As with any business loan, make sure you have the documents needed for the particular lender where you’ll be applying. The requirements for traditional lenders and online lenders are different, so the amount and type of documentation will vary depending upon the lender. For example, a loan at the bank may require a business plan while an online loan likely will not.

If you are seeking a loan at the bank, you will meet with a loan officer at the local branch. If you are working through the equipment dealer, they will likely be able to handle your application on site. If you pursue an online loan, that application will take place via their online website and possibly a phone call.

Whether you decide to purchase or lease business equipment, it makes sense to make sure you completely understand the terms and costs. Always take the time to read the fine print and make sure anything unfamiliar or difficult to understand is explained to you.