Crest Capital offers equipment financing up to $500,000 with rates starting at 7% APR, and terms of two to six years. Business owners with at least two years in operation and 650 or greater credit score may be eligible. We’ve compared Crest Capital to some of its competitors to see how it stacks up.
Crest Capital & Top Alternatives
Best For | |
|---|---|
Businesses that need 100% financing | |
Businesses with at least six months of operations and no down payment | |
Startup businesses with 10% down payment | |
Those needing up to $2 million in equipment financing | |
Businesses that are also seeking working capital |
How Crest Capital Financing Works
With equipment financing through Crest Capital, you begin by finding the equipment that you need from a seller. Equipment can be new or used, and the seller can be a dealer or a private party. Once you have found the equipment you want to finance, you can submit an online application, and receive a credit decision from Crest Capital in a matter of hours.
Once you have been approved for credit, you will need to fax or email your purchase invoice to Crest Capital, who will then send you the financing agreement. After reviewing and signing the agreement, you will return the completed contract to Crest Capital, who will then pay the seller directly on your behalf.
Crest Capital offers multiple forms of equipment financing including loans, fair market leases which are typical operating leases, and dollar buyout leases which are a type of capital lease.
Who Crest Capital Financing is Right For
Crest Capital is a great choice for small businesses seeking an equipment loan or equipment lease without the requirement of a down payment. With loan amounts of up to $500,000 and no restrictions on equipment eligibility, Crest Capital is able to fund most equipment needs. Businesses with at least two years of business operations and a personal credit score of at least 650 are eligible for equipment financing through Crest Capital.
Crest Capital Equipment Loans
Crest Capital offers equipment financing with competitive rates and terms. Interest rates start as low as 5%, with terms extending from two to six years. With no minimum down payment requirement, Crest Capital can finance up to 100% of the equipment value and can provide funding to approved borrowers as soon as the next day.
Crest Capital Loan Rates & Fees
- Starting interest rate: 5%
- Expected APR: 7% to 25%
- Administrative fee: $275
Interest rates on Crest Capital’s equipment loans are competitive with all of the providers on our list. The only lender that offers a significantly lower maximum APR is Celtic Bank, who provides equipment financing in the form of SBA loans.
Crest Capital Loan Terms
- Loan amount: $5,000 to $500,000
- Repayment term: Two to six years
- Collateral: Nothing beyond the equipment being financed
- Personal guarantee: Required
- Down payment: Not required
- Time to funding: One to three days
Crest Capital is able to provide equipment financing in amounts up to $500,000, which is significantly greater than either National Funding or Smarter Finance USA. However, for small businesses seeking amounts greater than $500,000, Currency Capital can fund up to $2 million, and an SBA loan through Celtic Bank can fund up to $5 million.
Crest Capital Loan Qualifications
Crest Capital has no limitations on the age or type of equipment that it will finance, making it a great choice for businesses that want to purchase older equipment. To qualify, borrowers must have a personal credit score of at least 650 and a minimum of two years of business operations. Crest Capital does not disclose a minimum annual revenue requirement, and bases credit decisions on the overall financial health of the business.
Equipment Eligibility
There are no limitations on the type of equipment you can finance through Crest Capital. You can finance both new and used equipment with Crest Capital equipment financing without being limited based on equipment age or mileage. Crest Capital will provide financing of up to 100% of the equipment value.
Borrower Eligibility
- Minimum credit score: 650
- Time in business: At least two years
- Annual revenue: Minimum requirement not disclosed
While Crest Capital requires at least two years of business operations to qualify, there are other providers that have more lenient time-in-business requirements. Both Currency Capital and National Funding only require six months of business operations, and Smarter Finance USA has no minimum time-in-business requirement.
How to Apply for Crest Capital Financing
To apply for equipment financing with Crest Capital, you must provide proof of business ownership, an equipment quote, and some personal and business information. For funding amounts exceeding $250,000 you will also need to provide tax returns, financial statements, and a list of current loans and leases. You can complete the application online, with funding up to $500,000 available as soon as the next day.
National Funding: Best Alternative For New Businesses
National Funding provides equipment financing in amounts up to $150,000, at rates ranging from 10% to 26%. Repayment terms range from three to five years. There are no requirements regarding the type of equipment that can be financed, and there is no down payment required. To be eligible you must have a personal credit score of at least 620, six months of business operations, and annual revenues of $150,000 or greater.
National Funding Rates & Fees
- Starting interest rate: 8%
- Expected APR: 10% to 26%
- Origination fee: 2%
Overall, National Funding’s equipment financing rates are competitive with the other lenders we reviewed. While you may be able to get a lower APR through another lender based on your qualifications, the only borrowing option on our list that has a significantly lower maximum APR is an SBA loan through Celtic Bank.
National Funding Terms
- Loan amount: Up to $150,000
- Repayment term: Three to five years
- Collateral: Nothing beyond the equipment being financed
- Personal guarantee: Required
- Down payment: None required
- Time to funding: As soon as the next business day
Similar to Crest Capital, National Funding does not require a down payment on the equipment being financed and provides funding for up to 100% of the purchase price. The lack of a down payment requirement makes it easier for small businesses to purchase equipment without depleting business savings.
National Funding Qualifications
National Funding will finance equipment of any age or type, without requiring a down payment. Borrower eligibility requirements include at minimum credit score of 620 or greater, six months of business operations, and annual revenues exceeding $150,000.
Equipment Eligibility
National Funding advertises that there are virtually no limitations on the type of equipment you can finance. You can use equipment financing from National Funding to finance both new and used equipment, and National Funding will finance up to 100% of the equipment value.
Borrower Eligibility
- Minimum credit score: At least 620 (check your score for free)
- Time in business: At least six months
- Annual revenue: At least $150,000
National Funding’s minimum credit score requirement of 620 is lower than many of the financing providers on our list that require a minimum credit score of 650. However, for borrowers that are unable to meet the 620 requirement, Currency Capital may be a better solution, as it only requires a minimum credit score of 585.
How to Apply for National Funding Financing
National Funding has a quick online application that can be completed in 15 minutes. If approved, you can receive funding in as little as one business day. Loan amounts extend up to $500,000 and can be used to finance equipment and general working capital needs. Repayment terms for equipment financing can extend up to five years.
Smarter Finance USA: Best For Startup Businesses with 10% Down Payment
Smarter Finance USA offers equipment financing in amounts up to $100,000 at rates starting as low as 6% APR. Repayment terms can extend up to five years. Eligible borrowers must have a 10% down payment toward their purchase, and a credit score of at least 650. Smarter Finance USA does not have a minimum time in business requirement or a disclosed minimum annual revenue requirement.
Smarter Finance USA Rates & Fees
- Expected APR: 6% to 26%
- Documentation fee: $300 to $500 for non-titled equipment, $500 to $850 for titled equipment
Based on the expected APR range for equipment financing through Smarter Finance USA, the rates and fees are competitive with other financing providers in this arena. The exception being equipment financed via SBA loan from Celtic Bank, where the maximum interest rate is capped by the Small Business Administration and is currently under 11%.
Smarter Finance USA Terms
- Loan amount: Up to $100,000
- Repayment term: Up to five years
- Collateral: Nothing beyond the equipment being financed
- Personal guarantee: Required
- Down payment: At least 10%
Smarter Finance USA’s maximum financing amount of $100,000 is the lowest of any of the providers we’ve reviewed. Additionally, borrowers that are seeking 100% financing may find Crest Capital, National Funding, or Currency Capital to be better choices, as they do not require a down payment toward your equipment.
Smarter Finance USA Qualifications
Smarter Finance does not have any specific requirements regarding the age or type of equipment it will finance. Eligible borrowers must have a credit score of at least 650; however, Smarter Finance USA does not have a minimum time in business requirement and does not state a minimum annual revenue requirement. Credit decisions are based on the overall creditworthiness of the customer in relation to the loan requested.
Equipment Eligibility
Smarter Finance USA is able to provide funding for both new and used equipment and has virtually no limitations on the type of equipment that can be financed. However, this lender does require a down payment of at least 10% of the purchase price.
Borrower Eligibility
The qualification requirements for equipment financing through Smarter Finance USA include:
- Minimum credit score: 650 (check your score for free)
- Time in business: No minimum requirement
- Annual revenue: Minimum requirement not disclosed
While many equipment financing providers require at least six months to two years of business operations for borrowers to be considered eligible for financing, Smarter Finance USA has no minimum time in business requirements. As such, Smarter Finance USA is the only provider on our list that can provide financing to entrepreneurs that are just starting their business.
How to Apply for Smarter Finance USA Financing
To apply for equipment financing through Smarter Finance USA you will need to either call or email the lender to get the process started. You can easily start the email process by completing a short form on the provider’s website that asks for basic information about the equipment you will be financing. After submitting your inquiry you should hear back from a Smarter Finance USA representative within hours.
Currency Capital: Best For Businesses Needing Larger Loans
Currency Capital is a marketplace lender offering equipment financing of up to $2 million at rates ranging from 6% to 24% APR. Repayment terms range from two to six years. Currency Capital does not require a down payment on your equipment purchase. To be eligible, borrowers need to have a personal credit score of at least 585, six months of business operations, and annual revenues of $75,000 or greater.
Currency Capital Rates & Fees
- Expected APR: 6% to 24% (varies by lender)
- Origination fee: 0% to 5% (varies by lender)
The rates and fees charged by Currency Capital are competitive to those charged by other equipment financing providers. Borrowers seeking lower rates or longer repayment terms may be better served by an SBA loan through Celtic Bank.
Currency Capital Terms
- Loan amount: $5,000 to $2 million
- Repayment term: Two to six years
- Collateral: Nothing beyond the equipment being financed
- Personal guarantee: Required
- Down payment: Not required
While Currency Capital is able to provide equipment financing in amounts up to $2 million, the loan process becomes more complex for loans over $150,000 and requires additional documentation to be provided. However, for loans up to $150,000 Currency Capital is able to provide funding in as little as 24 hours.
Currency Capital Qualifications
With its variety of financing options through its lending network, Currency Capital is able to provide financing options for most small business regardless of credit profile. In general, if you have a credit score of at least 585, six months of business operations, and annual revenues of at least $75,000, Currency Capital will be able to offer financing for your equipment needs.
Equipment Eligibility
Currency Capital does not have any limitations regarding the age or type of equipment being financed. However, the loan term cannot exceed the remaining useful life of the equipment being financed.
Borrower Eligibility
- Minimum credit score: At least 585
- Time in business: At least six months
- Annual revenue: At least $75,000
Currency Capital offers borrowers an advantage with regards to qualification standards. If Currency Capital is unable to fund your loan in-house, it has a network of lenders available that have varying qualification requirements, and can often help you secure financing despite any deficiencies in your credit.
How to Apply for Currency Capital Financing
Currency Capital is a marketplace lender, which means that when you apply, your loan request will be processed through a network of lenders. Applying is easy and can be completed online in a matter of minutes. Once approved you can receive funding in as little as 24 hours.
Celtic Bank: Best For Businesses That Also Need Working Capital
Celtic Bank is one of the top lenders nationally for SBA loans. With amounts up to $5 million that can be used for both equipment financing and working capital, an SBA loan through Celtic Bank can be the solution to many of your business financing needs. Repayment terms can extend up to 10 years, and interest rates range from 7.75% to 10.25%.
Celtic Bank Rates & Fees
- Interest rates: 7.75% to 10.25%
- Expected APR: 8% to 11%
- Origination fee: 0.5% to 3.5%
Due to the restrictions on maximum interest rates on SBA loans, financing equipment through Celtic Bank will likely result in the lowest APR of any of the lenders listed. However, qualification requirements are more stringent than other providers, and you will be required to provide a down payment on the equipment you are purchasing.
Celtic Bank Terms
- Loan amount: Up to $5 million
- Repayment term: Up to 10 years
- Down payment: 10% to 20%
- Collateral: Some collateral required (loan doesn’t have to be fully collateralized)
- Personal guarantee: Required
- Time to funding: 30 to 90 days
Unlike other equipment financing providers who are able to provide funding within a few days, it can take up to 90 days to receive funding with a Celtic Bank SBA loan. For small businesses that need large amounts of equipment financing, but want faster funding, Currency Capital may be a better funding option.
Celtic Bank Qualifications
To be considered eligible for an SBA loan for equipment financing through Celtic Bank, you will need to have a credit score of at least 650. Additionally, your business must have at least two years of operation and be generating annual revenues of $100,000 or greater. There is no limitation on the age of the equipment you can finance; however, the term of the loan cannot exceed the remaining useful life of the equipment.
Equipment Eligibility
In general, the term of the loan may not exceed the remaining useful life of the equipment being financed and used as collateral to secure the loan. For example, if the equipment being financed has a remaining useful life of five years, the maximum loan term would be five years.
Borrower Eligibility
- Minimum credit score: At least 650
- Time in business: At least two years
- Annual revenue: At least $100,000
The exact qualification requirements for an SBA loan vary slightly from one lender to another. However, they are often more stringent than other alternative financing options. One of the qualification requirements for an SBA loan is that the borrower is unable to obtain credit elsewhere. If you meet the basic qualification requirements listed above and have been denied financing from another lender, you may want to speak to Celtic Bank to see if you may be eligible for an SBA loan for your equipment purchase.
How to Apply for Celtic Bank Financing
Celtic Bank is one of the few top SBA lenders that provides the option of applying for an SBA loan online. The application process does require continued communication with the lender and extensive documentation to complete. The entire process may take 30 to 90 days from application to funding. Your business can qualify to borrow up to $5 million in funding, with repayment terms up to 10 years, and interest rates as low as 7.75%.
Bottom Line
Small businesses seeking equipment financing may wonder which provider will best suit their needs. Crest Capital is a good choice for those that qualify, but for those that don’t, or are in need of higher loan amounts, there are other alternative providers available. The best equipment financing provider for your small business will be the one that offers you the best rates and terms.
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