What is Camera Equipment Financing?
Many lenders offer options to upgrade your equipment without needing to take out a second loan, which allows you to avoid paying unnecessary bank fees for regular equipment updates. Another common feature of these loans is their inclusion of preferred vendors, businesses selling camera equipment who will offer you discounts depending on who you take out the loan with.
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Most camera equipment loans have fixed rates, which means you pay the same interest rate for the entire time you have the loan. Most lenders decide their rates on a case by case basis based on credit scores. Those with better credit scores get better rates because they are considered lower risk, and, for the same reason, start-ups pay higher rates than established businesses. A normal range of APRs on camera equipment loans is between 5-10%.
Credit requirements on camera equipment loans depend largely on the size of the loan. That being said, camera loans of any size are rarely given to borrowers with credit scores lower than 600. Lenders usually also require that the borrower have no outstanding tax liens and has not declared bankruptcy in the past seven years. There aren’t too many lenders offering camera equipment loans, but the few that do offer them nationwide. If your business needs camera equipment, consider a camera equipment loan to get the most from your financing.