Flexible financing for everything from vehicle fleets to factory machinery
At First American Bank, we know the engines of industry often require some financial fuel. With our Equipment Financing solutions, we can finance up to 100% of equipment costs. Whether you're making one big purchase or expect to have ongoing needs, we have the right financing option for you.
This is often the preferred choice for a one-time purchase of a piece of equipment. You get a lump-sum disbursement and a choice of two types of payment methods:
- Fixed: The rate is locked in at the current market rate. Your payments are fixed based on the time frame you choose, up to a five-year amortization.
- Floating: Your principal payment stays the same, but your interest payment changes with market conditions. Amortization can be up to five years.
This could be the best solution if you have ongoing equipment needs. With this line of credit, you don't have to take out an equipment loan every time you make a purchase.
- First American will work with you to determine the amount and length of the credit line you need as well as the fixed principal payment to be made each month.
- When you want to purchase equipment, just forward the invoice to your account officer.
- As long as money is available on your credit line, we will advance funds to your company's account or send a check directly to the equipment dealer.
- As the principal is repaid through monthly payments, the funds can be re-borrowed.