Key Takeaways
- Equipment financing uses the equipment as collateral — not your immigration status
- No green card required — EAD and US entity are sufficient
- Available for trucks, medical equipment, restaurant gear, machinery, and more
- Lower rates than unsecured working capital because of collateral security
- 48-hour decisions
Equipment financing is one of the most accessible forms of business credit for asylees — and it works for a simple reason: the equipment you're buying is the collateral. A lender who provides $80,000 to buy a commercial truck can repossess and sell that truck if the loan isn't repaid. The lender's exposure is tied to the truck's value, not to your immigration timeline. This makes immigration status much less important in equipment financing decisions.
How Equipment Financing Works Without a Green Card
The process is straightforward: you identify the equipment you need (truck, dental chair, CNC machine, commercial oven), get a vendor quote, and apply for equipment financing. Bankable reviews your application, verifies your EAD and US entity, and evaluates the equipment's value and your ability to repay from business revenue. Approval within 48 hours; funding within 3-7 days after contract signing.
Equipment Categories Available
- Commercial vehicles: Class 8 trucks, cargo vans, refrigerated vehicles, trailers, buses
- Medical equipment: Dental chairs, imaging systems, diagnostic analyzers, surgical tools
- Restaurant equipment: Commercial ovens, walk-in coolers, hood systems, POS hardware
- Construction equipment: Excavators, forklifts, compactors, concrete mixers, lifts
- Manufacturing machinery: CNC machines, lathes, packaging lines, injection molds
- HVAC and trade equipment: Service vehicles, specialized diagnostic tools
- Technology: Server hardware, medical devices, point-of-sale systems
New vs. Used Equipment
Both new and used equipment qualify for financing. New equipment is financed at full purchase price with a dealer invoice. Used equipment requires a professional appraisal to determine current market value — financing is based on appraised value, not the seller's asking price. Bankable funds new and used equipment equally.
Down Payment Requirements
Equipment financing typically requires 10-20% down payment. For a $100,000 truck, you would need $10,000-$20,000 out of pocket. The down payment demonstrates commitment and reduces the lender's exposure. For very strong applicants, some equipment can be financed at 100% (no down payment).
Frequently Asked Questions
Yes. Equipment financing is secured by the equipment, making immigration status less critical. EAD, US entity, business revenue, and a vendor quote or equipment specification are the primary requirements.
Typically 10-20% of the equipment's value. For some applicants with strong revenue and credit, 0% down may be available.
Yes. Used equipment in good condition with a professional appraisal qualifies. The financing is based on appraised value.
Bankable funds equipment from $10,000. For very small equipment purchases, working capital may be more efficient than formal equipment financing.
24-60 months typically. Longer terms mean lower monthly payments but higher total interest. Term length depends on the equipment's useful life.
The lender can repossess the equipment if you default. This is standard for any secured loan. Communicate early with Bankable if you're experiencing difficulty — workout options may be available.
Yes. Equipment that generates rental income qualifies. The rental income is part of your qualifying business revenue.
Yes. Bankable finances US-based business equipment. The equipment must be used in US business operations.