7 Best Equipment Financing Companies for 2023

Smarter Finance USA is very flexible when it comes to its equipment financing requirements, making it our choice as the best overall provider. It reviews applications on a case-by-case basis and has no set minimums for credit scores, time in business, or annual revenue.

To improve your chances of approval, the company has a network of over 37 lenders. It can work with businesses in a variety of industries, including restaurants, construction, and healthcare.

With Smarter Finance, it’s also possible to get equipment financing with bad credit. However, even though it doesn’t have a minimum credit score requirement, it can be especially challenging if your scores dip below 600. If this is the case, you can improve your chances of approval if you have a larger down payment or can show strong business finances.

The company can provide funding up to $1 million, which should be enough for most businesses. Repayment terms range from 24 to 60 months and can be structured to be paid back weekly, monthly, seasonally, or deferred. There is also a $399 documentation fee.

Smarter Finance places a large emphasis on educating its clients to help them find the best solution for their business. You can call the toll-free number or submit an application via the website to start the process or ask questions. Applications take just several minutes to complete, and funding typically takes between one to four business days.

eLease specializes in equipment leasing and can also finance startups and those with low credit scores. This makes it a great choice if you are just looking to rent equipment and are worried that you won’t be able to qualify for financing.

Although other lenders may not have a minimum credit score requirement, the likelihood of getting approved typically becomes far more difficult with lower scores. This is not the case with eLease, and you’ll have a much better chance of approval if you meet its minimum credit score of 500.

eLease can help you obtain an equipment lease in a number of different industries. This includes woodworking equipment, trucks, software, security systems, medical items, and agricultural equipment. You can get financing for as little as $3,000 to as much as $500,000.

If you are approved for financing, you should expect to have some cash for an upfront down payment. This will typically be around 10%. Once your loan is funded, you can expect to make monthly payments over a period of up to five years.

In addition to equipment financing, eLease provides working capital loans to help cover your day-to-day business expenses such as inventory or payroll.

Applications can be completed online through the company’s website. This should take less than five minutes, and funding for your loan can be done in as little as 24 hours. If you have any questions about the process, you can contact eLease using the toll-free number on its website.

Unlike many other companies, National Funding keeps most of its loans in-house rather than brokering them out to third-party providers. You’ll also get a high level of customer service as you’ll be able to work closely with its internal sales team to find the best product for your business.

It is best suited for companies that are well-established, have solid financials, and are looking to grow, with up to $150,000 in financing available. To be considered for financing, you must have annual revenue of at least $250,000, at least six months’ time in business, and a minimum credit score of 575.

One possible downside, however, is that those are just minimum requirements and can vary based on your specific business. For example, businesses with bad credit may need to be in operation for longer than the six-month minimum or have a larger down payment.

National Funding also offers other types of lending products besides just equipment loans. It can provide you with solutions for small business loans, working capital loans, and short-term business loans.

If you have any questions, you can contact National Funding using the toll-free number on its website or submit an application online.

Many companies provide options to finance equipment for up to seven years, but SBG Funding is one of the few providers that can go even longer at up to 10. This makes it our pick as the best equipment financing company for long-term financing.

Being able to make payments over a longer period can mean a lower monthly payment. This can be helpful if you’re looking to increase your monthly cash flow. Additionally, upfront cash requirements can be low since SBG Funding offers 100% financing. Rates start at 3.75%, so you’ll also be able to save money by paying fewer interest charges.

You can apply for as much as $5 million in financing. SBG Funding can work with credit scores as low as 500, although you must be in business for at least six months with annual revenue of $120,000 or more

In addition to equipment financing, the company offers SBA loans, invoice financing, bridge capital, business lines of credit, and small business term loans.

The application process is easy and requires a minimal amount of paperwork. To apply, you’ll just need a copy of your driver’s license, a voided check for your bank account, an invoice for the equipment being obtained, and three months of bank statements.

You can contact SBG Funding via its toll-free number if you have any questions and submit an application on the company’s website.

US Business Funding can offer 60-second approvals and funding within 24 hours, making it our pick for businesses needing equipment financing fast. It also has account managers who each specialize in a specific industry, so you can have confidence that the person helping you with your application is well-versed in any nuances of your business equipment.

The process of applying with US Business Funding is simple if you need less than $200,000 in financing. It is an app-only process that requires only an invoice for the equipment you’re looking to obtain. If you need over $200,000, you’ll need to provide additional documentation regarding your business finances. Up to $50 million in financing is available for qualified businesses.

To be eligible for financing, you will need a credit score of at least 500, to have been in business for two years, and at least $200,000 in annual revenue. Depending on the strength of your business, rates as low as 3.50% are available. If approved, monthly payments can be made over a period of up to ten years.

In addition to equipment financing, the company has working capital loans and SBA loans. You can apply via its website.

Triton Capital is our pick as the best provider for flexible payment options because you can choose to make payments on a monthly, quarterly, annually, semi-annually, or seasonal basis. Not many other companies provide this range of options.

To determine the best repayment schedule for your business, you can work with the lender’s sales team to determine what will work best for you. Businesses with steady cash flow year-round could opt for monthly payments. Meanwhile, businesses that prefer to have payments aligned with their higher earning revenue months could consider a seasonal payment schedule.

Triton Capital has no restrictions on what type of equipment it will finance. Since it was founded, it has helped businesses in over 175 industries. Up to $250,000 in financing is available at rates as low as 5.99%, and payments can be spread over a maximum of five years.

To qualify for financing, you’ll need to be in business for at least two years, have a credit score of 600 or higher, and have annual revenue of $250,000. If your business is well-qualified, a down payment may be unnecessary.

The company also offers other financial products, such as working capital loans and SBA loans.

If you have any questions, you can call the company using its toll-free number. Applications can be submitted online.

National Business Capital has a network of more than 75 lenders. Few other providers can match this size, and having this many options means a greater likelihood that you will find a product well-suited for your business.

Gaining access to National Business Capital’s network of lenders is simple. Applications can be completed online in a few minutes, and the only paperwork required is three months of bank statements. You’ll then be paired with a personal advisor to walk you through the process, understand your business needs, and find a solution that aligns with your business goals.

Equipment loans from $10,000 to $5 million are offered. You have the option to make payments for up to 60 months on a monthly schedule. If you’re interested in a different repayment schedule, you’ll have to consider the company’s other lending products.

In addition to equipment financing, National Business Capital offers small business loans, business lines of credit, SBA loans, asset-based loans, merchant cash advances, franchise financing, and more.

You can call the company’s toll-free number or submit an application if you have any questions.