f.a.q.

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Sky Equipment Funding

What are the rates and monthly payments?

Sky Equipment Funding uses risk-based pricing. This means we have the ability to approve virtually any business. Rates start at 2.6% APR and are adjusted depending on the risk of default. Of course, most clients would like to estimate their rate prior to applying. Unfortunately, due to the complexity of business loans, it is not possible to estimate rates or payments without completing a credit application. It would be a disservice for any lender to tell you their lowest rate, when they have no idea if you can actually qualify for it. 

While the majority of the risk (and thus the interest rate) is determined by your company’s credit standing, numerous other factors affect your APR and payments. These factors include personal and business credit scores, prior payment history, depth of credit, amount of debt, age of credit, number of credit lines, type of equipment, industry, criminal record, child support, bankruptcies, repossessions, foreclosures, judgements, length of time in business, revenue, profit, retained earnings, down payment amount, value of assets, and many others.

What kind of down payment is required?

The majority of the loans we provide require no down payment. There are some programs that require a small down payment. The exact amount required varies and is determined by numerous factors, including business credit, personal credit, time in business, depth of credit, revenue, profit, cash reserves, and many others.

What types of equipment do you finance?

There are virtually unlimited kinds of commercial equipment out there, and we finance them all. It is extremely rare for us to reject any type of equipment.

Does Towing Loan finance used equipment?

Yes! In most cases, Sky Equipment Funding is able to finance used equipment. Ask your Sky Equipment Funding finance professional for more details.

How many years can I finance my equipment for?

Term lengths tend to vary, depending on the program. The most common term Sky Equipment Funding provides is five years. The longest loan term Sky Equipment Funding offers is seven years on equipment and 30 years on real estate loans. 


Can you finance start ups or pre-revenue companies?

Yes! We have several options for brand new companies, including pre-revenue companies. Towing Loan can provide loans to companies the same day they are incorporated. 

Does Sky Equipment Funding finance companies that have credit issues?

Definitely! Sky Equipment Funding knows most businesses experience a rough patch at one point or another and are sometimes not able to pay their bills on time. Sky Equipment Funding loves to help businesses recover from tough situations. Many of our long-term clients started off with various situations that caused them to be turned down by several banks prior to us providing the financing they needed. Sky Equipment Funding uses risk-based pricing, which allows at-risk businesses to get money when they need it most.

What documents are required for a loan application?

In a lot of cases, the only document we require is a driver’s license. If you are not able to provide bank statements or tax returns, Towing Loan can still help you obtain your loan. Talk to your loan officer about your unique situation.

Can you finance a business with no credit history?

Yes! While not every loan is available to businesses with no credit, Towing Loan provides several alternative financing options that allow for businesses and owners without a prior credit history.

Does Sky Equipment Funding give personal loans?

Sky Equipment Funding does not provide personal loans. However, there are some personal credit card options for which we may be able to help you get approved for through one of our affiliate banks.

How long has Sky Equipment Funding been providing commercial funding?

Sky Equipment Funding parent company GU Loans has been helping businesses grow and prosper by providing commercial funding solutions for over a decade.

Can I get financed if I owe back child support?

It depends. Child support in and of itself will not prevent you from obtaining financing. If you owe back child support, we may still be able to help, provided that the balance is small and there is a payment plan in place.  

Is Sky Equipment Funding a lender or broker?

Sky Equipment Funding is both a licensed lender and a licensed broker. This means that if we cannot help our clients directly, we can use our inter-banking relationships with over 300 financial institutions to seamlessly arrange financing for your company.

What types of loans does Sky Equipment Funding provide?

We do them all! There are simply too many options to list. If it is business-related financing, chances are Towing Loan can help you. Talk to your loan officer about your unique situation.

Does the financing provided by Sky Equipment Funding qualify for section 179 tax breaks?

Some of the financing Towing Loan provides qualifies for section 179 tax breaks. Sky Equipment Funding does not provide tax advice and strongly recommends talking to your CPA about your particular situation. Your Sky Equipment Funding loan officer can then answer any questions you or your CPA may have, in order to help determine the best financing options for your company. 

Where is Sky Equipment Funding located?

Sky Equipment Funding is located in Michigan. Our address is: Sky Equipment Funding C/O GU Loans, 100 Galleria Officentre, suite 420, Southfield, MI 48034.

What states does Sky Equipment Funding service?

Sky Equipment Funding provides financing in all 50 states and some parts of Canada. Due to local regulations, some financing products may not be available in all areas. 

How do I apply for a loan?

There are three main options. 1. Over the phone. 2. Online at www.Skyequipmentfunding.com 3. At the vendor from whom you are purchasing the equipment.

How long does it take to get approved?

Our approval times are extremely fast. The exact time depends on the type of loan you are trying to obtain. Some approvals are instant, while others may take a few hours.

Can I borrow money using my free-and-clear equipment as collateral?

Yes, but not always. Please consult your Sky Equipment Funding loan officer to see if your request qualifies.

Does Sky Equipment Funding provide commercial real estate loans?

Yes! Sky Equipment Funding will finance virtually any commercial property in the United States. Sky Equipment Funding also provides financing for investor residential properties, such as rentals and fix-and-flips. However, Towing Loan will not provide financing for any property in which the owner resides. 

Does Sky Equipment Funding finance commercial equipment?

Yes! Sky Equipment Funding can finance virtually any commercial equipment. Sky Equipment Funding has hundreds of equipment financing programs to fit the needs of your business.

Does Sky Equipment Funding lend money without collateral?

Yes! We have numerous loan products available that do not require collateral.

How can Sky Equipment Funding give me money when my bank turned me down?

Banks tend to have complex guidelines that are designed to help only very strong, low-risk businesses. While Sky Equipment Funding provides these types of loans as well – and typically at a rate lower than your local bank – we also have an extremely diverse portfolio of programs that are risk-based and individually tailored. This means we can almost always help you when your bank cannot.

What is the best type of loan for my company?

Sky Equipment Funding has literally hundreds of programs. Each one is specifically designed to fit particular credit scenarios or equipment types. There is no one best loan option that works for every situation. You should, therefore, schedule a free consultation with one of our loan officers to find out which option is best for you.

Does Sky Equipment Funding offer loans with no payments for 120 days?

Yes! Sky Equipment Funding has loan programs that require no payment for up to 120 days.

Does Sky Equipment Funding offer loans to nonprofit organizations or churches?

Yes! Sky Equipment Funding offers several programs for both nonprofits and religious institutions.

Is Sky Equipment Funding owned by my equipment vendor?

No! However, many vendors refer their clients to Sky Equipment Funding, in order to provide their clients with easily obtainable financing, great rates, and the best customer service in the industry. So if your vendor referred you to Sky Equipment Funding, there is a good reason for that!

Is Sky Equipment Funding owned by my bank?

Sky Equipment Funding is not owned by the bank that referred you to us. Many banks know they cannot help every client because of the highly restrictive guidelines under which banks are forced to operate. Sometimes the only way the loan officer or your bank can help you is by referring you to us. Towing Loan is honored every time a competitor refers their client to us.

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