Equipment financing is funding for a specific business asset, such as construction machinery, kitchen equipment or clinical systems, typically secured by that asset and repaid over its useful life. Oakwick Lending Group, a small-business funding broker in Concord, NC, compares loans, leases and equipment finance agreements for Cabarrus County owners and introduces requests to lending partners, which decide and set terms.
| Designed for | A specific asset: machinery, vehicles, kitchen lines, clinical systems |
|---|---|
| Security | Usually the equipment itself |
| Structures | Loan, lease or equipment finance agreement (EFA), depending on the offer |
| Used equipment | Often financeable; age, hours and resale value matter |
| Cabarrus County context | 693 construction employer establishments (Census CBP 2023) |
| Who decides | A lending partner; Oakwick Lending Group only arranges |
| Address | 4 Union St S, Concord, NC 28025 · (980) 352-5260 |
How equipment financing works
It starts with a machine you have picked and a written quote for it. A partner reviews the business and the asset, then pays the seller or reimburses you, and you repay over a term usually matched to how long the equipment stays productive. Because the equipment secures the debt, partners care about what it would be worth if it had to be repossessed and resold. Standard, widely traded equipment is easier to finance than custom builds.
A down payment is common, and the amount depends on the partner, the asset and the business. A larger down payment lowers the amount financed and the total interest. The construction equipment payment calculator shows the monthly payment and the total cost, including the down payment, for figures you enter.
Loan, lease or EFA
| Equipment loan | Lease | Equipment finance agreement | |
|---|---|---|---|
| Owner while payments run | You, with the lender's lien | The lessor | The business owns it; the funder holds a security interest |
| At the end | Lien released once paid | Return, renew or buy at the price the lease sets | Ownership is yours once paid |
| Often chosen for | Long-lived assets you will keep | Technology that ages quickly, or flexibility | A simple schedule with fewer loan formalities |
Leases come in several forms. Some end with a nominal purchase price, which behaves much like a loan; others end with a purchase at fair market value or a return. The tax treatment differs between structures, so confirm it with your accountant rather than assuming one is cheaper.
Equipment loan or a line of credit?
An equipment loan is tied to one asset and usually has a fixed payoff date. A credit line, by contrast, revolves and can pay for almost anything. Using a credit line to buy a long-lived machine ties up the limit you may need for payroll and materials, and the asset still has to be paid off. As a rule, buy the asset with asset financing and keep the line for running costs. Term loans cover larger projects that are not a single piece of equipment.
Assets Cabarrus County, NC businesses commonly finance
Construction is the county's second-largest sector by employer establishments, with 693 in 2023, of which 493 were specialty trade contractors (U.S. Census Bureau, County Business Patterns 2023). Their typical requests are compact track loaders, skid steers, mini excavators, trailers and work vans. Restaurants and other eating places numbered 429, and their needs run to hoods, walk-in coolers, ranges and point-of-sale systems. Offices of physicians (83) and dentists (81) finance imaging, operatory chairs and practice software.
- Contractor and construction financing
- Restaurant and food service financing
- Medical and dental practice financing
Work vehicles for a contractor or a service business can be financed this way. Commercial trucking fleets are outside what our partners have confirmed they fund, so we do not take those requests.
New or used equipment
Used equipment can often be financed, but partners look harder at age, hours, condition and the seller. A private-party sale may need an inspection or an appraisal and proof that no existing lien sits on the item. Terms on older equipment tend to be shorter, which raises the payment even when the price is lower. Compare the total cost of a used machine with a new one on a longer term before deciding.
Before an install or a build-out
Some equipment depends on the space it goes into. A commercial kitchen hood, a dental suite or a paint booth may require permits and inspections before it can be used. In Concord, NC, the city's Small Business Permit Guide advises a business that is constructing or upfitting to contact the Plan Review staff first (City of Concord website, accessed 2026-10-16). Zoning and permits before you lease explains why that conversation should come before the equipment order.
What partners review
- The seller's quote with make, model, year, price and, for used items, hours or condition
- Business bank statements and, for larger amounts, tax returns and financial statements
- Time in business and existing debt payments
- The owners' credit history and a personal guarantee
- Proof of insurance on the equipment once it is delivered
How a request moves describes each step. Our Concord, NC page has county data and local contacts.
By Oakwick Lending Group · Updated