First American Bank has equipment loans that are customized and flexible — designed for all types of equipment and business needs. There are two main types of Equipment Loans from which to choose:
If you know you're going to have a one-time purchase of a piece of equipment, this type of loan may be right for you. 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 5 year amortization.
- Floating — your principal payment stays the same, but your interest payment changes with market conditions. Amortization can be up to 5 years.
First American can finance up to 100% of the purchase, depending on your needs and circumstances.
Lines of Credit
If you have ongoing equipment needs, then our Equipment Line of Credit was designed just for you. With this line of credit, you don't have to take out an equipment loan every time you make a purchase. We'll work with you to determine the amount and length of the loan you need as well as the fixed principal payment to be made each month. Then, when you want to purchase equipment, all you have to do is fax the invoice to your account officer. As long as you have money available on your line of credit, we'll advance the funds to your company's account or send a check directly to the equipment dealer. And, as the principal is repaid via your monthly payments, the funds can be re-borrowed.