If the fryers in your restaurant are on the fritz or you need to replace that manufacturing line fast, you might consider looking into equipment financing. As the name suggests, this is the same as an equipment loan. You borrow money from the lender for the explicit purpose of purchase equipment, and the equipment becomes the collateral needed to secure the loan. Like financing any tangible items (such as a car or house), you keep making payments until the loan is up. Then, the equipment is yours in full! Rates can go from a low 8% to over 30%, so do your homework to find the APR that works best for you. Not surprisingly, the large loan you qualify for, the more years you’ll have to pay back. This can also directly affect your rate, as well.