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, I’ve compiled a list of some of the best equipment financing lenders for you to consider.
- Smarter Finance USA: Best overall for flexible qualifications and loan terms
- Clarify Capital: Best for personalized service
- Blue Bridge Financial: Best for industry inclusivity
- US Business Funding: Best for large financing needs
- Balboa Capital: Best for same-day approvals and funding
- Crest Capital: Best easy application process for low loan amounts
Best Equipment Financing Companies at a Glance
Max. Financing Amount | Est. Starting APR | Max. Repayment Term | Funding Speed | Required Credit Score | |
|---|---|---|---|---|---|
 | $1 million | 6% | 5 years | 2 to 4 days | |
 | $5 million | 6% | Ave. 2-6 years | 1 to 2 days | 550 |
 | $500,000 | 5.99% | 5 years | 4 hours | 610 |
 | $50 million | 6% | 10 years | 24 hours | 600+ |
 | $500,000 | 5% | 5 years | Same-day | 620+ |
 | $500,000 | 7% | 7 years | 24-48 hours | 650 |
Smarter Finance USA: Best Overall for Flexible Qualifications & Loan Terms
| |
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 I Like Smarter Finance USA
Smarter Finance USA has some of the most flexible qualification requirements compared with many other lenders on my list. It also has competitive rates, favorable loan terms, and a high level of personalized service, making it my best overall pick. It offers equipment financing for both 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
| |
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 I 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 with over 400 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, I list it as the best equipment financing company for personalized service.
Like Smarter Finance USA, Clarify Capital is a broker with 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. You can read more about its various products and services via our Clarify Capital review.
Required documentation is kept to a minimum. However, I recommend having your most recent four months of bank statements ready to provide to your loan advisor to streamline the process, 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.
Blue Bridge Financial: Best for Industry Inclusivity
| |
Rates and Terms | |
Estimated Starting APR | 5.99% to 25% |
Financing Amount | $10,000 to $500,000 |
Repayment Term | 24 to 60 months |
Repayment Schedule | Monthly |
Funding Speed | As little as 4 hours |
Qualifications | |
Credit Score | 610 |
Time in Business | Not stated |
Annual Revenue | Not stated |
Down Payment | Varies |
Why I Like Blue Bridge Financial
I chose Blue Bridge Financial as the 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 needing equipment.
Both new and used equipment can be financed from either a dealership or a private party. When making a lending decision, the lender prioritizes the strength of the business owner’s personal credit, business credit, borrowing history, and, in some cases, bank statements. However, additional information may be requested if your funding needs are over $350,000.
Blue Bridge Financial has over 15 years of industry experience, making it an expert in equipment financing. It offers competitive rates and has flexible qualification requirements.
If you think Blue Bridge Financial would fit your equipment financing needs well, 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. You can receive an approval in just a few hours from there.
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 I Like US Business Funding
US Business Funding offers the largest amount of financing in this guide. It also can finance up to 100% of the costs associated with acquiring and installing the equipment, training fees for new or used equipment, and third-party sales.
While other lenders can also provide up to 100% of financing costs, I 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 start the process, you can visit the US Business Funding website to get a free quote or request a callback for more information.
Balboa Capital: Best for Same-day Approvals & Funding
| |
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 I 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 with 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 Blue Bridge Financial, I like that Balboa Capital offers greater flexibility in its qualification requirements. This makes it my recommended lender for same-day approvals and funding.
Balboa Capital can provide financing for nearly any type of business equipment. It has an easy mobile-friendly online application, 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 to discuss the next steps.
It holds an A+ rating with the Better Business Bureau 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 $500,000 |
Repayment Term | 24 to 84 months |
Repayment Schedule | Monthly, seasonal |
Funding Speed | As fast as 24 to 48 hours |
Qualifications | |
Credit Score | 650 recommended |
Time in Business | 2 years |
Annual Revenue | Varies |
Down Payment | None |
Why I 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 Funding, you can apply 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 my 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, getting financing with $0 down is possible. New, used, and even equipment from a private party sale can be acceptable. To apply, visit the Crest Capital website.
I recommend reading our guide on how to get a small business loan to help you prepare an application and increase your odds of approval.
How I Chose the Best Equipment Financing Lenders
I 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
How to Choose an Equipment Financing Provider
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. Before signing an agreement, consider rates and terms across lenders to find one best suited for you.
Alternatives to Equipment Financing
If you are unable to qualify for equipment financing or simply 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.
- 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 emphasize personal credit more when 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 be able to draw funds on an as-needed basis for other business purposes. See our picks for the leading small business credit lines.
- Business credit card: Similar to a line of credit, a business credit card is a revolving credit facility that allows you to make purchases on an as-needed basis, with the ability to repay borrowed funds over time. It can also help cover short-term or emergency expenses. For more information, read our guide on using a credit card to fund your business.
Frequently Asked Questions (FAQs)
Depending on whether you use an equipment loan or an equipment lease, applicable interest rates can typically range anywhere from 5% to 30%. This will vary per lender and will also be based on your qualifications and creditworthiness as a borrower.
Lenders will have varying qualification requirements necessary to obtain equipment financing. However, a credit score of 600 and above is generally recommended to qualify and increase your approval odds.
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
Getting equipment financing for your business will require working with a lender that meets your needs and fits your budget. Depending on the circumstances of your need for financing, the lenders included in this guide offer flexible financing options with competitive rates and repayment options, as well as excellent customer service. That said, I recommend comparing multiple lenders before signing an agreement to ensure you get the best deal for your business.
