Crest Capital offers equipment financing up to $500,000 with rates starting at 7% APR, and terms of two to six years. Businesses 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
Interest rates on equipment loans through Crest Capital start as low as 5% with APRs ranging from 7% to 20%. In addition to the interest charges, Crest Capital also charges an administrative fee of $275 for processing your financing request.
The typical rates and fees with Crest Capital equipment loans are:
- 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
Crest Capital offers equipment loans up to $500,000 with repayment terms extending from two to six years. There is no collateral required beyond the equipment you are financing and Crest Capital can finance up to 100% of the equipment value. Once approved, you can receive funding in one to three days.
The terms you can expect with an equipment loan through Crest Capital are:
- 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
The borrower eligibility requirements for equipment financing through Crest Capital include:
- Minimum credit score: 650 (check your score for free)
- 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.
What Crest Capital is Missing
Crest Capital offers borrowers the benefit of fast funding and an online application. However, its minimum requirements are more restrictive than some providers, with a minimum personal credit score of 650 and at least two years in business required. Borrowers with a lower credit score may be better served by Currency Capital, as it only requires a credit score of 585 to qualify.
Crest Capital Reviews
Crest Capital reviews are overwhelmingly positive. Customers describe the process as fast and efficient, and the company itself as professional, responsive, and flexible. Very few critical comments were given and were primarily focused on the customer’s misunderstandings regarding the administrative fee and interest calculations. Crest Capital has an A+ rating with the Better Business Bureau.
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 $100,000 or greater.
National Funding Rates & Fees
Interest rates for equipment financing through National Funding start as low as 8%, with APRs ranging from 10% to 26%. Included in the APR is National Funding’s loan origination fee of 2%. National Funding provides transparent pricing and discloses all of the rates and fees specific to your transaction before your acceptance of the loan.
The rates and fees you can anticipate with equipment financing through National Funding are:
- 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
National Funding offers equipment loans and equipment leases in amounts up to $150,000 with repayment terms ranging from three to five years. There is no down payment requirement as National Funding will finance up to 100% of the equipment value, and can get you funding as soon as the next business day.
The standard terms for National Funding equipment financing include:
- 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 $100,000.
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
The typical qualification requirements for National Funding include:
- Minimum credit score: At least 620 (check your score for free)
- Time in business: At least six months
- Annual revenue: At least $100,000
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.
What National Funding is Missing
With National Funding’s maximum loan amount of $150,000, borrowers are somewhat limited in what they can finance. Borrowers seeking funding amounts above $150,000 may be better served by Crest Capital, Currency Capital, or Celtic Bank.
National Funding Reviews
National Funding reviews are a mix of both positive and negative feedback from customers. Positive National Funding reviews came from borrowers that were happy to secure funding after being turned down by other lenders. Customers that left critical reviews of the company cited high costs and unexpected fees. However, National Funding discloses the rate and fees when you receive a financing offer.
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
When obtaining equipment financing through Smarter Finance USA, you can expect to receive an interest rate ranging from 6% to 26% APR. While Smarter Finance USA does not disclose additional fees such as administration or loan origination fees, these fees would already be included in the APRs quoted above.
The typical rates and fees for equipment financing through Smarter Finance USA are:
- 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
Smarter Finance USA offers equipment financing in amounts up to $100,000 with repayment terms of up to five years. While you will not be required to provide additional collateral beyond the equipment being purchased, you will have to have a down payment of at least 10% of the purchase price.
In general, the terms you can expect with equipment financing through Smarter Finance USA are:
- 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.
What Smarter Finance USA is Missing
Unlike the other lenders on our list, Smarter Finance USA does not offer an online application process. However, this lender prides itself on helping you make the best financial decision for your business. The Smarter Finance USA team will work with you to determine the best loan option, even if that means the best option is with another lender.
Smarter Finance USA Reviews
Smarter Finance USA customer reviews are overwhelmingly positive. Customers that left positive reviews were excited to receive financing after having been turned down by other lenders, and shared that Smarter Finance USA was easy to work with. Those that left critical reviews of the company misunderstood parts of the funding process.
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
When receiving equipment financing through Currency Capital, you can expect APRs to range from 6% to 24%, though the exact offering will vary depending on the lender. Included in this APR is a loan origination fee that may range from 0% to 5% of the amount borrowed.
In general, the rates and fees associated with equipment financing through Currency Capital include:
- 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
Currency Capital offers equipment financing in amounts up to $2 million with repayment terms ranging from two to six years. A down payment is not required, but providing a down payment reduces the amount financed as well as the total cost of capital.
The repayment terms you can expect for Currency Capital equipment financing are:
- 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
The standard qualification requirements for equipment financing through Currency Capital are:
- Minimum credit score: At least 585 (check your score for free)
- 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.
What Currency Capital is Missing
Borrowers that do not qualify for a loan directly through Currency Capital will be offered a loan through one of Currency’s network providers. While this may be an advantage to some borrowers, other borrowers may receive better rates and terms by applying with one of the other lenders on our list.
Currency Capital Reviews
Customer reviews for Currency Capital from various online sources are mixed. Positive reviews of the company share that customers found the process to be easy and fast. Negative reviews are largely from borrowers that had unexplained fees and charges taken from their accounts via ACH and had a difficult time getting the fees returned.
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
SBA loan interest rates are capped by the Small Business Administration. When receiving an SBA loan for equipment financing through Celtic Bank, you can expect an APR in the range of 8% to 11%. Included in the APR are the loan origination and guarantee fees assessed by the lender and the SBA.
The typical rates and fees for an SBA loan for equipment financing through Celtic Bank include:
- 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
Equipment financing with an SBA loan through Celtic Bank can have a repayment term of up to 10 years (or the remaining useful life of the equipment being financed). SBA loans generally require a down payment of 10% to 20% of the amount being financed and use the equipment as collateral for the loan.
The typical terms associated with an SBA loan for equipment financing with Celtic Bank are:
- 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
The standard qualification requirements for an SBA loan for equipment financing with Celtic Bank include:
- Minimum credit score: At least 650 (check your score for free)
- 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.
What Celtic Bank is Missing
Celtic Bank SBA loans provide an opportunity for small businesses to borrow up to $5 million, as well as the ability to borrow for working capital needs in addition to financing equipment purchases. However, the application process is lengthy and it can take 30 to 90 days to receive funding after you apply. For small businesses seeking financing over $500,000 and needing it fast, Currency Capital may be a better choice.
Celtic Bank Reviews
Celtic Bank customer reviews were mostly positive on our site and around the web. Many Celtic Bank reviews noted the exceptional support received from the lender during the application process. Some of the more critical reviews were from customers concerned about defaulting on their loans, however, these reviews were rare.
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.
Offering equipment financing in amounts up to $500,000 at interest rates starting as low as 5%, Crest Capital is a great option for your small business’s equipment financing needs. You can apply online, and if approved receive funding as soon as the next business day.
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