Equipment Financing and Vehicle Loans & Leases

  • Equipment financing

    Standard term loan for buying equipment. Minimum $25,000.

    Buy or lease equipment with a revolving line of credit that allows you to make multiple purchases over time. Minimum $50,000.

  • Vehicle financing

    Finance automobiles, vans, light trucks and commercial trucks and trailers—with competitive rates and flexible terms.

    Standard term loan for buying light and commercial vehicles such as automobiles, vans, trucks and trailers. Minimum $25,000.

    Lease purchase: Lease commercial-purpose vehicles and take ownership at the end of the term for $1. Minimum $25,000.

    TRAC lease: Lease commercial-purpose vehicles with the option to buy the vehicle at the end of the term at a predetermined price and no mileage restrictions. Minimum $25,000.

  • Agriculture equipment Purchase equipment with flexible repayment terms for customers with seasonal revenues. Loans starting at $25,000. Learn more about farm loans
    • Supported by a specialized agriculture lending team
    • Maximum term up to 7 years
    • Bank of America is a preferred lender of the Farm Service Agency (FSA) Guarantee Program
  • Medical and professional practice equipment Comprehensive financing for everything from installation to training and equipment costs. Quick credit decisions on loans up to $300,000. Learn about practice financing
    • Preserve working capital with 3- or 6-month deferred payment options
    • Tax returns or financial statements are not required for most equipment purchase situations
    • Flexible payment structures with terms up to 10 years to meet

      your needs

    • Up to $10,000 travel reimbursement for consulting
  • We finance a wide variety of equipment, for example:

    • Light-industrial equipment such as packing machines and office equipment
    • Heavy-industrial equipment such as conveyor belts, printing presses and stationary machinery
    • Commercial vehicles (typically greater than 2.5 tons) such as heavy trucks and trailers

    This is by no means a comprehensive list. Request a callback to talk to us about the specific needs of your business.

    A leasing arrangement that allows you to assume ownership of the equipment or vehicle at the end of the term for $1.

    The term “true tax lease” is an Internal Revenue Service classification that helps define the tax benefits to the lessor (the owner of the equipment) and the lessee (the individual or business leasing the equipment). The lessor receives any owner-related tax benefits such as depreciation or tax credits. The lessee benefits, too, by being able to claim lease payments as an operating expense which, in turn, lowers taxable income.

    A TRAC (Terminal Rental Adjustment Clause) lease is designed specifically for financing heavy-duty vehicles such as trucks, tractors and trailers. The lease allows you to buy the vehicle at the end of the lease term for a predetermined value, commonly known as the TRAC amount. If you choose not to buy the vehicle, we will sell it. If the sale price is more than the TRAC amount, we pay you the difference; if the sale price is less than the TRAC amount, you pay us the difference.

Category: Bank loan

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