Equipment Financing – Summit Credit Union

The equipment secures itself, so the terms improve

Structure

Payments built around your calendar

A landscaper and a dental practice have nothing in common in February, and the amortization schedule should say so.

Seasonal skip payments Choose up to three consecutive months a year with no payment due, selected when the loan is written and free of charge. The term extends to match. Excavators, mowers, plows and boat lifts are almost always written this way.

Step-up schedules Pay a reduced amount for the first twelve months while a new machine works its way to full utilization, then move to the level payment for the rest of the term. Common on a second CNC or a second delivery route.

Interest-only start Some equipment takes 90 days to install, calibrate and staff. Interest-only for the first three months means principal does not begin until the machine is actually producing revenue for you.

We pay the vendor directly Funds go to the dealer against your purchase order, so the warranty registers cleanly in your name and you are never waiting on a reimbursement. Deposits already paid can be refunded to you at funding.

Soft costs rolled in Freight, rigging, installation, electrical hookup and operator training can be financed up to 15% of the equipment invoice. The money you actually spend getting a machine running belongs in the note.

Equipment line of credit Buying more than once this year? Get approved for a total amount and draw against it per purchase. Each draw converts to its own fixed schedule at the rate in effect that day, with one application behind all of it.

Terms by category

The term should end before the equipment does

We set length against how long the asset realistically earns; nobody should still be paying for a laptop in year six.

Equipment Maximum term Detail

Machine tools and production equipment 84 months Longest terms go to heavy, serviceable assets with a resale market

Construction and earthmoving 84 months Excavators, skid steers and attachments; seasonal skips available

Medical, dental and veterinary 84 months Chairs, imaging and lab equipment, including operatory buildout

Trucks, trailers and titled vehicles 72 months Box trucks, service bodies and dump trailers; title held as collateral

Kitchen and food service 60 months Ranges, hoods and walk-ins, plus the labor to set them

Technology and point of sale 36 months Short useful life, so the term stays short to match

Used equipment, any category Age plus term under 12 years Financed to 90% of appraised or invoice value

Amount range $10,000 to $500,000 Requests under $75,000 are decided on the application alone

Prepayment penalty None Pay it off after a good quarter and keep the interest

Rate depends on term, collateral type, time in business and credit history. All credit subject to approval. Physical damage insurance naming Summit as loss payee is required at funding. Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.

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Common questions

Auctions, insurance and second purchases

How fast can I get an answer? The auction is Thursday.

Requests under $75,000 are application-only and usually answered in one business day. We can issue a pre-approval with a dollar cap so you know your ceiling before you raise a paddle, and it stays good for 60 days.

Is this a loan or a lease?

A loan. You own the equipment from day one, we file a lien against it, and the lien releases when you pay it off. If your accountant has a specific reason to prefer a lease, say so early and we will structure it accordingly.

Can I buy from a private seller?

Yes, up to 90% of value on used equipment. We need a bill of sale, photographs, the serial number, and either a dealer quote on comparable equipment or a short appraisal for anything over $100,000.

Do I have to insure it?

Physical damage coverage with Summit listed as loss payee must be in force at funding, and titled vehicles also need standard liability limits. Send the certificate to your banker and that requirement is closed out.

Does this use up my working capital line?

It uses part of your total borrowing capacity, but because the equipment secures itself it consumes far less of that capacity than an unsecured draw would. That is exactly why a machine purchase should not run through your line of credit.

Send us the quote

Email the dealer invoice or the auction listing and a banker comes back with a payment, a term and a decision.

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