6 Best Equipment Financing Companies

Businesses that need equipment have several equipment financing methods to choose from, including equipment loans and equipment leases, Small Business Administration (SBA)-backed loans, unsecured term loans, and lines of credit. We analyzed more than 20 providers and to create our list of the top six equipment financing companies.

Top 6 Equipment Financing Companies 2019

How We Evaluated the Best Equipment Financing Companies

Choosing the best equipment financing company depends on several specific factors, including the long term goals of the business that is seeking financing as well as other variables such as creditworthiness, years in business, and annual revenues. Additionally, the ease of working with a lender, their reputation, and the speed of funding all play an important role.

The criteria we evaluated to determine the best equipment financing companies are:

• Type of equipment financing: Whether the funding covers just equipment, or working capital and other expenses.
• Costs to the borrower: What fees are due to the lender, and what additional costs a borrower can expect to incur.
• Funding amount: What amount of funding is available, including minimum and maximum amounts.
• Repayment terms: How often is the loan repaid, and over what period of time, as well as whether flexible terms are available.
• Underwriting criteria: How strict underwriting criteria are and what types of borrowers and businesses can qualify for funding.
• Speed of funding: How quickly can borrowers get pre-approval, as well as how quickly can the funding be accessed.
• Financing company reputation: Whether the company is known for dealing fairly with its customers, as well as what reviewers had to say.

Based on our criteria, Crest Capital is the best option for businesses that need to finance equipment. You can visit Crest’s website to apply online and receive approval and funding in as little as 24 hours.

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Crest Capital: Best Overall Equipment Financing Company

Crest Capital is an equipment financing direct lender in the alternative lender space, boasting more than 30 years in business and access to an assortment of highly flexible equipment financing options. Known for its excellent customer service and competitive interest rates, well-qualified borrowers who would like to explore equipment leasing and equipment financing agreements should give Crest Capital consideration.

Crest Capital Types of Financing Available

The main types of financing available from Crest Capital are:

• Equipment lease
• Equipment loan
• Equipment financing agreement

Crest Capital is a relative rarity in the alternative lender space, being both a direct lender as well as a specialist. Programs come in three variations: leasing, loans, and equipment financing agreements, a sort of hybrid between a lease and loan. With very competitive rates and highly flexible terms, Crest Capital’s equipment lease programs should be given serious consideration by business owners considering equipment financing.

Crest Capital Equipment Lease Qualifications

Qualifications for Crest Capital’s equipment lease are:

• Minimum credit score: 650
• Minimum time in business: 2 years
• Minimum annual revenue: No minimum
• Asset condition: New or used

Crest Capital’s equipment leasing program is an excellent option for well-qualified borrowers with at least two years in business. Crest Capital will typically finance new or used equipment. However, the useful life of the equipment must be equal to or greater than the lease term. Crest will consider any annual income and base their approvals off of projected income from the new equipment.

Crest Capital Equipment Lease Costs

The rates and fees you should expect with Crest Capital’s equipment lease are:

• Interest rate: 5.5% to 9.5%
• Expected APR: 6.06% to 10.08%
• Fees: $275 administrative fee
• Down payment: 0% to 20%

While possible to see interest rates exceeding 9.5% from Crest Capital, they state the majority of their leases are between 5.5% to 9.5%. If you factor the $275 administrative fee into the lease, annual percentage rates (APRs) will range from 6.06% to 10.08%, which is helpful when considering equipment lease cost. There is 100% financing available. However, depending on credit and other considerations, a down payment of up to 20% may be required.

Crest Capital Equipment Lease Terms

General terms for the Crest Capital equipment lease are:

• Finance amount: $5,000 to $500,000
• Length of term: 24 to 72 months
• Repayment frequency: Monthly or seasonal, with step-up and deferred available
• Collateral: Financed equipment only
• Speed of funding: Within 48 hours

Crest Capital offers a wide variety of flexible lease repayment terms, including seasonal and deferred payments, where the payment is deferred until the equipment is placed into service. They also have a step-up program, where payments grow over time in relation to projected revenue growth. This is great for businesses that are expanding operations and anticipate higher future revenues.

What Crest Capital’s Equipment Lease Is Missing

While Crest Capital is an excellent choice for well-qualified borrowers, offering industry-leading flexibility in the variety of lease programs and repayment options available, they are not a perfect fit for all borrowers seeking equipment leasing. With a minimum credit score of 650, borrowers with challenged credit may wish to consider other bad credit business loans.

Crest Capital Reviews

Crest Capital earns over four stars on average across online review sites with an A+ from the Better Business Bureau (BBB). Positive reviews note excellent customer service, many noting they are returning customers. Few negative reviews exist. A lack of negative reviews doesn’t mean negative experiences don’t exist. However, the evidence suggests Crest Capital has a track record of taking good care of their clients.

How to Apply With Crest Capital

Borrowers who are interested in applying for up to $500,000 in equipment leasing from Crest Capital can fill out an application online to receive approval and funding as soon as the same day.

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Chase Bank: Best for Large Equipment Purchases

Boasting more than 5,300 branches and more than 15,000 ATMs nationwide, Chase Bank is a leading SBA lender and part of the SBA’s Preferred Lenders Program, which allows them to streamline loan applications. Borrowers who would like to obtain below bank rates on their equipment and can meet stringent SBA criteria should consider an SBA-backed 504 equipment loan from Chase Bank.

Chase Bank Types of Financing Available

The main types of financing available from Chase Bank are:

• SBA loans, which has the most stringent application process; borrowers will need good credit and full financials to apply for an SBA loan
• Equipment loan
• Equipment lease
• Line of credit (LOC)
• Term loan
• Business credit card

Similar to Wells Fargo, Chase Bank offers a number of personal and business deposit and credit solutions, ranging from checking accounts and credit cards to investment accounts. As a leading SBA lender able to lend in most states, Chase funded loans in 31 states in 2018. Business owners looking for a wide range of banking solutions from a single relationship will want to consider Chase Bank.

Chase Bank SBA 504 Loan Qualifications

Qualifications for Chase Bank’s SBA 504 loan are:

• Minimum credit score: 680
• Minimum time in business: No minimum
• Minimum annual revenue: No minimum
• Asset condition: Equipment’s remaining economic life must be at least 10 years

Unlike many SBA lenders, Chase Bank will work with startups, although businesses already in operations will need to show two years of tax returns. It is important to note that to qualify for an SBA 504 loan, the equipment being financed must have at least 10 years of remaining economic life, although it can be new or used.

Chase Bank SBA 504 Loan Costs

The rates and fees you should expect with Chase Bank’s SBA 504 loan are:

• Interest rate for Certified Development Company (CDC) loan: 3.76% to 4.08%
• Chase Bank SBA rates: 5% to 12%
• Fees: 1.639% to 3.014%
• Down payment: 10%

Interest rates for an SBA 504 loan are among the lowest available for equipment financing and are applied as a fixed rate for the length of the term. A variety of additional fees are assessed when the loan is funded, including the SBA Guarantee Fee, CDC processing fee, and any closing costs charged by Chase Bank. These are likely to average between 2.50% to 3.00% of the total amount financed.

Chase Bank SBA 504 Loan Terms

General terms for the Chase Bank’s SBA 504 loan are:

• Finance amount: No maximum
• Length of term: 7 to 10 years
• Repayment frequency: Monthly
• Collateral: Financed assets
• Speed of funding: 45 to 60 days

SBA 504 loans do not have a hard maximum amount, and Chase does not list a cutoff. Although longer terms are available on commercial real estate loans, equipment financed with an SBA 504 loan is limited to a 10-year term. Because the loan is fully collateralized by the equipment being financed, no additional collateral is required, although a personal guarantee will be.

What Chase Bank’s SBA 504 Loan Is Missing

Using an SBA 504 loan from Chase Bank to purchase major equipment is a great way to keep borrowing costs low and stretch repayment out over seven to 10 years. Like SBA 7(a) loans, however, borrowing is highly competitive, and funding can take 60 days or more. Borrowers with poor credit and businesses that need funding fast will want to consider other options.

Chase Bank Reviews

Like Wells Fargo, Chase Bank is a large, nationwide bank. Like Wells Fargo, reviews are a mixed bag. Positive reviews reference professional, caring staff while negative reviews cite long holds and high interest rates as reasons to avoid Chase. We still believe Chase Bank offers a strong program, and borrowers should not necessarily take the negative reviews as an indication of the experience they will have.

How to Apply With Chase Bank

Borrowers who are interested in obtaining equipment financing with an SBA 504 loan from Chase Bank can visit Chase’s branch locator to find a branch location nearest to them.

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US Business Funding: Best Equipment Financing Company for Borrowers With Low Credit

US Business Funding is an alternative lender that acts as a business funding marketplace emphasizing the speed of their process, which includes approvals in as little as 60 seconds and funding in as little as 24 hours. They are aimed squarely at small and medium-sized businesses that need equipment or operating capital and may have had trouble finding financing with a traditional bank.

US Business Funding Types of Financing Available

The main types of financing available from US Business Funding are:

• Equipment loans
• Equipment leases
• Working capital loans
• SBA loans

US Business Funding is a marketplace lender with focus. While many similar lenders offer as many funding options as possible, US Business Funding targets a few basic needs with their equipment financing, working capital, and SBA loan programs. We’ll focus on their equipment financing, specifically equipment leasing.

US Business Funding Equipment Lease Qualifications

Qualifications for US Business Funding’s equipment lease are:

• Minimum credit score: 500
• Minimum time in business: 2 years
• Minimum annual revenue: $250,000
• Asset condition: New or used

One of the places where US Business Funding stands out is their focus on established businesses with strong revenue of at least $250,000 gross annually, and their flexibility around personal credit scores. Their message is as long as the business can afford to make the payments, they will match the business with an investor or direct lender that can make the deal work.

US Business Funding Equipment Lease Costs

The rates and fees you should expect with US Business Funding’s equipment lease are:

• Interest rate: 8% to 20%
• Fees: No upfront fees
• Down payment: 0% to 20%

Rates for an equipment lease through US Business Funding are higher than some options on this list; however, there are no additional fees other than those charged by the lender. According to US Business Funding, they are paid based on the ongoing performance of the loan or lease, a unique approach that may work out in borrowers’ favor by aligning the firm’s compensation with the borrower’s ability to repay the debt.

US Business Funding Equipment Lease Terms

General terms for the US Business Funding’s equipment lease are:

• Finance amount: $10,000-plus
• Length of term: 24 to 72 months
• Repayment frequency: Monthly, seasonal, or 90-day deferred
• Collateral: Financed equipment
• Speed of funding: As little as 24 hours

US Business Funding does not list a maximum equipment value for their equipment leases, which start at $10,000. They offer several repayment terms, including seasonal repayment, and a 90-day deferred program that allows the equipment to be utilized prior to collecting payments. US Business Funding emphasizes their speed, claiming equipment financing can be funded in as little as 24 hours.

What US Business Funding’s Equipment Lease Is Missing

US Business Funding represents a solid option for businesses with strong cash flow that have at least two years of operations, with a flexible equipment leasing offer. Startup businesses, as well as businesses with less than $250,000 gross annual revenue, don’t meet the minimum criteria for this lender, so businesses that cannot meet those standards will need to explore other options.

US Business Funding Reviews

Reviews for US Business Funding are generally positive, with the company earning more than 4 stars from consumers and professional reviewers alike. The BBB gives them an A+ rating, with a track record of addressing customer complaints satisfactorily. Positive reviews note that US Business Funding conducts business honestly, and support US Business Funding’s claim of speedy funding.

Business owners that mention a negative experience with US Business Funding draw attention to aggressive email marketing and sales practices. Overall, such reviews are in the minority. However, some borrowers may find these marketing tactics off-putting.

How to Apply With US Business Funding

Borrowers interested in an equipment lease starting at $10,000 from US Business Funding can apply online to receive an approval in as little as one minute, with funding in as quick as one day.

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Wells Fargo Bank: Best Equipment Financing for Wells Fargo Customers

Wells Fargo Bank is considered to be very business-friendly based on the breadth and depth of banking and lending products available, the number of banking and ATM locations nationwide, and convenient hours including Saturdays. Existing Wells Fargo customers looking for an equipment financing option from a well-known banking institution should consider this option, which has flexible underwriting criteria as well as reasonable fees.

Wells Fargo Bank Types of Financing Available

The main types of financing available from Wells Fargo Bank are:

• Equipment Express Loan
• Equipment leases
• SBA loans
• Lines of credit
• Term loans
• Business credit card

Wells Fargo Bank offers several banking and lending products for both businesses and consumers. For our purposes, we will focus on their equipment loan, called the Equipment Express Loan. Business owners with a business banking relationship with Wells Fargo Bank will note a very comprehensive array of options for borrowers that wish to keep their relationship at a single institution.

Wells Fargo Bank Equipment Express Loan Qualifications

Qualifications for Wells Fargo Bank’s Equipment Express Loan are:

• Minimum credit score: 640 (check your score for free)
• Minimum time in business: Not listed
• Minimum annual revenue: Not listed
• Asset condition: New or used

While not as low as many alternative lenders minimum credit, Wells Fargo Bank’s minimum score of 640 is nonetheless competitive for a larger bank. Adding flexibility to their underwriting, Wells Fargo Bank does not list any minimum time in business or annual revenue. Borrowers should be able to show $1.50 in revenue for every $1 borrowed. New and used equipment are eligible for Wells Fargo Bank’s Equipment Express Loan.

Wells Fargo Bank Equipment Express Loan Costs

The rates and fees you should expect with Wells Fargo Bank’s Equipment Express Loan are:

• Interest rate: Starting at 6.75%
• Fees: $150 documentation fee, can be waived
• Minimum down payment: 0%

While Wells Fargo Bank’s starting rate is listed at 6.75%, they do not offer a rate range. This rate includes a 0.25% discount based on auto-pay from a qualifying business checking account. Similarly, the $150 documentation fee can be waived with a qualifying account. While Wells Fargo Bank offers 100% equipment financing, a down payment may be required based on credit and other considerations.

Wells Fargo Bank Equipment Express Loan Terms

General terms for the Equipment Express Loan from Wells Fargo Bank are:

• Finance amount: $10,000 to $100,000
• Length of term: 24 to 72 months
• Repayment frequency: Monthly
• Collateral: Equipment only
• Speed of funding: 2 to 4 business days

Wells Fargo Bank’s Equipment Express Loan terms are pretty flexible, with the length of the term based on the expected economic life of the equipment, up to six years. Wells Fargo Bank does not require any additional collateral as the financed equipment will satisfy that requirement. In most cases, a personal guarantee will be required from partners in the business with a 20% or greater stake.

What Wells Fargo Bank Equipment Express Loan Is Missing

Wells Fargo Bank offers straightforward equipment financing with their Equipment Express Loan, allowing existing banking customers to take advantage of simple terms and competitive rates, complemented by a nationwide footprint. Wells Fargo does not currently offer this lending program to newcomers to the bank, requiring a checking or savings account relationship that has been open at least one year to apply.

Wells Fargo Bank Reviews

Reviews for Wells Fargo Bank are mixed, which is not uncommon for a bank with a nationwide footprint and should not necessarily deter potential borrowers. Positive reviews typically credit Wells Fargo’s abundance of banking locations, and Wells Fargo’s recent efforts to reestablish trust with customers. Negative reviews largely focus on deposit accounts, particularly noting low interest rates on savings accounts as well as strict lending requirements.

How to Apply for a Wells Fargo Bank Equipment Express Loan

Business owners with an existing checking or savings account that has been open at least one year can apply online with Wells Fargo and receive same-day approvals on equipment financing up to $100,000.

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BlueVine: Best Short-term Equipment Financing

BlueVine is a relative newcomer to the alternative lending space, focused on leveraging technology to deliver capital quickly and easily to small businesses, by allowing the company to quickly onboard and qualify borrowers for credit products they might otherwise not be eligible for. Borrowers who need quick access to short term capital for equipment financing and working capital will want to consider BlueVine’s LOC.

BlueVine Types of Financing Available

The main types of financing available from BlueVine are:

• Term Loan
• LOC
• Invoice factoring

BlueVine entered into the alternative lender industry with two products, their LOC, and invoice factoring. Recently they have added term loans. For borrowers who need the flexibility and short term funding, we will focus on its business LOC program.

BlueVine Qualifications

Qualifications for BlueVine’s LOC are:

• Minimum credit score: 600 (check your score for free)
• Minimum time in business: 6 months
• Minimum annual revenue: $100,000
• Asset condition: N/A

Qualifying for a BlueVine LOC is simple, and that simplicity is one of the appeals of the program. Borrowers should have at least a 600 credit score, and $100,000 or more in gross annual revenue. Businesses as new as six months can project revenue to meet this qualification, meaning they should be able to show at least $8,400 in monthly revenues.

BlueVine LOC Costs

The rates and fees you should expect with BlueVine’s LOC are:

• Interest rate: 15% to 78%
• Fees: Bank wire $15; automated clearing house (ACH) is free
• Down payment: 0%

BlueVine advertises rates as low as 4.8%; however, actual APRs will range between 15% to 78%, which will vary significantly based on the creditworthiness of the borrower. BlueVine’s LOC is otherwise fee-free, except for a $15 wire fee should borrowers choose to receive their funding this way.

BlueVine LOC Terms

General terms for the BlueVine’s LOC are:

• Finance amount: Up to $250,000
• Length of term: 6 or 12 months
• Repayment frequency: Weekly
• Collateral: Blanket UCC lien
• Speed of funding: As soon as same day

BlueVine’s LOC terms have little variation. Lines are available up to $250,000 with repayment terms of either six or 12 months. Payments are due weekly and are deducted automatically. A blanket UCC lien is indicated for all business assets. Borrowers should be wary of blanket liens as they may make other lenders wary of extending credit as long as the lien exists.

What BlueVine LOC Is Missing

A BlueVine LOC is a simple method for businesses to access short term funding for equipment financing for assets that otherwise wouldn’t qualify, as well as short term working capital. What BlueVine doesn’t do well is long term funding. With the maximum term for financing topping out at 12 months, borrowers will want to look elsewhere if not in a position to quickly pay off the debt.

BlueVine Reviews

Similar to other lenders on this list, BlueVine has a mostly positive online reputation. Averaging at least four stars across consumer and professional review websites, BlueVine has also earned an A+ rating from the BBB. Positive reviews compliment BlueVine for providing capital when other lenders wouldn’t, and several reviewers call out excellent service received from their account manager.

How to Apply With BlueVine

For quick approvals and access to funds as soon as the same day, prospective borrowers can apply online with BlueVine and receive initial approval in as little as 24 hours, on a business LOC up to $250,000.

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National Business Capital: Best Working Capital Option

Emphasizing a personalized approach in an increasingly impersonal, automated alternative lending landscape, National Business Capital is a marketplace lender with several unique financing options on tap. Borrowers with strong credit scores and established businesses will want to consider National Business Capital for long term equipment financing and working capital needs.

National Business Capital Types of Financing Available

The main types of financing available from National Business Capital are:

• Term loans
• LOC
• Accounts receivable and purchase order financing
• Equipment leasing
• Equipment loans
• SBA loans
• Commercial mortgage
• Performance advance

Offering an impressive variety of financing products, including equipment financing in the form of leases and loans, National Business Capital features a unique offering in their Hybridge loan. With the Hybridge loan, National Business Capital combines a fast business loan with a long term SBA loan, giving borrowers access to the best of both worlds for their equipment financing and working capital needs.

National Business Capital Hybridge Loan Equipment Financing Qualifications

Qualifications for National Business Capital’s Hybridge loan are:

• Minimum credit score: 685
• Minimum time in business: 2 years
• Minimum annual revenue: $120,000
• Asset condition: Limitations may apply

The National Business Capital Hybridge loan is two loans, and to qualify, borrowers will need to meet criteria for not only a short term loan but also an SBA 7(a) loan. To meet these criteria, borrowers will need strong credit and at least two years of revenue. Borrowers should expect a much more stringent application process, including extensive financial documentation.

National Business Capital Equipment Financing Costs

The rates and fees you should expect with National Business Capital’s LOC are:

• Interest rate: SBA loan, 7.50% to 10.00% APR; bridge loan, 8% to 20% simple interest
• Fees: 2.99% of funded amount; 1% to 4% SBA-related fees
• Down payment: 10% to 20%

Because it’s two separate loans, there are separate rates to consider. SBA rates ranges are set at the federal level, but borrowers should know that they can negotiate for the lowest rate possible. National Business Capital typically collects around 2.99% of the funded loan amount as a broker fee, and then there are various SBA fees to consider, which range between 1% to 4% of the total loan.

This method of borrowing may seem expensive with all the related fees; however, borrowers should keep in mind that those fees can be rolled into the loan, which, while making the effective APR higher, will allow the cost to be spread out from 10 to 25 years. Overall, on a $250,000 Hybridge loan, borrowers can expect anywhere between $9,000 to $17,000 in fees.

National Business Capital Equipment Financing Terms

General terms for the National Business Capital’s Hybridge loan are:

• Finance amount: $50,000 to $5 million
• Length of term: 10 to 25 years
• Repayment frequency: Monthly
• Collateral: Equipment, business assets, or personal property
• Speed of funding: As soon as the second day

While National Business Capital offers Hybridge loans as low as $50,000, the option likely becomes viable around $150,000 or more. The SBA will ask that the loan is fully collateralized to the extent possible, which means a lien may be taken on a primary residence if one is available. A real standout is that the Hybridge can give borrowers access to funding in as little as 48 hours.

What National Business Capital’s Equipment Financing Is Missing

National Business Capital’s Hybridge loan solves the question of how to expand your business while waiting for your SBA loan to fund, making it a great option for borrowers who need to take care of high equipment financing costs and carry those costs for a long period of time. The Hybridge loan doesn’t solve this problem for startups, and with stringent underwriting requirements, many borrowers will need to consider other options.

National Business Capital Reviews

Collecting at least four stars on professional reviews and averaging 4.5+ stars across most consumer review sites, National Business Capital’s reception has been mostly positive. They also collected an A+ from the BBB. Positive reviews credit a personalized process with knowledgeable representatives for repeat business.

Of the negative experiences that have been recorded by individual reviewers, many note that the interest rates they ultimately paid were much higher than expected. Some also caution borrowers to read the fine print of their contract before signing, which is advice that should be applied to any financing relationship.

How to Apply for a Hybridge Loan From National Business Capital

Borrowers can prequalify with no hard credit pull by visiting National Business Capital and applying online for access to up to $5,000,000 through their Hybridge loan.

How Equipment Financing Works

With a typical equipment financing arrangement, such as an equipment loan or lease, the equipment acts as collateral. Often the borrower can obtain the equipment with up to 20% down, making agreed-upon payments for the life of the contract. Soft costs are often included in the amount financed and include installation, delivery, and potentially training. Working capital is not typically available.

Types of Equipment Financing

Several types of equipment financing exist and some of the most popular are equipment loan vs equipment lease, SBA 504 loan, SBA 7(a) loan, and captive financing.

Equipment Loan vs Equipment Lease

Choosing whether to pursue an equipment loan or an equipment lease usually comes down to a few factors. The first factor to consider is whether the equipment is intended to be owned long-term. If so, and all other factors being equal, the best option is likely an equipment loan. Other factors include the desired size of payments as well as repayment frequency.

If the equipment needs to be frequently replaced due to rapid obsolescence or other factors, an equipment lease may be a better option. Also, businesses that need more affordable payments may wish to consider an equipment lease, where more creative repayment terms are available. These may include seasonal repayments as well as step-up and deferred options.

SBA 504 Loan

A popular option for borrowers who can meet stringent underwriting requirements, and wait 45 to 60 days for funding, is the SBA 504 loan. With an SBA loan, the equipment acts as part of the collateral securing the loan. Other collateral may be required, including other business assets and, potentially, the borrower’s personal house if one exists, is taken. In return, borrowers get low rates and the longest available terms.

SBA 7(a) Loan

Another option for business owners in need of additional working capital, particularly when it’s not feasible to wait for an SBA 7(a) loan to fund, is an unsecured business term loan. This option allows a business to obtain funding for the purchase of equipment as well as other working capital needs. However, the trade-off is interest rates are often much higher, and available terms much shorter than a comparable SBA loan.

Captive Financing

Business owners who are interested in equipment financing should understand that there is another option available, captive financing. Often referred to as in-house lending, captive financing refers to lending made available through the manufacturer or dealer of certain equipment. If captive financing is available, it is often at the best rates available to borrowers.

Advantages of Captive Financing

Manufacturers and dealers offering in-house financing often package additional incentives such as discounts and rebates on their equipment. In many cases, it is offered with a 0% APR for a set period of time, often called same-as-cash financing. Business owners should always explore whether captive financing is available and compare it to the options available on the open market.

Disadvantages of Captive Financing

Because the financing is being offered by a specific manufacturer or dealer, the range and type of equipment that can be financed is limited compared to other forms of financing. For businesses interested in financing second-hand equipment, captive financing is often not available. Also, 0% APRs and similar deals are generally only available to well-qualified borrowers, and borrowers with poor credit may not qualify at all.

Bottom Line

Several different types of equipment financing exist, and choosing the right one requires borrowers to evaluate their needs, including whether they intend to keep the equipment or upgrade it, and whether the business requires additional working capital. To identify the best funding, borrowers should consider their priorities upfront and consider multiple equipment financing companies to choose the right one.

Crest Capital is our pick as the best equipment financing company. Borrowers can fill out an application online and receive quick same-day approvals with funding available in as little as 24 hours.

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