Documents needed for equipment financing
What lenders usually ask for, from the smallest deals to the largest. Tick off what you have, print it, and keep it with your paperwork.
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How much paperwork to expect
It depends on the deal size, your credit, your time in business and the lender. Some lenders fund smaller deals on an application alone. Others want bank statements. Larger deals usually need a full financial package, including tax returns and financial statements.
Why gather it early
- A complete file moves faster than one with missing pages.
- Sellers often will not hold a machine for long.
- You catch problems first, like a business name that does not match your EIN.
Tips that help
- Save everything as PDF, one file per document, with clear names.
- Send every page of a bank statement, even the blank ones.
- Make sure the names match across your application, your EIN, and your bank account.
- Get the equipment's serial number or VIN early. Deals often wait on it.
What the form asks for
- Your deal: Business name; Equipment.
- Almost every deal: Completed credit application; Driver's license for each owner; Quote, invoice or bill of sale for the equipment; Photos of the equipment, if it is used; Business name and EIN, exactly as the IRS has them.
- Many deals also ask for: Recent business bank statements; Voided business check, if payments will auto-debit; Articles of organization or incorporation; Operating agreement or corporate bylaws; Insurance agent's name and phone, for the certificate.
- A full financial package: Two years of business tax returns; Two years of personal tax returns; Year-to-date profit and loss; Year-to-date balance sheet; Business debt schedule; Personal financial statement; Contracts or work lined up that the machine is for, if any.
A general guide. Each lender and each deal is different.
Common questions
What do I need to apply for equipment financing?
To start, usually an application, a driver's license, and a quote or invoice for the equipment. Depending on the deal, a lender may then ask for bank statements, tax returns or financial statements.
Can I get equipment financing without tax returns?
Often yes on smaller deals. Some lenders go by the application, credit and bank statements. Larger amounts usually need returns. Each lender sets its own lines.
How many months of bank statements do lenders want?
Three months is common, but some ask for more. Use the lender's number, and send every page.
What is a full financial package?
Commonly two years of business and personal tax returns, a year-to-date profit and loss and balance sheet, a debt schedule and a personal financial statement. You can fill in the last two here.
Do I need the insurance before I am approved?
Usually not, but the lender typically needs proof of coverage before funding. Have your agent's details ready so the certificate does not hold things up.
Buying equipment and need financing? Apply here.
More documents
Equipment or vehicle bill of sale · Personal financial statement · Equipment condition report · Business debt schedule · Promissory note · Equipment rental agreement · Lease-purchase checks · LLC operating agreement · All documents