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Presenting 10 of the Best Equipment Financing Companies

By Roy Rasmussen Reviewed By Mike Lucas
By Roy Rasmussen
By Roy Rasmussen Reviewed By Mike Lucas

How do you find the best equipment financing companies? We’ve gathered some of the top providers and put together a list. 

We’ll walk you through what equipment financing is and what you should look for in lenders before reviewing our list of some of the top equipment financing companies.

What Is Equipment Financing?

Equipment financing is funding extended to businesses to lease or purchase items such as machines, manufacturing equipment, storage equipment and technology upgrades. 

Depending on the provider, it may be used for items such as:

  • Truck and trailer equipment
  • Tractors
  • Bulldozers
  • Dump trucks
  • Cranes
  • Machining tools
  • Drills
  • Lathes
  • Milling machines
  • Grinders
  • Welding equipment
  • Assembly line equipment
  • Computers
  • 3D printers

Some companies may specialize in one of these areas, such as heavy equipment financing companies. Equipment financing providers include equipment leasing companies who specialize in providing funding for rentals as well as providers who fund equipment purchases. 

Leasing arrangements often are used for items that are likely to become outdated or depreciated before the lease term expires. With some leasing arrangements, you may have the option of purchasing the equipment.

Equipment financing providers may fund as much as the full cost of your equipment. With high-risk items such as equipment prone to depreciation, you may need to make a down payment, typically in the range of 10% to 20%.

One advantage of equipment financing is that the equipment itself typically serves as its own collateral. This can make equipment financing easier to qualify for than other types of small business financing.

A bulldozer pours a bunch of cash into a dump truck.

What Should I Look for in Equipment Finance Lenders?

When considering equipment finance providers, there are a number of criteria you can use to evaluate lenders:

  • Do they finance leases, purchases or both?
  • What types of equipment do they finance?
  • Do they finance new or used equipment or both?
  • Do they specialize in my industry?
  • What are their loan limit amounts?
  • How long are their terms?
  • What are their interest rates?
  • Are personal guarantees required?
  • What kind of credit scores do they require?
  • Do they require a down payment?
  • Do they require collateral other than the equipment itself?
  • What paperwork do they require for applications?
  • How long do they take to process applications?
  • What do equipment leasing company reviews say about them?

Use this as a checklist to help you evaluate whether a particular lender is right for you.

Who Are Some of the Best Equipment Financing Companies?

There are many equipment financing providers serving the market today. 

Here’s a roundup of 10 of the best. We’ll look at what types of equipment leasing these providers offer, what amounts of financing they provide, their terms and rates and their qualifying criteria.

1. Crest Capital

Crest Capital is based in Alpharetta, Ga., and has been providing equipment financing since 1989. They provide 100% financing for both new and used equipment with a simplified application process and same-day turnaround time. They allow you to finance equipment from the seller of your choice.

For financing of amounts up to $250,000, Crest Capital offers term lengths of 24 to 72 months and 4-hour application turnaround. The firm uses use flexible criteria for approval for loans in this range, considering items such as time in business and credit score without requiring extensive financial paperwork.

For amounts exceeding $250,000 and up to $1 million, they offer terms of 24 to 84 months. Approval criteria are stricter, requiring a description of your organization and why you need the equipment, 2 years of financial statements and tax returns, financial information on owners with more than 20% interest in your business and information about current leases and loans. Provided all information is in order, turnaround time normally is same-day.

2. National Funding

National Funding is based in San Diego and has been operating since 1999. They offer equipment financing for new and used equipment in a range of industries:

  • Commercial fleet vehicles
  • Medical equipment
  • Restaurant equipment
  • Farm equipment
  • Office equipment
  • Construction equipment

National Funding provides equipment leasing in amounts up to $150,000. They don’t require a down payment. For approval, they require you to have at least 6 months in business, a FICO score exceeding 575 and an equipment quote from a vendor. Their approval process takes as little as 24 hours. They offer a lowest payment guarantee where they pay $1,000 cash if you don’t get the lowest lease payment, within reasonable restrictions.

3. Currency

Currency is an online lender based in Scottsdale, Ariz., that has been operating since 2001. They provide loans of up to $500,000 with terms of up to 72 months, averaging 5 years with 6 years for applicants with stronger credit profiles. The lender doesn’t finance private-party sales. Generally, they allow financing for long-haul trucks and trailers with a maximum age of 10 to 12 years, with some flexibility.

Currency has a fast approval process which can take as little as a few minutes, though the time can vary. To qualify, the lender generally requires a FICO score of 625 or more, at least 2 years in business, a commercial credit history, financial information on all owners with at least 10% interest in your business and an “essential business use EQ.” 

4. Balboa Capital

Balboa Capital is an online lender in Costa Mesa, Calif. that has been operating since 1988. The firm provides equipment financing for:

  • Construction equipment
  • Fitness equipment
  • Office products
  • Cloud software
  • Forklifts
  • Restaurant equipment
  • Commercial trucks
  • Manufacturing equipment
  • Technology equipment

Balboa Capital finances equipment in amounts up to $500,000. To qualify, you must have 1 year in business, $100,000 in annual revenue and a “decent FICO score,” though all credit is considered. The process is application-only without financial paperwork for hard collateral up to $500,000 and soft collateral up to $350,000. Approval decisions are made within an hour and funding is released the same day.

5. CIT

CIT, of Pasadena, Calif., has branches in southern California and has roots going back to 1908. They provide equipment financing for small businesses in amounts up to $500,000 with application only and up to $1 million with financial paperwork. They offer term lengths of 6 to 72 months at rates as low as 5.49%. For larger companies, they offer capital equipment financing in amounts from $3 million up to $100 million or more with terms up to 10 years.

6. US Business Funding

US Business Funding is based in Santa Ana, Calif., and has been in business since 2008. The firm serves a wide range of industries and needs, including:

  • Agriculture and farming
  • Automotive
  • Computer hardware
  • Software
  • Construction and heavy equipment
  • Dental
  • Dry cleaning and laundry
  • Electrical
  • Engraving
  • Fitness
  • Industrial and manufacturing
  • Landscape
  • Metalworking
  • Medical
  • Mining
  • Office equipment and furniture
  • Physical therapy and rehabilitation
  • Printing and publishing
  • Photography and media
  • Production and processing
  • Restaurants
  • Telecommunication
  • Transportation
  • Warehousing

Leases and Financing Available

US Business Funding offers a variety of types of leases on new and used equipment, including:

  • Fair market value leases, with application-only limits of $200,000 and higher amounts available for full financials, featuring term lengths of 24 to 72 months
  • Dollar buyout leases, with application-only limits of $200,000 and higher amounts available for full financials, featuring term lengths of 24 to 72 months
  • Wrap leases, with application-only limits of $75,000 and higher amounts available for full financials, featuring term lengths of 24 to 72 months
  • Business expansion financing, with application-only limits of $35,000 and higher amounts available for full financials
  • Refinance programs, with application only limits from $10,000 to $75,000 and higher amounts available for full financials, featuring term lengths of 24 to 60 months
  • New business financing, with application-only limits from $5,000 to $50,000 and term lengths of 24 to 60 months
  • Sales leaseback financing, with application-only limits from $5,000 to $100,000 and higher amounts available for full financials, featuring term lengths of 24 to 60 months
  • Working capital financing, with application-only limits from $5,000 to $25,000 in conjunction with financing and $5,000 to $20,000 as standalone, with term lengths up to 36 months

Rates are based on credit history, equipment value and term structure. Lease rates and terms are fixed.

To qualify, most lease programs require at least 2 years in business, although exceptions can be made for applicants with strong credit. A program also is available for businesses that have been in business at least 6 months. Freelancers can show time in business by verifying a business checking account or by providing an income tax return Schedule C. Approval typically takes a few hours, and funding becomes available in 1 to 2 days.

A pair of heavy construction vehicles are parked outside a bank.

7. Bank of America

Bank of America is based in Charlotte, N.C., with branches throughout the U.S. (and the world) and roots tracing back 240 years. The firm offers equipment financing loans for:

  • General-purpose equipment such as office equipment and packing machines
  • Heavy-industrial equipment such as stationary machinery, manufacturing lines and printing presses
  • Commercial vehicles such as trucks and trailers
  • Construction equipment

Loans start at $25,000 with terms up to 5 years, fixed rates as low as 3% and fees of 0.5% of the amount financed. Bank of America’s site includes a tool to calculate your monthly payments.

To qualify, you need a minimum of 2 years in business under existing ownership and $250,000 in annual revenue. Applications may be submitted online or over the phone. Funds generally become available within 10 days of approval.

Leases also are available. Specialists are available to discuss leasing opportunities.

8. Better Business Funding

Better Business Funding is based in Solana Beach, Calif., and has been operating since 2009. They provide equipment funding for up to $150,000 with an application and equipment quote only and up to $500,000 with full financials. They offer loan terms of up to 72 months at interest rates starting at 5.9%. Large down payments aren’t required.

To qualify, you must submit a 1-page application and a quote from your equipment vendor. Funding becomes available in as little as 2 days.

9. Wells Fargo

Wells Fargo, based in San Francisco with branches throughout the U.S., has been in business since 1852. The firm offers equipment financing for:

  • Commercial vehicles
  • Construction equipment
  • Technology equipment
  • Marine financing
  • Vendor financial services
  • Solar financing
  • Business aircraft
  • Railcar leasing and financing

Loans and leases start at $100,000. Terms vary with type of equipment. Wells Fargo also maintains an inventory of equipment for sale.

10. Gordon Flesch Company

Gordon Flesch Company is a business technology provider based in the Fitchburg suburb of Madison, Wis., that’s been in business since 1956 and has been offering financing services for office equipment since 1974. They offer leasing arrangements on a variety of assets, including:

  • Printers
  • Phone systems
  • Computers
  • Network equipment
  • Software
  • Audiovisual equipment
  • Security surveillance equipment
  • Manufacturing equipment

Gordon Flesch offers leases with terms from 12 to 63 months. Step payment and deferred-lease payments are available. Gordon Flesch’s application form requires you to provide basic information about your business and company finances, including time in business, income and ownership information, as well as equipment cost and requested financing term.

Find the Equipment Financing You Need

Equipment financing provides one of the most cost-efficient ways to cover the cost of expensive equipment without hurting your cash flow. Because the equipment itself serves as collateral, equipment financing represents a relatively low risk to both you and your lender. When evaluating lenders, consider criteria such as loan vs. lease options, loan limits, term lengths and interest rates.

Fast Capital 360 helps match you with equipment financing resources and other types of small business financing. Fill out our no-obligation prequalifying form to see your loan options and find out what types of financing you may qualify for.

Roy Rasmussen Contributing Writer for Fast Capital 360
Roy is a respected, published author on topics including business coaching, small business management and business automation as well as an expert business plan writer and strategist.
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