The best equipment financing companies should offer competitive rates, flexible repayment terms, quick access to funding, and excellent customer service. The application process should be simple and require limited documentation to make the approval process easy.
Depending on your business equipment needs, we’ve compiled a list of some of the equipment financing lenders for you to consider.
- Smarter Finance USA: Best overall for flexible qualifications and loan terms
- Clarify Capital: Best for personalized service
- SBG Funding: Best for custom payment options
- Triton Capital: Best low rates for well-qualified businesses
- National Funding: Best for small and custom funding options
- US Business Funding: Best for large financing needs
- Balboa Capital: Best for same-day approvals and funding
- Blue Bridge Financial: Best for industry inclusivity
- Crest Capital: Best easy application process for low loan amounts
Get a business loan in 24-48 hours with Clarify Capital. |
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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 | |
|---|---|---|---|---|---|
 | $1 million | 6% | 5 years | 2 to 4 days | |
 | $5 million | 6% | Typically 2 to 6 years | 1 to 2 days | 550 |
 | Varies | 3.75% average monthly fixed | 7 years | Same-day | 600-plus |
 | $250,000 | 5.99% | 5 years | 1 to 2 business days | 600 |
 | $150,000 | 5 years | 24 to 72 hours | 600-plus | |
 | $50 million | 6% | 10 years | 24 hours | 600-plus |
 | $500,000 | Varies | 5 years | Same-day | 620-plus |
 | $500,000 | 5.99% | 5 years | Next day | 610 |
 | $500,000 | 7% | 7 years | 24 to 48 hours | 650 |
Smarter Finance USA: Best Overall for Flexible Qualifications & Loan Terms
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Rates and Terms | |
Estimated Starting APR | 6% to 20%+ |
Financing Amount | $10,000 to $1 million |
Repayment Term | 2 to 5 years |
Repayment Schedule | Weekly, monthly, seasonal, deferred |
Funding Speed | 2 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 with many other lenders on our list. It also has competitive rates, favorable loan terms, 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, which rivals other brokers in this guide with larger networks such as Clarify Capital. This can increase your approval odds and the ability to get matched with a provider offering the best rates and terms. 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
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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 4.9 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. For these reasons, it makes our list as the best equipment financing company for personalized service.
Similar to Smarter Finance USA, 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. Notably, Clarify Capital offers a variety of loan products in addition to equipment financing, such as term loans and lines of credit.
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
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Rates and Terms | |
Estimated Starting APR | Varies; starting at 3.75% average monthly fixed |
Financing Amount | Varies, up to 100% of equipment value |
Repayment Term | 1 to 7 years |
Repayment Schedule | Monthly |
Funding Speed | As fast as the same day |
Qualifications | |
Credit Score | 600-plus |
Time in Business | 6 months |
Annual Revenue | $350,000 |
Down Payment | 0% |
Why We Like SBG Funding
We chose SBG Funding as the best choice for custom payment options since it can offer repayment terms 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 notes a high approval rate of 85%. However, meeting the minimum requirements listed in our table above does not guarantee a loan approval. Businesses may need to demonstrate compensating factors to improve approval odds if they don’t meet all of the necessary criteria. 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.
Triton Capital: Best Low Rates for Well-qualified Businesses
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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
For well-qualified business, we chose Triton Capital for its low starting rates. That said, you will need excellent credit and finances to be able to take advantage of the best-advertised rates. Overall, this provider offers some of the lowest starting rates of the guide, just behind SBG Funding.
The lender specializes in issuing financing for several different types of industries. 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.
National Funding: Best for Small & Custom Funding Options
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Rates and Terms | |
Estimated Starting APR | 15% (factor rate of 1.10× and up) |
Financing Amount | Up to $150,000 |
Repayment Term | 2 to 5 years |
Repayment Schedule | Monthly |
Funding Speed | As fast as 24 hours |
Qualifications | |
Credit Score | 600-plus |
Time in Business | 6 months |
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 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, which stands out as a notable feature in comparison with other lenders in this guide.
Visit the National Funding website to apply or learn more about its financing options.
US Business Funding: Best for Large Financing Needs
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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, making it our top pick for large financing needs. 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.
While other lenders such as SBG Funding can also provide up to 100% of financing costs, we like US Business Funding for its flexible qualifications and easy application process. It also offers flexible financing options. Businesses choosing to lease also have plenty of buyout options at the end of the term. These include a $1 buyout, a fair market value, and a 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.
Balboa Capital: Best for Same-day Approvals & Funding
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Rates and Terms | |
Estimated Starting APR | 5% to 20% |
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-plus |
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. It can do this since 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.
While you can also get quick access to financing from lenders like SBG Funding and Blue Bridge Financial, we like that Balboa Capital offers greater flexibility in its qualification requirements. This makes it our recommended lender for same-day approvals and funding.
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)[2] and is an experienced lender with over $7 billion in loans funded nationwide. To apply or learn more, visit the Balboa Capital website.
Blue Bridge Financial: Best for Industry Inclusivity
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Rates and Terms | |
Estimated Starting APR | 5.99% to 25% |
Financing Amount | $10,000 to $500,000 |
Repayment Term | 2 to 5 years |
Repayment Schedule | Monthly |
Funding Speed | Next day |
Qualifications | |
Credit Score | 610 |
Time in Business | 1 year |
Annual Revenue | $250,000 |
Down Payment | Varies |
Why We Like Blue Bridge Financial
We chose Blue Bridge Financial as our best pick for industry inclusivity since it caters to numerous business industries, such as construction, logging and forestry, medical, hospitality, manufacturing, and restaurants. It also offers programs specific to startups, which can be a major benefit for new businesses in need of equipment.
Both new and used equipment can be financed, from either a dealership or a private party. The lender puts priority on the strength of the business owner’s personal credit, business credit, borrowing history, and, in some cases, bank statements when making a lending decision. However, additional information may be requested if your funding needs are over $350,000.
The lender offers Equipment Financing Agreements that make up over 90% of its business, making it an expert in equipment financing. It offers competitive rates in line with Triton Capital and has flexible qualification requirements.
If you think Blue Bridge Financial would be a good fit for your equipment financing needs, you can start your application on its website. The application process is simple, and you will receive a call from a sales representative within an hour of your application to finish the process. From there, you can receive an approval decision in just a few hours.
Crest Capital: Best Easy Application Process for Low Loan Amounts
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Rates and Terms | |
Estimated Starting APR | 7% and up |
Financing Amount | Up to $500,000 |
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 over $250,000 in financing, Crest Capital can put you through its application-only approval process. Like other lenders listed here, such as Balboa Capital and US Business Financing, you can submit an application and receive an approval decision within as little as four hours if you need minimal funding.
That can streamline your application since you won’t need to provide financial documents, such as tax returns, financial statements, or balance sheets. This process makes it our best pick for an easy application process for low loan amounts.
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.
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
- Ease of application
- 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
When choosing the best equipment financing company for your business, you’ll want to consider a few factors to ensure you work with one that fits your budget and equipment needs. Keep the following in mind when looking for a lender:
- Consider your equipment needs. Depending on the equipment you need for your business, be sure to consider what type of equipment financing is best suited to your operations—whether it be a loan or lease.
- Review lender qualification requirements. Lenders will have varying qualification requirements to determine your eligibility. Factors such as credit score, time in business, and annual revenue will be taken into account as part of your application. Before applying, ensure you meet the minimum qualifications to better increase your odds of approval.
- Compare loan costs and terms. Depending on your budget, you’ll want to work with a lender that meets your needs and review any associated costs—including the down payment and repayment expectations. Be sure to compare rates and terms across lenders to find one best suited for you before signing an agreement.
We recommend reading our guide on how to get a small business loan to help you prepare an application and increase your odds of approval.
If you are unable to qualify for equipment financing or want to explore all of your available financing options, here are some alternatives.
- 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)
Depending on whether you use an equipment loan or an equipment lease, applicable interest rates can range anywhere from 6% to 30%. This will vary per lender and will also be based upon your qualifications and creditworthiness.
Lenders will have varying qualification requirements necessary to obtain equipment financing. However, generally, a credit score of 600 and above is recommended to qualify and increase your odds of approval.
Equipment financing can 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.
Bottom Line
Depending on your business needs, the best equipment financing companies we’ve chosen can help you acquire equipment necessary for your business operations. These lenders offer flexible financing options with competitive rates and repayment options, in addition to excellent customer service. We recommend shopping around with multiple lenders before choosing one that meets your equipment needs and budget.
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