Key Takeaways
- Equipment financing uses the equipment itself as collateral — not your immigration status
- No green card required — EAD and US entity are sufficient
- Trucks, restaurant equipment, medical equipment, and machinery all qualify
- Lower rates than unsecured working capital because of collateral
- 48-hour decisions
Equipment financing is often the most accessible form of business credit for asylee entrepreneurs — because the equipment itself secures the loan, reducing the lender's risk and the documentation burden. Unlike unsecured working capital, where the lender relies heavily on your credit and business history, equipment financing relies on the asset: a truck, a commercial oven, a CNC machine, a dental chair, a vehicle lift. The equipment is worth money regardless of your immigration status.
How Equipment Financing Works
Bankable structures equipment financing as a term loan secured by the equipment. You receive capital to purchase the equipment; the equipment serves as collateral. Repayment is over a fixed term — typically 24-60 months — with monthly or revenue-based repayment. If revenue-based, your payment fluctuates with your business performance. If fixed, you know exactly what you owe each month.
Equipment Categories We Finance
- Vehicles: Work trucks, cargo vans, delivery vehicles, trailers, forklifts
- Restaurant equipment: Commercial ovens, refrigeration, hood systems, fryers
- Medical equipment: Dental chairs, imaging systems, diagnostic analyzers
- Construction equipment: Excavators, lifts, compactors, concrete mixers
- Manufacturing machinery: CNC machines, lathes, packaging lines, injection molds
- HVAC/Plumbing: Service vans, specialized tools, recovery equipment
- Technology: Servers, medical devices, point-of-sale systems
Qualification
Minimum: $10,000/month in business revenue, 6 months operating, US entity, EAD, and a specific equipment purchase with a vendor quote. New equipment and used equipment (with appraisal) both qualify.
Frequently Asked Questions
Yes. Equipment financing is secured by the equipment itself — your immigration status is not the primary underwriting factor. EAD, US entity, and business revenue are what matter.
Any productive business asset: vehicles, machinery, medical equipment, restaurant equipment, construction equipment, technology. The equipment must be for business use.
Yes. Used equipment in good condition with a professional appraisal qualifies. The financing amount will be based on the appraised value.
Typically 10-20% down. The down payment demonstrates your commitment and reduces the lender's risk.
Typically 24-60 months. Longer terms lower monthly payments but increase total interest cost.
The lender can repossess and sell the equipment to recover the outstanding balance. This is standard for any secured equipment loan.
Sale-leaseback arrangements — where you sell equipment you own to a lender and lease it back — are available on a case-by-case basis.
Equipment financing has a slightly longer approval process because the equipment must be verified. Plan for 3-7 days from application to funding.