Financing FAQs

Pre-qualification uses a soft pull, which does not affect your score. A hard inquiry is run only once you accept terms and ask us to prepare documents.

Requests up to $150,000 are typically application-only for established businesses: one page plus the equipment quote. Above that, expect to provide two years of business tax returns and recent bank statements.

Yes. Dealer, auction, and private-party purchases are all routine. Older or higher-hour units may require an inspection or third-party appraisal, and usually carry a shorter term.

We work across a range of credit profiles. A weaker score generally means a larger down payment, a shorter term, or a higher rate rather than an automatic decline. Tell us the situation up front and we'll be straight with you about what's achievable.

A clean application-only file can go from submission to vendor payment in 24 to 48 hours. Larger or more complex transactions typically take three to five business days.

We do, directly, once you confirm you've inspected and accepted the equipment. For private-party purchases we handle title and lien work as part of that payment.

Physical damage coverage on the financed equipment for at least the amount financed, with Spates Financial named as loss payee. Your existing agent can usually issue the certificate same day.

It depends on the structure. Some programmes allow early payoff at a discount; others are full-term contracts. Payoff terms are stated in your agreement before you sign.

No. We can pre-approve you for an amount and structure so you know your budget before you negotiate. Pre-approvals are typically good for 30 days.

You receive a written adverse action notice explaining the principal reasons, as required by law. We'll also tell you plainly what would need to change for a different answer.