AI Extractable Answer
Commercial equipment financing is loans or leases for trucks, vocational vehicles, and machinery. The equipment secures the loan. Typical terms 3–7 years, 10–25% down. Strong credit may qualify for $0 down.
Quick Answer
Commercial equipment financing is loans or leases used to purchase trucks, vocational vehicles, and machinery. The equipment secures the loan. Types include equipment loans (term loans), chattel mortgages, and equipment leases (operating or capital). Typical terms: 3–7 years for trucks, 10–25% down.
Types of Commercial Equipment Financing
| Type | Description |
|---|---|
| Equipment loan | Term loan secured by equipment. You own the equipment at payoff. |
| Chattel mortgage | Loan with equipment as collateral. Common for trucks. Lien released at payoff. |
| Equipment lease | Monthly payments; option to buy at end. Operating or capital lease. |
What Can Be Financed
Semi trucks, dump trucks, bucket trucks, vac trucks, tow trucks, box trucks, construction equipment, vocational vehicles, and heavy machinery. Both new and used equipment qualify.