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How long does the Equipment Finance process take?

The duration of the equipment financing process from application to receiving funds can vary, but it typically follows a predictable timeline:

Minimum timeframe -about 4 days.

Maximum timeframe-about 2 weeks.

  1. Application Submission: This step involves gathering and submitting all necessary documents, including financial statements, business plans, and information about the equipment you wish to finance. This part can be swift if you have all your documents prepared, often taking just a few days.
  2. Review and Approval: Once your application is submitted, the lender will review your financial details, credit history, and the specifics of the equipment to be financed. Depending on the lender’s processes and the completeness and complexity of your application this should take 3-10 days.
  3. Documentation and Finalization: After approval, there will be a phase of finalizing the terms, signing contracts, and setting up payment schedules. This part of the process may 1-5 days.
  4. Disbursement of Funds: Once everything is signed and all conditions are met, the lender will disburse the funds. The time it takes for the funds to be available can vary, but it’s typically 1-3 days.

The most important part of the equipment finance process is the application itself. And no matter how quickly you want or need to get the process started, it is advisable to take all the necessary time needed to ensure your application is as strong as possible. An application is not merely numbers, it is a story that needs to be presented to a lender that will puts you in the most favorable light possible so that an underwriter feels confident in offering the loan.

Let BLF help you with your Equipment Financing needs.

BLF is here to assist you

Our goal is to provide you with expert help and guidance for you needs. Whether you need funding or business services for your trucking company, you are in reliable hands.

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