The best equipment leasing companies will have low rates and long repayment terms of at least five years. Since the best equipment lease will depend on your company’s unique circumstances and goals, we’ve selected providers with a wide range of eligibility criteria for leasing different types of equipment.
Here are the seven best equipment leasing providers for 2023:
- Smarter Finance USA: Best overall for lease terms and easy qualification requirements
- eLease: Best for borrowers with low credit scores
- National Funding: Best for personalized service
- Crest Capital: Best for fast approvals and minimal documentation
- National Business Capital: Best for multiple financing options
- US Business Funding: Best for large funding amounts
- Commercial Fleet Financing: Best for owner-operators of trucks
Best Equipment Leasing Companies at a Glance
Maximum Lease Amount | Estimated Starting APR | Maximum Repayment Term | Minimum Credit Score | Annual Revenue Requirement | Minimum Time in Business | |
---|---|---|---|---|---|---|
$1 million | 7% | 60 months | None | None | None | |
$500,000 | 8% | 60 months | 500 | None | None | |
$150,000 | 10% | 60 months | 600 | $250,000 | 6 months | |
$1 million | 7% | 84 months | 650 | Varies | 2 years | |
$1 million | 8% | 60 months | None* | $120,000* | None* | |
$50 million | 7% | 10 years | 500 | $200,000 | 2 years | |
$1 million | 8% | 72 months | 640 | None | None | |
*No minimum credit score requirement with six months’ time in business and at least $120,000 in annual revenue. Business revenue requirement is waived with a credit score of 650 or higher. Credit scores below 650 require at least six months’ time in business.
There are different types of leases you may choose from, each with different implications on rates, taxes, and ownership options upon expiration of the lease. Read our guide on equipment leasing to understand how to choose the best one for you.
Smarter Finance USA: Best Overall for Lease Terms & Easy Qualification Requirements
Rates & Terms | |
Estimated Annual Percentage Rate (APR) | 7% 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 |
Revenue | None |
Time in Business | None |
Eligible Equipment | Heavy equipment and trucks |
Smarter Finance has the best overall combination of lease terms and easy qualification requirements, making it our choice as the best overall equipment leasing provider. It reviews its applications on a case-by-case basis, and it does this to maximize the chances of getting you approved.
It has a network of nearly 40 lenders and has the experience and expertise in how to present its borrowers for the best chances of an approval. The size of its lending network also landed it a spot on our list of the best business loan brokers.
This provider offers leases for different types of equipment. This includes heavy equipment, such as excavators, cranes, bulldozers, and logging equipment. It can also help with leasing different types of trucks, such as dump, tow, and semi. One thing to note is that although there is no minimum requirement for credit score, you’ll have a much better chance of landing an approval with a score of 600 and higher.
To learn more or to apply, you can visit the Smarter Finance USA website. Applications can be completed online in less than 5 minutes, and you can get a decision within one to two days.
eLease: Best for Borrowers With Low Credit Scores
Rates & Terms | |
Estimated APR | 8% 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 |
Eligible Equipment | Varies; multiple industries supported |
eLease is our pick as the best provider for borrowers with a low credit score as you can be considered with a credit score of 500. Although other providers may have lower or no credit score requirements, you’re more likely to land an approval with this provider.
In addition to having a low credit score requirement, it can work with startups. Businesses can be considered for financing with no minimum time in business and no minimum required revenue or sales. Estimated APRs start as low around 8% for highly qualified businesses, with financing that can range from $3,000 to $500,000 for up to five years.
eLease offers leasing options for a number of different industries and types of equipment. Its most popular types of equipment leases include enterprise servers, networking equipment, computers, telecommunications equipment, furniture, heavy machinery, dry cleaning equipment, and fleet vehicles.
In addition to equipment leasing, this provider offers working capital loans. Applications with eLease can be submitted on the provider’s website in less than 5 minutes, with funding that can occur as fast as 24 hours.
National Funding: Best for Personalized Service
Rates & Terms | |
Estimated APR | 10% to 136% (factor rates from 1.10x to 1.30x) |
Lease Amount | Up to $150,000 |
Repayment Term | Up to 5 years |
Repayment Schedule | Daily, weekly, and monthly |
Collateral or Personal Guarantee | May be required |
Funding Speed | 24 to 72 hours |
Qualifications | |
Credit Score | 600-plus |
Revenue | $250,000 annually |
Time in Business | 6 months (4 months business bank statements required) |
Eligible Equipment | Varies; multiple industries supported |
If you’re looking to work with a provider that offers excellent customer service, National Funding is a good option. It receives high customer ratings consistently 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 six months’ time in business. Estimated APRs can start as low as around 10%, 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.
Crest Capital: Best for Fast Approvals & Minimal Documentation
Rates & Terms | |
Estimated APR | 7% and up |
Lease Amount | Up to $1 million |
Repayment Term | 24 to 84 months |
Repayment Schedule | Monthly, deferred, or seasonal |
Collateral or Personal Guarantee | Both may be required |
Funding Speed | As fast as 24 hours |
Qualifications | |
Credit Score | 650-plus |
Revenue | Varies |
Time in Business | 2 years |
Eligible Equipment | Varies; multiple industries supported |
Crest Capital has a streamlined application-only process for financing amounts of $250,000 or less. With minimal documentation and approvals that can be issued as fast as four hours, this is a good provider to consider if you’re looking for a quick decision.
With its application-only process, financial documents are not needed to get approved. With rare exceptions, this means you will not have to provide things like tax returns, bank statements, profit and loss (P&L) statements, or balance sheets. Rather, a larger emphasis is placed on your credit history, industry, and time in business.
Crest Capital does not work with startups and requires at least two years’ time in business. You’ll also need a credit score of at least 650. However, to qualify for the lowest rates, companies will often need to exceed these minimums.
The provider offers financing up to $1 million, although it will involve more documentation than its application-only process. You should be prepared to provide tax returns, financial statements as well as a business plan with information on how an equipment lease will help your company. You can visit the Crest Capital website to apply or get a quote in less than 5 minutes.
National Business Capital: Best for Multiple Financing Options
Rates & Terms | |
Estimated APR | 8% and up |
Lease Amount | $10,000 to $1 million |
Repayment Term | 12 to 60 months |
Repayment Schedule | Monthly |
Collateral or Personal Guarantee | May be required |
Funding Speed | 24 to 72 hours |
Qualifications | |
Credit Score |
|
Revenue |
|
Time in Business |
|
Eligible Equipment | Varies; multiple industries supported |
With a network of more than 75 lenders, National Business Capital is a good option if you want multiple financing options. This also allows you to improve your chances of getting approved while saving yourself time from having to apply separately to multiple lenders.
National Business Capital has no industry restrictions when it comes to its equipment leasing options. Up to $1 million in financing is available, with repayment terms as long as five years. Estimated APRs start as low as 8% for highly qualified businesses.
To qualify for financing, you’ll typically need a credit score of at least 650, six months’ time in business, and $120,000 in annual revenue. However, some of these may be waived in certain circumstances. For instance, with a credit score of 650 or higher, the time in business and revenue requirements can be eliminated. With six months’ time in business and $120,000 in revenue, you can still be considered for financing with a credit score below 650.
Applying with National Business Capital can be done online in a matter of minutes. Once your application is completed, you’ll be paired with a personal advisor who can address any questions and help you get matched with a lease well-suited for your needs. This can all be done without any obligation to obtain financing, and you can get the process started with a soft credit pull that does not affect your credit score.
US Business Funding: Best for Large Funding Amounts
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 | 24 to 48 hours |
Qualifications | |
Credit Score | 500 |
Revenue | $200,000 annually |
Time in Business | 2 years |
Eligible Equipment | Varies; multiple industries supported |
US Business Funding offers financing up to $50 million. That’s more than any other provider 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 prior to 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 $200,000 or less 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 less than 10 minutes. You’ll have the opportunity to work with an account manager who has experience in your specific industry.
Commercial Fleet Financing: Best for Owner-operators of Trucks
Rates & Terms | |
Estimated APR | Varies, but typically 8% and up |
Lease Amount | $10,000 to $1 million |
Repayment Term | Varies, but typically up to 72 months |
Repayment Schedule | Monthly |
Collateral or Personal Guarantee | Collateral may be required; personal guarantee not required |
Funding Speed | 24 hours |
Qualifications | |
Credit Score | None, but 640 is recommended |
Revenue | None |
Time in Business | None |
Eligible Equipment | Trucks and other vehicles |
Commercial Fleet Financing specializes in financing for vehicles, which is why we’ve picked it as the best option for owner-operators of trucks. It is also a broker, so you’ll be able to get multiple financing options with a greater chance of getting approved.
One downside is that since it partners with a network of lenders, you won’t know the exact lease terms or qualification requirements until after you apply. There are no minimum requirements for things like time in business, credit score, or revenue. However, it’s recommended that you have at least a 640 credit score to make the approval process easier.
Some benefits of working with Commercial Fleet Financing include a zero-money-down leasing program for qualified businesses. Applications for under $150,000 also benefit from reduced documentation requirements. The provider has a simple one-page online application and can issue financing decisions in as little as two hours with funding to occur within 24 hours.
Visit the Commercial Fleet Financing website to learn more or to apply.
How We Chose the Best Equipment Leasing Companies
In selecting the best equipment leasing companies, we considered the criteria described below—and as a borrower, you should also think about these factors. This is because items that may not impact you during the approval process could still have an effect on your overall loan experience after funding has been issued:
- Interest rates and estimated APRs: In addition to the stated rates charged by a provider, you should consider the APR. This is because the APR includes closing costs and is a more accurate representation of the total expense associated with getting financed.
- Funding amount: Leasing companies may have limitations on the minimum and maximum amount of funding they can provide.
- Lease terms: Terms can include the length of repayment, monthly payment amounts, and what options you’ll have at the end of the lease.
- Eligible equipment and industries served: Some leasing providers have restrictions on the type of equipment they will finance. This can include limitations on the condition of the equipment such as its age or mileage. Some providers may also specialize in a specific industry and be able to better guide you through the process.
- Qualification requirements: The best equipment lease will be one that you are eligible for, so it’s important to know where you stand with common requirements such as credit score, time in business, and revenue.
- Amount of required documentation: Some of the best leasing companies have minimal documentation requirements that lead to an easier application process for borrowers. Streamlined processes are typically referred to as an application-only process that does not require much, if any, proof of income or assets.
- Funding speed: The best leasing companies have funding speeds as fast as 24 to 72 hours. Depending on how quickly you need to acquire equipment, you’ll want to be sure that the provider you choose has the ability to get you funded in a timely manner.
- Customer reviews: A provider that has consistently been rated highly by customers is a good indicator of what you can expect from it.
To improve your chances of having a smooth loan experience further, we recommend heading over to our guide on how to get a small business loan.
Alternatives To Equipment Leasing
If you need to get equipment for your business, leasing is just one of several financing options. Here are some alternatives that can provide more favorable pricing, financing terms, and options once your repayment period expires:
- 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 line of credit providers to get up to $500,000 or more in funding in as little as 24 hours.
Frequently Asked Questions (FAQs)
At the end of a lease, you’ll typically have to return the equipment to the vendor. Depending on the vendor and the terms of your lease, you may have the option to renew or extend the lease, obtain a lease for new equipment, or purchase the equipment.
With an equipment lease, you’re essentially a renter and will need to return the equipment to the vendor once the lease term has expired. Meanwhile, a loan allows you to keep the equipment because you are purchasing it. In our equipment financing guide, we cover their differences, who each is best for, and what you should consider when deciding between the two.
Yes, different types of equipment leases have varying implications on rates, taxes, and ownership options once the lease has expired. Some examples of lease types include a $1 buyout, 10% option, and fair market value. You can learn more about this in our article on equipment leasing.
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 providers 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.