Looking for equipment financing in Sterling Heights? Equipment financing lets your business acquire machinery, vehicles, or technology by spreading the cost over time while the asset itself secures the loan.
Equipment financing
Equipment financing for business creates a loan secured by the asset you're buying. The machinery, truck, or tool becomes collateral, which typically makes approval easier than unsecured working capital because the lender can repossess and resell the equipment if payments stop. Most structures let you finance 80-100 percent of the purchase price, depending on the equipment's resale value and your company's financials.
Sterling Heights sits at the center of Michigan's automotive supply chain, and we work with tool-and-die shops along Mound Road and metal fabricators near the M-53 corridor who need CNC machines, welders, and stamping presses. We also broker equipment loans for HVAC contractors replacing truck fleets and medical practices in the Van Dyke corridor buying imaging systems.
Equipment financing
Lenders evaluate three pillars: the equipment's liquidation value, your business cash flow, and your credit profile. A small business equipment loan typically requires at least twelve months in operation, though startups sometimes qualify if the owner guarantees the note and brings a down payment. Manufacturing equipment with a strong resale market (think forklifts, commercial ovens, or construction excavators) underwrites more easily than custom or software-heavy systems.
Your business doesn't need perfect credit. Many equipment lenders approve files with scores in the mid-600s if the collateral holds value and your bank statements show you can cover the monthly payment. We review your scenario before submission so you know which lenders will compete for your file.
How it works
Start by calling (586) 366-7772. We'll ask what you're buying, the vendor quote, how long you've been in business, and whether you're leasing your building or own it. We don't need a formal application on day one, just enough detail to match you with the right equipment financing companies in our network.
Once you choose to move forward, we collect two years of business tax returns, three months of bank statements, a driver's license, and the equipment quote. We submit to multiple equipment loan companies simultaneously, then walk you through each offer's payment structure and balloon terms. Because we're a broker, not a lender, our job is to explain what the underwriter sees and help you pick the deal that fits your operation.
Equipment financing
A Fraser-based landscaping company recently needed a skid-steer and trailer package. The owner had been in business for three years, rented his shop on Fifteen Mile, and showed seasonal revenue swings. We placed the file with a lender who understood green-industry cash flow and financed the equipment over five years, aligning payments with the mowing season.
Another client, a machine shop on Schoenherr Road, wanted to add a five-axis mill. The shop had steady purchase orders from Tier-1 automotive suppliers, owned its building, and carried no other debt. We secured an equipment loan with a ten-percent down payment and a seven-year amortization, keeping monthly overhead manageable during model-year transitions.
Visit our Sterling Heights hub to explore how equipment financing fits alongside SBA 7(a) loans, working capital, and commercial real estate financing. We serve the entire service area from our office at 11080 Hall Rd, Sterling Heights, MI 48314.
Related programs
Serving the Sterling Heights area
We know which lenders fund which kinds of Sterling Heights businesses, and we position your file where it fits.
One local broker, many lenders, and no cost to apply.
Common questions
Why Sterling Heights owners trust Lakeridge Commercial Capital
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