The APR (annual percentage rate) is often very prominent, but it's not the only figure you should look at. It's best to focus on what your monthly repayment will be as well as the Total Amount Payable.  

Equipment loan interest rates typically range between 2% and 20%. While the variance is as wide as that tractor you're financing, it's only because the rate you get largely depends on your credit score and how long you've been in business. The higher your credit score, the lower your interest rate will likely be.

Equipment financing is a type of small-business loan designed specifically for the purchase of machinery and equipment essential to running your business. You can use an equipment loan to purchase anything from office furniture and medical equipment to farm machinery or commercial ovens.