Best Equipment Financing Companies

Find the Top 10 Equipment Financing companies in the U.S. Includes maximum loan amounts, terms, fees, and FAQs to help you make a decision.

Updated on September 6th, 2019

The SMB Guide is reader-supported. When you buy through links on our site, we may earn an affiliate commission. Learn more

Equipment financing refers to any loan or lease used for acquiring business assets, such as electronics, machinery, and vehicles. Compared to other loan types, equipment financing tends to be more cost-effective and easier for business owners to obtain.

Instead of purchasing equipment upfront, and paying yourself out of pocket, an equipment loan will provide you with monthly payments, at fixed interest rates, over a period of 6 months to 6 years.

The physical assets you purchase will serve as collateral for the loan so that if you default, the lender can repossess your assets. Once the loan is paid in full, you own the equipment.

Qualifying for an equipment financing loan depends on several factors, including your personal credit score, business operational history, and the equipment cost. Interest rates for equipment loans typically range between 5% and 30%.

Some lenders may require you to make a down payment of 10% to 20% of the equipment cost.

Best Equipment Financing Companies:

Our Rank

Equipment Finance Company

Loan Amount

1.

Lendio

$5,000 - $5,000,000

2.

Crest Capital

$5,000 - $500,000

3.

National Funding

Up to $150,000

4.

Reliant Funding

$5,000 - $500,000

5.

Funding Circle

$25,000 - $500,000

6.

CIT Direct Capital

Up to $500,000

7.

TCF Equipment Finance

From $25,000

8.

Currency

Up to $500,000

9.

Balboa

Up to $250,000

10.

eLease

Up to $500,000

FAQs:

How do you get equipment financing?

You can apply for an equipment financing loan from a trusted lender. The application process is generally easy and funding is provided fast. You will need to furnish a few documents, including your:

  • Driver's license.
  • Personal credit score.
  • Bank statements.
  • Business tax returns.
  • Equipment quote.

See our list of the Top 10 Equipment Financing Companies.

How long can you finance equipment?

This depends on the lender, but payment terms usually range from 6 months to 6 years.

Read more about equipment financing.

What is a construction equipment loan?

Also known as heavy equipment financing, a construction equipment loan is another term for an equipment loan. These loans allow business owners to purchase construction equipment over a fixed period.

Find out more about equipment financing.

What is an equipment finance lease?

Equipment lease financing allows you to lease equipment from a company instead of taking out a loan. Equipment leases typically have smaller monthly payments and are best for businesses who need equipment temporarily.

See our Top 10 Equipment Financing Companies.

Should I lease or buy equipment?

This is dependent on the size of your business, cash flow, and whether or not your equipment needs to be replaced after a few years.

Leasing requires a minimal initial expense, but you may end up paying more in the long run. Whereas, if you purchase the equipment, you have complete ownership and may also qualify for tax incentives.

Most business owners who lease equipment either need it temporarily or prefer to have it upgraded after a few years, such as computers.

Read more about equipment financing.

What are the best business equipment financing companies?

See the complete list of equipment financing companies.

What are the best heavy equipment financing companies?

Read more about equipment financing.

What are the best commercial equipment financing companies?

Where can I find an equipment financing calculator?

Many equipment financing companies, such as Lendio, have calculators on their websites to help you determine whether an equipment loan is right for you.

What are the average equipment financing rates?

On average, equipment financing interest rates range from 5% - 30%.

Where can I get equipment financing for bad credit?

Although not impossible, it is harder to get an equipment loan if you have bad credit as the minimum credit score required is 600+.

Read through our guide on Bad Credit Business Loans for other options.

Where can I get equipment financing for startups?

See the complete list of equipment financing companies.