Questions we get asked.
If the answer you need isn't here, send the application in and ask on the call. It costs nothing. For any term you run into, the glossary explains it in plain words.
Can I finance equipment without providing tax returns?
Yes. iFinancial Group finances equipment on a one-page application with no tax returns, no annual financial statements and no covenants to maintain. A bank asks for three years of returns because it is underwriting your entire balance sheet. iFinancial underwrites the equipment and the business operating it, which is a smaller question and typically a faster one.
How much can I finance on an application only?
There is no minimum, and up to $1,000,000 on the one-page application. Transactions above that are typically structured under a master lease rather than a single financing, particularly for multi-site rollouts or ongoing equipment programs where one approval covers repeated purchases.
How long does a decision take?
Terms are typically back within 24 hours, and often the same day. After the application comes in, iFinancial calls to confirm the equipment and anything underwriting needs, then sends terms to review. There is no obligation until you sign off on them.
What is the difference between a direct lender and an equipment finance broker?
A broker takes your application and shops it to a list of funding sources, which means your file gets pulled by several parties and the answer depends on whoever bites. iFinancial Group is a direct lender. The application is reviewed in house, the decision is made in house, and there is no third party to wait on. That is the reason decisions are typically same or next day.
It also changes what happens when a file does not work as submitted. A broker sends a decline email. A direct lender can call and talk about restructuring it.
Can I finance used equipment, or equipment I'm buying at auction or from a private party?
Yes. iFinancial finances new and used equipment purchased from a dealer, a private party or an auction. Auction purchases in particular tend to run on a clock, which is why the one-page application and the speed of the review matter more than they look like they should.
What if my business is less than two years old?
Newer businesses are handled under a separate program. Most banks and captive lenders decline on time in business alone without looking at the equipment or the operator, which is not how iFinancial reviews a newer file. Requirements vary by file, so the application is the fastest way to get a real answer.
How long does an approval stay good?
Approvals hold for up to 60 days. An approval is an offer iFinancial makes to you, not something you have agreed to, so you can get approved now and decide on your own timeline rather than anyone else's.
What kinds of equipment does iFinancial finance?
iFinancial works most in construction, manufacturing, technology, medical, fleet, agriculture and energy. That list is where the volume is, not a boundary. If your equipment isn't on it, it is still worth a call.
Can I finance a whole system rather than a single machine?
Yes, and one purchase order is rarely one machine. The machine, the controls, the material handling and the integration can be structured as a single financing rather than several separate approvals, any one of which could hold up the rest of the project.
Does iFinancial finance in all 50 states?
Yes. iFinancial Group is a nationwide direct lender operating in all 50 states.
How long has iFinancial Group been in business?
Since 1997, with roughly $600 million funded to date and close to thirty years of business built almost entirely on referrals and repeat customers. iFinancial Group is a member of the Equipment Leasing and Finance Association. Customers have ranged from a single machine at an independent shop to equipment programs for Fortune 500 technology manufacturers.
Can I write off financed equipment under Section 179?
Financed equipment can generally qualify for the Section 179 deduction in the year it is placed in service, which is why the timing of a purchase often matters as much as the price. The deduction limits and the phase-out threshold change annually. Confirm the treatment of your own purchase with your tax advisor.
Do I need a down payment to finance equipment?
Not with iFinancial Group. Many vendors want 20 to 50 percent at order, and that deposit is where a lot of equipment purchases stall. iFinancial can pay the vendor at order rather than only at delivery, so the deposit is part of the financing instead of coming out of your cash. How much is prefunded at order depends on the vendor's terms and the file.
Can I get working capital, not just equipment financing?
Yes. iFinancial Group also writes working capital loans that are not tied to a piece of equipment. Payments can be monthly rather than daily or weekly debits, and funding can happen as quickly as the same day. It starts with the same one-page application. If part of what you need is equipment, that piece can be financed on its own terms and the rest handled as working capital.
Will iFinancial put a lien on my whole business?
No. iFinancial files only on the equipment it finances. There is no blanket lien on your business, your receivables or your other assets. If you have a bank line, it stays open for everything else, because the equipment isn't drawing on it.
Can I end up in default even if I never miss a payment?
Not with iFinancial Group. Some shop and practice owners have learned that their bank loan put them in default because a number on their books moved the wrong way, even though every payment was current, and that the bank had to sign off before they bought any equipment at all. Nothing in iFinancial's paperwork works that way. Make the payments and the agreement is kept.
Do I have to personally guarantee the financing?
Not automatically. Every file starts on the one-page application and is reviewed on the business and the equipment first. On most files the goal is an approval without a personal guarantee. If a particular file needs one, you'll know before you sign anything, and the structure can be discussed.
Can I finance equipment I already bought?
Often, yes. If you paid cash for equipment, typically within the past 90 days, iFinancial can finance up to 100 percent of the invoice and put that cash back in the business. Older purchases are worth asking about; the invoice and proof of payment are what the review usually works from.
How long are the terms, and can I delay the first payment?
Terms are typically 60 months and can run as long as 84 depending on the equipment and the file. Payments can often be deferred up to 90 days, structured as step payments that start lower and rise as the equipment goes to work, or a combination of both. The structure is set around the business, not the other way around.
Can I include installation, freight or training in the financing?
Yes. Soft costs such as freight, rigging, installation, software and training can be included in the financed amount, on many deals up to 30 percent of the total. The goal is one financing that covers what it actually takes to put the equipment to work, rather than a loan for the machine and a cash bill for everything around it.
What happens after I send the application?
The application comes to a person, not a queue. Someone from iFinancial calls to confirm the equipment and anything the review needs, and terms are typically back within 24 hours. The file is underwritten here. It is not sent out to a list of lenders. Nothing is owed and nothing is signed until you decide the terms work.