The features and characteristics of the best equipment leasing company will vary based on your company’s needs. However, many share the same qualities, such as competitive rates, low fees, and multiple repayment options. Top leasing providers also commonly offer excellent customer service and flexible eligibility criteria.
Below, we’ve selected lenders that have a range of these characteristics. Browse our list of the best equipment leasing companies, and explore the options that are best suited for your company’s specific needs and circumstances.
- Smarter Finance USA: Best overall for flexible qualifications, competitive rates, and customer service
- AdvancePoint Capital: Best fast funding for bad credit and small financing needs
- SBG Funding: Best for customized payment options
- Lendio: Best for multiple financing options
- National Funding: Best for personalized service
- eLease: Best for borrowers with low credit scores
- Crest Capital: Best easy application process for low financing amounts
- US Business Funding: Best for large funding amounts
Best Equipment Leasing Companies at a Glance
Maximum Lease Amount | Estimated Starting APR | Maximum Repayment Term | Minimum Credit Score | Annual Revenue Requirement | |
|---|---|---|---|---|---|
 | $1 million | 10% | 5 years | None | |
 | $500,000 | 25% | 5 years | 550 | $240,000 |
 | $5 million | 3.75% average monthly fixed | 7 years | 600 | $350,000 |
 | $5 million | 7.5% | 10 years | 520 | $50,000 |
 | $150,000 | 15% | 600 | $250,000 | |
 | $500,000 | 10% | 5 years | 500 | None |
 | $1 million | 8% | 7 years | 650 | Varies |
 | $50 million | 7% | 10 years | 600 | $200,000 |
Smarter Finance USA: Best Overall for Flexible Qualifications, Competitive Rates, and Customer Service
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Rates & Terms | |
Estimated APR | 10% to 20%+ |
Lease Amount | $10,000 to $1 million |
Repayment Term | 24 to 60 months |
Repayment Schedule | Weekly, monthly, seasonal, and deferred |
Collateral or Personal Guarantee | Both may be required |
Funding Speed | One to four business days |
Qualifications | |
Credit Score | None, but 600 is recommended |
Revenue | None |
Time in Business | None |
Down Payment | 0% |
Why We Like Smarter Finance USA
Smarter Finance USA specializes in providing business vehicle and equipment financing. It can issue financing for bulldozers, backhoes, cranes, excavators, and more. It also issues equipment financing for many different industries, including healthcare practices, food service, and vendor equipment financing.
As a broker with nearly 40 lenders in its network, working with Smarter Finance gives you a greater likelihood of getting approved at favorable rates and terms. In fact, the combination of its customer service and rates is why we also selected it for our list of the best business loan brokers.
Although there are no minimum qualification requirements listed in the table above, we strongly recommend having a credit score of at least 600. While it is possible to get financing with lower scores, it can be especially challenging to get approved without several strong compensating factors.
To learn more or to submit a loan application, visit the Smarter Finance USA website.
AdvancePoint Capital: Best Fast Funding for Bad Credit & Small Financing Needs
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Rates & Terms | |
Estimated APR | 25% and up (factor rates from 1.25% to 1.95%) |
Lease Amount | Up to $500,000 |
Repayment Term | 2 to 5 years |
Repayment Schedule | Monthly |
Collateral or Personal Guarantee | Not stated |
Funding Speed | 1 to 2 business days |
Qualifications | |
Credit Score | 550, but exceptions can be made |
Revenue | $240,000 annually |
Time in Business | 1 year |
Down Payment | Not stated |
Why We Like AdvancePoint Capital
AdvancePoint Capital has the ability to issue decisions within seconds for loan amounts less than $10,000. It can also issue funding as low as $500, which is one of the lowest amounts in our guide. Because of this, we’ve selected it as a good option if you have small financing needs and need funds quickly.
Unlike some lenders, AdvancePoint Capital has some flexibility when it comes to its eligibility criteria. Credit policy exceptions for its minimum stated credit score, for instance, can be made if your loan application has compensating factors such as a large down payment or strong business finances. The tradeoff for quick funding speeds and underwriting flexibility is that the lender has the highest rate in our guide.
Documentation requirements are often minimal and typically include four months of business bank statements and an invoice for the equipment being acquired. In some cases, additional financial documents, such as business tax returns, may be needed to support your ability to repay borrowed funds.
To learn more or to apply, you can visit the AdvancePoint Capital website.
SBG Funding: Best for Customized Payment Options
| |
Rates & Terms | |
Estimated APR | 3.75% average monthly fixed rate |
Lease Amount | Up to $5 million |
Repayment Term | 1 to 7 years |
Repayment Schedule | Monthly |
Collateral or Personal Guarantee | Both may be required |
Funding Speed | As fast as the same day |
Qualifications | |
Credit Score | 600+ |
Revenue | $350,000 annually |
Time in Business | 6 months |
Down Payment | 0% |
Why We Like SBG Funding
SBG Funding can provide tailored repayment options to suit your company’s needs—and this can include adjustments to the length of your lease and the frequency of payments. Qualified businesses may even get the option to defer payments for up to three months.
You can get a lease for nearly any business-related equipment with SBG Funding. For example, financing can be used to replace or repair items, expand a fleet of vehicles, or upgrade machinery.
SBG Funding advertises an approval rate of 85% for its loans. However, meeting the minimum stated qualification requirements does not guarantee a loan approval. Rather, businesses with any weak areas of their application should expect to provide proof of compensating factors, such as strong credit or finances.
Visit the SBG Funding website to apply. Applications can be completed in just two minutes and will not negatively impact your credit score.
Lendio: Best for Multiple Financing Options
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Rates & Terms | |
Estimated APR | 7.5% and up |
Lease Amount | $5,000 to $5 million |
Repayment Term | 1 to 10 years |
Repayment Schedule | Monthly |
Collateral or Personal Guarantee | May be required |
Funding Speed | As fast as 24 hours |
Qualifications | |
Credit Score | 520 |
Revenue | $50,000 annually |
Time in Business | 0 to 12 months |
Down Payment | Not stated |
Why We Like Lendio
If you’re looking to get the most number of financing options, then consider Lendio. With over 75 lending partners, its funding specialists can match you to a lender best suited for your needs and goals.
Like many other equipment financing companies, Lendio can issue financing for nearly any industry and business-related equipment. Some examples include farm equipment, gyms, construction companies, vehicles, restaurants, and medical equipment.
Since Lendio offers other types of loans, its specialists can also serve as a second set of eyes to ensure you’re getting the best type of financing available. Its other financing options include accounts receivable financing, business credit lines, SBA loans, term loans, merchant cash advances, commercial mortgages, startup loans, business acquisition loans, and credit cards.
You can visit the Lendio website to learn about each of its loan programs and to submit a loan application. Applications can typically be completed within 15 minutes, after which you’ll be able to work with a funding manager to learn about the pros and cons of your financing options.
National Funding: Best for Small Financing and Personalized Service
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Rates & Terms | |
Estimated APR | 15%+ (factor rates starting at 1.11x) |
Lease Amount | Up to $150,000 |
Repayment Term | Varies, but can be up to 10 years |
Repayment Schedule | Monthly |
Collateral or Personal Guarantee | May be required |
Funding Speed | 24 to 72 hours |
Qualifications | |
Credit Score | 600+ |
Revenue | $250,000 annually |
Time in Business | 2 years |
Down Payment | Not stated |
Why We Like National Funding
If you’re looking to work with a provider that offers excellent customer service, National Funding is a good option. It consistently receives high customer ratings and tailors its approach to each individual business owner it works with.
As part of its minimum requirements, you must have a credit score of at least 600—there is no flexibility here. Other requirements include annual revenue of $250,000 and at least two years time in business. Estimated APRs can start as low as around 15%, but the best rates are typically reserved for highly qualified businesses that exceed its minimum requirements.
National Funding has almost no restrictions on what type of equipment leasing it can assist you with. Common equipment leases it deals with include commercial fleet vehicles, medical equipment, restaurant financing, farm equipment, and construction equipment.
Applications for a lease can be submitted online, after which you will be paired with a funding specialist to learn more about your needs. This step is done to find the type of financing best suited for your business needs and goals.
eLease: Best for Borrowers with Low Credit Scores
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Rates & Terms | |
Estimated APR | 10% and up |
Lease Amount | $3,000 to $500,000 |
Repayment Term | Up to five years |
Repayment Schedule | Monthly |
Collateral or Personal Guarantee | Personal guarantee required |
Funding Speed | 24 to 72 hours |
Qualifications | |
Credit Score | 500 |
Revenue | None |
Time in Business | None |
Down Payment | Not stated |
Why We Like eLease
Consider eLease if you’re concerned about being unable to get approved due to a low credit score. Although some lenders may have seemingly easier requirements for credit, you’re more likely to get some financing options with eLease.
It offers financing for many different types of equipment but may be unable to provide funding if the equipment has a high default ratio in your industry. Depending on the overall strength of your application, a personal guarantee may also be required.
Flexibilities built into eLease’s underwriting include the ability to lend to startups, companies that have had a bankruptcy, turnaround businesses that have recovered from an economic downturn, and business acquisitions.
To get the process started, visit the eLease website. There, you can complete a short form requesting a callback for a quote and the next steps for a formal loan application.
Crest Capital: Best Easy Application Process for Low Financing Amounts
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Rates & Terms | |
Estimated APR | 8% and up |
Lease Amount | Up to $1 million |
Repayment Term | 24 to 84 months |
Repayment Schedule | Monthly |
Collateral or Personal Guarantee | Both may be required |
Funding Speed | As fast as 24 to 48 hours |
Qualifications | |
Credit Score | 650+ recommended |
Revenue | Varies |
Time in Business | 2 years recommended |
Down Payment | None |
Why We Like Crest Capital
Crest Capital offers an application-only process for businesses needing $250,000 or less in financing. With significantly reduced paperwork requirements, this allows for approvals to be issued more quickly, in most cases within the same day.
With its application-only process, you won’t be expected to provide things like tax returns or other financial statements. Instead, the lender evaluates risk primarily by looking at your industry, time in business, equipment type, and credit history.
Crest Capital can also help businesses requiring over $250,000 in financing, but standard documentation requirements will apply. This can include many financial statements, such as tax returns, balance sheets, and profit & loss statements.
Applications can be submitted online from the Crest Capital website.
US Business Funding: Best for Large Funding Amounts
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Rates & Terms | |
Estimated APR | 7% and up |
Lease Amount | Up to $50 million |
Repayment Term | Up to 10 years |
Repayment Schedule | Monthly |
Collateral or Personal Guarantee | May be required |
Funding Speed | As fast as 24 hours |
Qualifications | |
Credit Score | 600+ recommended |
Revenue | $200,000 annually recommended |
Time in Business | 2 years recommended |
Down Payment | 0% |
Why We Like US Business Funding
US Business Funding offers financing up to $50 million. That’s more than any other lender on our list, making it a good option if you need a large amount of funding.
Getting approved for that amount of financing can involve a significant amount of paperwork. To streamline the process, you should obtain your company’s financial documents before submitting an application. Documents you may be asked to provide include tax returns, balance sheets, profit and loss statements, bank statements, and a business plan.
However, if you need less than $200,000 in funding, you can take advantage of the provider’s App-Only program. This requires only a completed application and documents showing the cost of the equipment you want to acquire.
Online applications can be completed in under 10 minutes. You’ll have the opportunity to work with an account manager who has experience in your specific industry.
How We Chose the Best Equipment Leasing Companies
We selected the best equipment leasing companies based on factors that would yield the best overall experience for borrowers. Criteria we considered included the following:
- Funding amount
- Rates, fees, and estimated APRs
- Lease repayment term
- Flexibility of qualification requirements (credit score, time in business, and revenue)
- Minimum required down payment
- Eligible equipment and industries served
- Loan approval and funding speeds
- Customer reviews and ratings
Equipment leasing can be structured in one of several ways, and you’re likely to encounter multiple options if you shop rates with different lenders. We cover this in greater detail in our guide on equipment leasing, but we’ve also summarized below the options you may come across.
- $1 buyout lease: Upon expiration of this lease type, you can choose to purchase the equipment for $1 and gain the benefits of equipment ownership.
- 10% option lease: When this type of lease ends, you’ll have the option to purchase the equipment for 10% of its value.
- 10% PUT lease: This is similar to a 10% option lease but instead requires you to purchase the equipment. In other words, you can’t simply return the equipment if you decide you do not want to buy it.
- Fair market value (FMV) lease: At the end of this type of lease, you can choose to purchase the equipment for its current assessed FMV.
- Terminal rental adjustment clause (TRAC) lease: This is usually used only for vehicles and can allow for flexibility in payments depending on what you choose the final lump-sum balloon payment to be.
If you’re looking for more competitive rates than what equipment leasing can offer, we recommend first heading over to our guide on how to get a small business loan as we provide some recommendations on how you can get better rates and fees. Otherwise, you can also consider the following alternatives:
- Equipment loan: This allows you to retain possession and ownership of the equipment once the repayment period has ended. You can learn about the differences between a lease and a loan in our guide on equipment financing.
- Small Business Administration (SBA) loan: SBA loans typically require good credit and solid financials over the past two years. These loans can also take between one and two months to fund. A big benefit of these loans, however, is that they often come with highly competitive rates.
- Small business line of credit: This is a revolving line of credit that allows you to get funding on an as-needed basis. The flexibility of this type of loan also makes it a good option to cover unexpected expenses or cash flow shortages. You can see our list of the best small business lines of credit to get up to $500,000 or more in funding in as little as 24 hours.
Frequently Asked Questions (FAQs)
In general, yes. Since equipment leasing is secured by the equipment being acquired, it’s less of a risk for lenders to issue financing since they’ll have the ability to take possession of the equipment to recoup financial losses in the event of a default.
An equipment lease is typically better if you only have a short-term need for the equipment. This can include the need to upgrade equipment regularly to avoid obsolescence. An equipment loan is typically better if you want to retain the equipment and believe it will continue to provide value-add for your business in the long-term. Our equipment financing guide elaborates on the differences between leases and loans and what you should consider when deciding between the two.
Common examples of lease structures include a $1 buyout, a 10% option, and fair market value. Each has different implications for taxes, buyout options at the end of your lease, and monthly payment amounts. Our guide on equipment leasing discusses the differences among each option and what you should consider when choosing a lease.
Bottom Line
With an equipment lease, you can acquire business equipment for several years. After your lease expires, you can then opt to either renew, purchase, or lease other equipment depending on the terms and conditions of your lease. The lenders on our list offer competitive rates, fast funding speeds, and excellent customer service. They also serve a wide range of industries and can finance different types of equipment, so you should be able to find one that’s right for you.
