Equipment financing funds a specific machine, vehicle or system, usually secured by the equipment itself, through a loan, a lease or an equipment finance agreement. Mesaside Advances, a small-business funding broker in Cheyenne, Wyoming, helps Laramie County contractors, restaurants and medical and dental practices compare those routes for new or used equipment. Lending partners decide and set rates and terms.
| Pays for | Machines, work vehicles, kitchen lines, clinical and office systems |
|---|---|
| Routes | Equipment loan, lease, or equipment finance agreement (EFA) |
| Usually secured by | The equipment being bought |
| Laramie County sectors | 355 construction and 243 ambulatory health care employer establishments in 2023 (Census CBP 2023) |
| Who decides | The lending partner, not Mesaside Advances |
| Office | 1900 Thomes Ave, Cheyenne, WY 82001 · (307) 368-2257 |
How equipment financing works
You choose the equipment and get a quote. A partner funds the purchase, often paying the seller directly, and takes a security interest in the equipment. You make fixed payments over a term that should be no longer than the equipment's useful life. When the last payment is made, the equipment is yours (with a loan or EFA) or you choose an end-of-lease option (with a lease).
Because the equipment backs the deal, partners look at what it is, whether it holds resale value, and whether it is new or used, alongside the business's revenue and credit.
Loan, lease or equipment finance agreement?
| Equipment loan | Lease | Equipment finance agreement (EFA) | |
|---|---|---|---|
| Who owns it during the term | You, with the partner's lien | The lessor | You, with the partner's security interest |
| End of term | Lien released | Return, renew or buy, per the lease | Equipment is yours |
| Upfront cost | Often a down payment | Often first payment and deposit | Varies by partner |
| Fits | Long-lived equipment you will keep | Equipment that dates quickly or that you may upgrade | Owning without a traditional note |
Lease end options vary. A fair-market-value lease ends with an option to buy at the equipment's value then; a nominal buyout lease is closer to a purchase. Tax treatment differs by structure, so check with your accountant before choosing.
New or used equipment
Used equipment can cut the price, and many partners finance it, though often over a shorter term and with closer review of age, hours and condition. Bring the serial number, year, hours or mileage and an inspection report if you have one. Private-party sales usually need extra paperwork, such as proof the seller owns the equipment free of liens.
Equipment loan or line of credit?
An equipment loan is tied to one asset and paid back over its useful life. A line of credit is better for smaller, repeated purchases, such as hand tools or replacement parts, and for costs that are not equipment at all. Using a line for a large, long-lived purchase can tie up the limit for years. When the cost combines construction work, fixtures and some equipment, a term loan may cover the whole project better.
Equipment common to Laramie County sectors
Three of the sectors our partners cover depend on equipment. Laramie County had 355 construction employer establishments, 243 ambulatory health care employer establishments (the category that includes physician and dental offices) and 164 restaurants and other eating places with paid employees in 2023 (U.S. Census Bureau, County Business Patterns 2023).
- Contractors: excavators, skid steers, trailers, compressors, and work trucks or vans used on job sites. See contractor and construction financing.
- Restaurants: ranges, hoods, walk-in coolers, dish machines and POS systems. See restaurant financing.
- Medical and dental practices: imaging, dental chairs, sterilization equipment and practice software. See medical and dental practice financing.
Partners we work with do not cover agriculture or trucking fleets. Other sectors are listed on the industries page.
What partners usually review
- The equipment quote or invoice, with make, model and price
- For used equipment: year, hours or mileage, condition and seller details
- Recent business bank statements and, for larger amounts, tax returns
- How long the business has operated
- Credit for the business and often the owners
Reading an equipment offer
- The payment, the term and the number of payments
- Any down payment, deposit or first-and-last payment required
- Fees for documentation or origination
- End-of-term terms for a lease: purchase price, return conditions, renewal
- Insurance you must carry, and who is named on it
A start-up buying its first equipment may have fewer options than an established business; ask what partners review before you send the request.
Where Mesaside Advances fits
We help you decide between a loan, a lease and an EFA, gather the quote and equipment details, and send the request to partners that finance that kind of equipment. How a request moves explains each step, and local business data is on the city page.
By Mesaside Advances · Updated
