The best equipment financing companies will have several of the following characteristics: low rates, flexible repayment terms, and excellent customer service. They may also have fast funding speeds and easy documentation requirements to make the approval process easy.
The company for you will depend on your unique business needs, so we’ve selected the best equipment financing lenders with a wide range of rates, terms, and qualification requirements. Financing options include purchasing and renting.
- Smarter Finance USA: Best overall for flexible qualifications and loan terms
- Clarify Capital: Best for personalized service
- SBG Funding: Best for custom payment options
- National Funding: Best for small and custom funding options
- Funding Circle: Best online lending experience
- Triton Capital: Best low rates for well-qualified businesses
- Balboa Capital: Best for same-day approvals and funding
- Crest Capital: Best easy application process for low loan amounts
- US Business Funding: Best for large financing needs
Get equipment financing in 24-48 hours. Easy online approval for financing up to $5M |
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Best Equipment Financing Companies at a Glance
Maximum Financing Amount | Estimated Starting APR | Maximum Repayment Term | Funding Speed | Required Credit Score | |
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$1 million | 10% | 5 years | 1 to 4 days | ||
$5 million | 6% | Typically 2 to 6 years | 1 to 2 days | 550 | |
$5 million | 3.75% average monthly fixed | 7 years | Same-day | 600+ | |
$150,000 | 10 years | 24 to 72 hours | 600+ | ||
$500,000 | Varies | 7 years | 2 business days | 660+ | |
$250,000 | 5.99% | 5 years | 1 to 2 business days | 600 | |
$500,000 | Varies | 5 years | Same-day | 620+ | |
$1 million | 7% | 7 years | 24 to 48 hours | 650 | |
$50 million | 6% | 10 years | 24 hours | 600+ | |
Smarter Finance USA: Best Overall for Flexible Qualifications & Loan Terms
Rates and Terms | |
Estimated Starting APR | 10% to 20%+ |
Financing Amount | $10,000 to $1 million |
Repayment Term | 2 to 5 years |
Repayment Schedule | Weekly, monthly, seasonal, deferred |
Funding Speed | 1 to 4 days |
Qualifications | |
Credit Score | None, but 600 is recommended |
Time in Business | None |
Annual Revenue | None |
Down Payment | 0% to 35% |
Why We Like Smarter Finance USA
Smarter Finance USA has some of the most flexible qualification requirements compared to many other lenders on our list. It also has competitive rates and a high level of personalized service, making it our best overall pick.
It offers equipment financing for vehicles and heavy equipment. Its vehicle financing options include trucks and commercial auto financing options, whereas heavy equipment options include cranes, backhoes, and bulldozers.
As a broker specializing in equipment financing, Smarter Finance has nearly 40 lenders in its network, increasing your approval odds and the ability to get matched with a lender offering the best rates and terms. Borrowers should note that although there are no minimum requirements for things like credit score, time in business, or revenue, you may need compensating factors to be eligible. For example, businesses with bad credit may need strong finances to get approved.
To learn more or to apply, visit the Smarter Finance USA website. You can also call the company’s toll-free number with questions about the process.
Clarify Capital: Best for Personalized Service
Rates and Terms | |
Estimated Starting APR | 6% |
Financing Amount | Up to $5 million |
Repayment Term | 2 to 6 years, on average |
Repayment Schedule | Monthly |
Funding Speed | 1 to 2 days |
Qualifications | |
Credit Score | 550 |
Time in Business | 6 months |
Annual Revenue | $120,000 |
Down Payment | As low as 0% |
Why We Like Clarify Capital
When it comes to equipment financing lenders, Clarify Capital places a large emphasis on providing high levels of service. It has a 4.8 rating on Trustpilot[1] with over 300 reviews, assigns a dedicated advisor to each loan application, and assists with completing loan paperwork to make the process of getting financing easier for you.
As a broker, Clarify Capital has a lending network of over 75 different lenders. Based on the details of your application and the conversations you have with your dedicated advisor, you’ll be matched with a lender best suited for your circumstances and needs.
Required documentation is kept to a minimum. However, to streamline the process, we recommend having your most recent four months of bank statements ready to provide to your loan advisor as this will be used for income verification.
To apply, you can visit the Clarify Capital website. Applications can be completed in under two minutes, and doing so will not negatively impact your credit scores.
SBG Funding: Best for Custom Payment Options
Rates and Terms | |
Estimated Starting APR | 3.75% average monthly fixed rate |
Financing Amount | Up to $5 million |
Repayment Term | 1 to 7 years |
Repayment Schedule | Monthly |
Funding Speed | As fast as the same day |
Qualifications | |
Credit Score | 600+ |
Time in Business | 6 months |
Annual Revenue | $350,000 |
Down Payment | 0% |
Why We Like SBG Funding
SBG Funding can offer repayment options that few other lenders can provide. For instance, deferred payments for up to three months are possible for eligible businesses seeking temporary relief on payments to help with cash flow.
Funds received from SBG Funding’s equipment financing program can be used for a wide range of purposes. This can include replacing outdated equipment, expanding a fleet of vehicles, and financing costs to repair equipment.
SBG Funding touts a high approval rate of 85%. However, meeting the minimum requirements listed in our table above does not guarantee a loan approval. Businesses that exhibit any weaknesses in the loan application should expect to be able to demonstrate compensating factors to improve approval odds. For instance, a company with low revenue may need good credit to qualify.
Applicants interested in starting the process or learning more about available products can visit the SBG Funding website. To expedite the process, be prepared to provide at least four months of business bank statements and at least one form of government-issued identification.
National Funding: Best for Small & Custom Funding Options
Rates and Terms | |
Estimated Starting APR | 15% (Factor rate of 1.11x and up) |
Financing Amount | Up to $150,000 |
Repayment Term | Typically 1 to 10 years |
Repayment Schedule | Monthly |
Funding Speed | 24 to 72 hours |
Qualifications | |
Credit Score | 600+ |
Time in Business | 2 years |
Annual Revenue | $250,000 |
Down Payment | Not stated |
Why We Like National Funding
National Funding has the lowest amount of funding available in our guide, so we recommend it only for businesses with smaller financing needs. That said, it offers a high level of service and can provide custom payment options to suit your company’s needs.
When it comes to issuing loan decisions, the lender places a larger emphasis on time in business. This can make it more likely to get approved if you are an established business but your credit score or finances are not as strong. Business owners will, however, need to agree to personally guarantee the loan.
Although repayment options can be stretched for several years, National Funding generally specializes in short-term loans. As an incentive to pay off loans early, the lender offers customers a 6% discount on the remaining balance for early payoffs.
Visit the National Funding website to apply or learn more about its financing options.
Funding Circle: Best Online Lending Experience
Rates and Terms | |
Estimated Starting APR | Varies |
Financing Amount | $25,000 to $500,000 |
Repayment Term | 6 months to 7 years |
Repayment Schedule | Bi-weekly, monthly |
Funding Speed | As fast as 2 business days |
Qualifications | |
Credit Score | 660+ |
Time in Business | 2 years |
Annual Revenue | $50,000 |
Down Payment | None |
Why We Like Funding Circle
Funding Circle was awarded FinTech of the Year at the 2023 US FinTech awards, thanks largely in part to the speed and accuracy of its lending platform. For this reason, we selected it as a good option for businesses wanting an easy online application experience.
As an example of the tools used to streamline the online experience, applicants can choose to use Plaid, a third-party service, as part of the lending process. Plaid allows you to connect your business bank accounts as a way to verify your information and eligibility seamlessly.
Funding Circle has also demonstrated a commitment to delivering a high level of service, as it has a 4.6 rating on Trustpilot[2] through nearly 15,000 reviews. Over 90% of US borrowers also state they would refer others to the company.
Loans with Funding Circle have few fees. You’ll only have to pay a one-time origination fee between 4.49% and 10.49%, depending on the strength of your application. A late payment fee of 5% also applies. Otherwise, there are no prepayment penalties or guaranty, monthly maintenance, or processing fees.
Borrowers can apply online from the Funding Circle website.
Triton Capital: Best Low Rates for Well-qualified Businesses
Rates and Terms | |
Estimated Starting APR | 5.99% and up |
Financing Amount | Up to $250,000 |
Repayment Term | 12 to 60 months |
Repayment Schedule | Monthly, quarterly, annually, semi-annually, seasonally |
Funding Speed | 1 to 2 business days |
Qualifications | |
Credit Score | 600 |
Time in Business | 2 years |
Annual Revenue | $250,000 |
Down Payment | None |
Why We Like Triton Capital
Triton Capital can offer some of the lowest rates in our guide. That said, you will need excellent credit and finances to get the best-advertised rates.
The lender specializes in issuing financing for several different types of industries. It commonly works with companies that deal with construction, transportation, manufacturing, restaurants, technology, printing, and medical fields. It also states that over 80% of its customers return for repeat financing, a testament to its quality of service and the loan programs it offers.
You can visit the Triton Capital website to complete an application in as little as one minute. From there, your application will be reviewed after which you’ll be contacted by a team member within two to four hours. If the terms are acceptable, funding could follow within one to two business days.
Balboa Capital: Best for Same-day Approvals & Funding
Rates and Terms | |
Estimated Starting APR | Varies |
Financing Amount | Up to $500,000 |
Repayment Term | 24 to 60 months |
Repayment Schedule | Monthly |
Funding Speed | As fast as same-day |
Qualifications | |
Credit Score | 620+ |
Time in Business | 1 year |
Annual Revenue | $100,000 |
Down Payment | Not stated |
Why We Like Balboa Capital
If you’re looking to get funding quickly, Balboa Capital can issue same-day funding. What sets it apart is that it can also issue approvals within one hour—that’s much faster than some lenders that also advertise same-day funding. The lender can do this as it offers a streamlined application-only process that has significantly fewer documentation requirements. This can be done for soft collateral up to $350,000 and hard collateral up to $500,000.
Balboa Capital can provide financing for nearly any type of business equipment. It has an easy online application that is mobile-friendly, so you can complete it without the usual hassles of applying for loans on anything other than a computer. Once you submit your application, it will be reviewed by a specialist who will contact you for next steps.
It holds an A+ rating with the Better Business Bureau (BBB)[3] and is an experienced lender with over $7 billion in loans funded nationwide. To apply or learn more, visit the Balboa Capital website.
Crest Capital: Best Easy Application Process for Low Loan Amounts
Rates and Terms | |
Estimated Starting APR | 7% and up |
Financing Amount | Up to $1 million |
Repayment Term | 24 to 84 months |
Repayment Schedule | Monthly |
Funding Speed | As fast as 24 to 48 hours |
Qualifications | |
Credit Score | 650 recommended |
Time in Business | 2 years recommended |
Annual Revenue | Varies |
Down Payment | None |
Why We Like Crest Capital
If you don’t need more than $250,000 in financing, Crest Capital can put you through its application-only approval process. This allows for applications to be approved in as little as four hours, without the need to provide financial documents, such as tax returns, financial statements, or balance sheets.
Larger loan amounts are available but will require more of the standard documents that most other lenders require. This can include the following:
- Business plan
- Two years of tax returns
- Two years of other financial statements (such as cash flow statements or balance sheets)
- List of loans and leases
With Crest Capital, it’s possible to get financing with $0 down. New, used, and even equipment from a private party sale can be acceptable. To apply, visit the Crest Capital website.
US Business Funding: Best for Large Financing Needs
Rates and Terms | |
Estimated Starting APR | 6% and up |
Financing Amount | Up to $50 million |
Repayment Term | 10 years |
Repayment Schedule | Monthly |
Funding Speed | As fast as 24 hours |
Qualifications | |
Credit Score | 600+ recommended |
Time in Business | 2 years recommended |
Annual Revenue | $200,000 recommended |
Down Payment | 0% |
Why We Like US Business Funding
US Business Funding offers the largest amount of financing in our guide. It also has the flexibility to finance up to 100% of the costs associated with acquiring the equipment, installation, and training fees for new or used equipment, as well as third-party sales.
Businesses choosing to lease also have plenty of buyout options at the end of the term. These include a $1 buyout, fair market value, and fixed percentage purchase.
US Business Funding can also be a good choice for businesses requiring smaller financing amounts. This is because it offers an application-only program for financing below $200,000. The only required documentation for this process is a completed application for financing and an invoice from your equipment vendor.
To get the process started, you can visit the US Business Funding website to get a free quote or to request a callback for more information.
How We Chose the Best Equipment Financing Lenders
We evaluated the following criteria in selecting the best equipment financing companies:
- Interest rates and estimated APRs
- Maximum financing amounts
- Repayment terms and repayment schedules available
- Funding speed
- Flexibility of qualification requirements (such as credit score, revenue, and time in business)
- Down payment requirements
- Paperwork requirements for approval and funding
- Customer ratings and reviews
Alternatives to Equipment Financing
If you’re unable to qualify for equipment financing, we recommend considering the tips in our guide on how to get a small business loan. If you are still having difficulty or looking for more competitive rates, here are some alternatives you can consider:
- Small Business Administration (SBA) loans: SBA loans can offer some of the most competitive rates on the market, but lenders often require good credit and finances to get approved. Check out our guide to SBA loans to learn more about them and where you can apply for financing.
- Personal loans for business purposes: If your company’s credit or finances are insufficient to get approved for a business loan, you can consider a personal loan instead. This is because lenders place a greater emphasis on personal credit in determining eligibility and rates. Our recommendations for the best personal loans for business funding can help you get started.
- Small business line of credit: Some small business credit lines have more flexible qualification criteria than equipment financing. You’ll also have the ability to draw funds on an as-needed basis for other business purposes. See our picks for the leading small business credit lines.
Frequently Asked Questions (FAQs)
Equipment financing tends to be easier to get than many other types of financing. This is because the loan is secured by the equipment you’re acquiring, which gives the lender the ability to take possession of it in the event you default on payments, something that can help it recoup its financial losses.
Yes. Equipment financing includes loans and leases. Loans are used if you want to buy the equipment and have full ownership after it’s paid off, and you can view our guide on equipment loans for more details. Leases typically require you to return the equipment at the end of the lease term.
The best option will depend on your specific business circumstances. Loans are generally a good option if you want to retain long-term ownership of the equipment. Leases are typically better if you need to upgrade the equipment constantly. For more guidance, see our detailed equipment loans vs leases comparison.
Bottom Line
If you need to acquire business-related equipment, the best equipment financing companies we’ve selected in our guide can offer competitive rates and terms and quality customer service. Since rates and terms can vary from lender to lender, we recommend shopping rates with several companies to find the one best suited for your needs.
User rating references:
[1]Trustpilot | Clarify Capital
[2]Trustpilot | Funding Circle
[3]BBB | Balboa Capital