Equipment Loans
Get the equipment you need to do great work.
Do Great Work
Equipment loans are for the heavy duty machines that make your job easier–like lawn mowers, snow blowers, plows, equipment trailers, and tractors. Meridia offers equipment loans to help you get the job done faster.
Benefits
- Finance the piece of equipment for your growing business rather than using cash or working capital.
- The equipment serves as collateral.
- Finance 100% of the value at a fixed rate term.
A member of Meridia who owns a landscaping business wanted to grow his business. A Meridia Equipment Loan helped him buy better tools, enabling him to continue doing quality work but in less time, thereby increasing the amount of work he could do and money he could make.
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Rates
| TERMS | APR |
|---|---|
| Up to 60 months | As low as 8.29% |
| 61-75 months | As low as 9.79% |
Max LTV is 100% for equipment loans. APR = Annual Percentage Rate. The loan rate will be determined by your credit score. Rates start at 8.29% APR for loan terms up to 60 months (60 monthly payments of $20.43 per $1,000 borrowed). |
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Calculator
The accuracy of our calculators and their applicability to your circumstances are not guaranteed. You should consult with a qualified professional regarding your particular circumstances.
Fees
| DESCRIPTION | FEE |
|---|---|
| Loan Late Charge | $29 each |
| Returned Loan Payment Check | $29 each |
Frequently Asked Questions
Can I take a loan out for equipment for my business?
If an equipment purchase is intended to be used for your business, there is a maximum aggregate loan amount of $50,000.
Do you allow Business Accounts?
We only open accounts for DBAs.
I am self-employed. What type of income verification do I need to provide?
If you are self-employed, we require two years of tax returns as income verification. Otherwise, two current pay stubs are sufficient if you are employed, or pension or social security benefit statements if you are retired.
When can I schedule an appointment to close my loan?
In addition to our Lobby Hours between 9am and 4pm Monday through Friday, we have Saturday loan closing appointments available to be scheduled between 9am and 12pm at our Southwestern Branch.
Is there a prepayment penalty?
No! If you pay the loan off early, not only is there no penalty, you save on the overall interest cost.
How long does the application process take?
Once we have all required documents, we can usually close your loan within 24 hours of approval.
How much can I finance?
You can finance up to 125% loan to value for Equipment loans.
Time for a
New Way
to Work…
…or a new snow plow, or equipment trailer.
Whatever equipment you need,
we can help.