short to match
Used equipment, any category
Age plus term under 12 years
Up to 90% of appraised or invoice value
Financing available from $10,000 to $500,000, from 7.25% APR. Rate depends on term, collateral type, time in business and credit history. All credit subject to approval. Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
Structure
New, used and the months you do not earn
A landscaper and a dental practice have nothing in common in February. The payment schedule should say so.
New equipment
Up to 100% of the dealer invoice with nothing down, and we pay the vendor directly on your purchase order. The warranty stays intact and there is no reimbursement wait.
Used equipment
We finance up to 90% of value on used machines, including private-party and auction buys. The rule is simple: the equipment's age plus your loan term has to stay under 12 years.
Seasonal payments
Skip up to three consecutive months a year at no charge, chosen when the loan is written. Excavators, mowers, plows and boat lifts all get built this way, with the term extended to match.
Deferred and interest-only starts
Some equipment takes 90 days to install, calibrate and staff. Interest-only payments for the first three months mean full payments do not start until the machine is actually producing.
Common questions
How fast can I get an answer? The auction is Thursday.
Requests under $75,000 are application-only and usually answered in one business day. We can issue a pre-approval with a dollar cap so you know your limit before you bid, and it stays good for 60 days.
Is this a loan or a lease?
A loan. You own the equipment from day one, we file a lien against it, and the lien is released when you pay it off. If your accountant has a specific reason to prefer a lease, tell your banker early so it goes in the right structure.
Can I finance equipment from a private seller?
Yes, on used equipment we can fund up to 90% of value. We need a bill of sale, photos, the serial number and either a dealer quote for comparable equipment or a short appraisal for anything over $100,000.
Do I need to insure it?
Yes. Physical damage coverage with Summit listed as loss payee, in force at funding. Titled vehicles also need the standard liability limits. Send the certificate to your banker and it is handled.
What if I want to add a second machine in six months?
We can set up an equipment line of credit instead, so you get approved once for a total amount and draw against it per purchase. Each draw becomes its own fixed schedule at the rate in effect that day.
Does the loan affect my working capital line?
It uses part of your overall borrowing capacity, but because the equipment secures itself, it eats far less of that capacity than an unsecured draw would. That is a big reason not to run a machine purchase through the line.
Send us the quote
Email the dealer invoice or auction listing and a banker will come back with a payment and a term.