What type of equipment does TriQuest finance?
We finance most types of business equipment, including manufacturing machinery, office equipment, material handling equipment, restaurant equipment, walk-in coolers, and trailers. We offer 100% financing and include soft costs such as sales tax, shipping, and installation.
What is the minimum and maximum dollar amount that TriQuest will lend?
We finance business equipment purchases of $5,000 up to $1 Million.
We also lend $10,000 to $100,000 for working capital.
What are the current interest rates?
Our rates vary depending on the type of equipment, the amount, the term and credit profile, but rates are always competitive and usually substantially lower than credit cards and online lenders.
We do not use a one-size-fits-all approach. Instead, we specialize in creating financing plans that fit the needs of small businesses like yours.
What length of terms are available?
Our standard equipment loans generally carry a 24-to-60-month term.
Our working capital loans are usually established with a 6-to-18-month term.
Will my loan require a personal guaranty?
Some companies that have been in business for several years and have well established credit histories may be approved "corporation only." Most loans or leases will require a personal guarantor as a precautionary step that we take to enhance the assurance of loan repayment. Here are a few reasons why we might ask for a personal guarantor:
1. Risk Mitigation: Having a personal guarantor adds an extra layer of security for us as the lender. If the business encounters difficulties repaying the loan, the personal guarantor steps in to take responsibility for the debt. This helps lower our risk, improves the chances of approving the loan and helps us provide the lowest cost of borrowing to the borrower.
2. Credit Worthiness: If the borrowing business has a limited credit history, bringing in a personal guarantor with a stronger financial profile can strengthen the overall credit worthiness of the loan application. This can lead to more favorable loan terms and conditions.
3. Business Viability: For small businesses or startups, having a personal guarantor can provide reassurance about the financial stability of the venture. It shows that there is additional support and commitment from someone with a vested interest in the success of the borrowing business.
In essence, requiring a personal guarantor allows us to minimize risk, enhance the overall credit profile of the loan, and increase the chances of successful repayment.
What is required to apply for an equipment loan?
To apply for a business equipment loan, you will need to fill out the online application or contact us for paper credit application to be snail mailed to you. We will ask for information about both the borrowing business as well as the principal(s)/owner(s) of the business. You may also download our form fillable PDF application by clicking here and email it back to info@triquestcapital.com.
Once approved, we will require proof of identification (photo of Driver's License), and contact information for each personal guarantor on the loan.
We will also need an invoice for the equipment being purchased. The loan documents will be sent electronically and can be digitally signed from a smart phone or computer.
Do loans require insurance coverage on the equipment?
You probably already have an existing policy that covers the contents of your place of business and will cover your new equipment. Requiring verification of your insurance coverage on the equipment in a loan is a standard practice for equipment finance companies, and it serves multiple important purposes:
1. Asset Protection: Insurance coverage safeguards the financed equipment against potential risks such as theft, damage, or loss. This protection ensures that the asset maintains its value over the course of the loan, reducing the financial impact in case of unforeseen events.
2. Loan Security: In the event of damage or loss, the insurance pay out can contribute to covering the outstanding loan balance.
3. Compliance with Loan Agreement: Insurance requirements are typically stipulated in the loan agreement. Ensuring that the equipment is adequately insured is a contractual obligation that you agree to fulfill. Non-compliance could result in default, leading to potential legal and financial consequences.
4. Business Continuity: In the event of equipment damage or loss, insurance coverage facilitates the timely replacement or repair of the equipment. This contributes to the continuity of your business operations, minimizing disruptions caused by unforeseen events.
In summary, requiring insurance coverage on financed equipment is a risk management strategy that protects your interests as well as ours. It ensures the continued value of the collateral and provides financial security in the face of damage or loss of the equipment.
How long does the loan process take?
We work at the speed of our customers. Much of the time we can complete our approval process within a day of receiving a complete application, and we can fund the loan the same day we receive the signed loan agreement.
How long will it take for my loan to be funded?
Once we've completed the transaction on our end, the timeframe for the disbursement of funds varies based on the payment method chosen by the vendor.
Real Time Payments and Wire transfers are expedited, with a processing period of 1-2 hours. Transactions involving Automated Clearing House (ACH) take 24-48 hours.
When is the first loan payment due?
Your first payment is due approximately one month after your loan closes. The actual due date varies, based on the date that your loan is funded.
Can borrowers pay the loan off early?
Often there are discounts applied should you desire to pay off your loan early.
Does TriQuest provide financing programs for businesses to offer their customers?
Yes. If your company sells new or used business equipment valued between $5,000 and $200,000, we will personalize an equipment financing vendor program for you. We will personalize an equipment financing vendor program that helps increase sales and fits seamlessly into your existing operations.
What is the best way to contact TriQuest?
It's easy! Contact us five days a week. Just call us at 504-361-5955 or 800-927-6081
Our Office Hours are:
8 a.m. - 5 p.m. Central Time, Monday through Thursday
8 a.m. - 4 p.m. Central Time, Friday
One of our finance specialists will happily answer any questions you may have.
You may also email your questions by clicking here.
