Best Equipment Financing Companies

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Our top overall pick for the best equipment financing for small businesses is Crest Capital because it offers equipment loans of up to $1 million and many of the loans receive a decision in just a few hours.

Crest Capital was established in 1989 as a small- and medium-sized business funding and leasing lender, growing establishments across the nation. This lender prides itself on saying "yes" when the bank says "no" and makes it easy to get fast approvals on the funds businesses need most.

We chose Crest Capital as our overall top pick for the best equipment financing because it offers such a broad (yet competitive) range of products and services. Through Crest, businesses can get up to $1,000,000 in equipment funding with loan repayment terms ranging from 24 to 72 months (84 months is available on larger loans above $250,000). If you’re borrowing less than $250,000, there are no income statements required, speeding up the process even more.

Both new and used equipment can be financed with Crest, from a variety of different industries. Businesses are able to finance up to 100% of the equipment expenses—including “soft costs” like delivery fees, taxes, or installation—with same-day approval in many cases.

Crest offers financing with no closing costs or business liens. Collateral may be required, though this lender doesn’t publish specifics.

Equipment financing from Crest is offered to both small, mom and pop establishments as well as medium-sized businesses. While you will need to have a good credit score, it’s OK if your credit history is limited. Crest just won’t approve your funding request if your credit includes a past history of missed payments, discharged balances, or irresponsible credit account management (i.e.: a limited history is OK here while a bad history is not).

Crest Capital does not offer larger loans to startups. Generally, your business will need to have been operational for at least two years in order to get approved for a credit equipment.

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For expanding businesses, National Funding is the best choice for equipment financing. It only requires you to be in business for only six months and has a low credit score requirement for approval.

No matter the industry or type of equipment necessary, National Funding is there to help businesses with at least six months in business get the funding they need most to expand.

National Funding offers equipment financing of up to $150,000 with credit decisions in as little as 24 hours. There are no equipment limits through this lender, either. Whether you want to buy or lease either new or used equipment, National Funding is willing to provide the funds.

Borrower requirements are fairly straightforward: you’ll need to have been in business for at least 6 months, have a FICO credit score of 575 or higher, and be able to provide an equipment quote from the vendor or seller.

Financing is available to businesses in all 50 states and the District of Columbia. There is no down payment required. In determining the length of the loan, the company is flexible and things are done on a case by case basis. Terms can be short or over a decade.

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It’s tough to get any business loan with bad credit, but this is especially true when you’re buying equipment that can run into the hundreds of thousands of dollars. With loan options for all credit profiles, Currency is our top lender choice for subprime equipment financing.

When it comes to shopping around for the best equipment funding for your business, credit can play a significant role. Not only will your credit score impact the rate you’ll receive, but it can even limit the terms you’re offered or exclude you from certain lenders altogether.

That’s why Currency is our top lender pick for business borrowers with bad credit. The company offers funding to customers with most credit profiles. Just expect subprime credit scores to potentially result in lower funding limits and/or higher interest rates.

Equipment financing through Currency provides borrowers with up to $500,000. Approval is often fast and same-day funding is sometimes possible. No down payment is required, though choosing to put cash down may result in better financing terms.

Five years is the most common term and six is sometimes possible. Loan origination fees may apply.

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With reasonable eligibility requirements and same-day funding in many cases, Balboa Capital earns our top nod for heavy equipment financing. They offer up to $500,000 with competitive interest rates to boot.

Heavy equipment is one of the most expensive pieces of machinery that a small business could need or purchase. It’s no wonder, then, that so many businesses turn to equipment financing when shopping around for heavy machinery, versus buying with cash.

Our top choice for heavy machinery financing would be Balboa Capital. This lender offers up to $500,000 in equipment funding with repayment terms from 24 to 60 months. Applying online is simple and doesn’t require a bunch of business financials; you’ll usually have a credit decision within an hour, and same-day funding is available in many cases.

In order to get heavy machinery financing through Balboa, your business will need to be operational for at least a year and have an annual revenue of $100,000 or more. The company says that all credit is considered, but also says they look for at least a score of 620. This is slightly confusing.

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Whether you’re looking to purchase new or used business equipment—or even purchase directly from a third-party—US Business Funding is willing to finance the transaction, earning it our top spot for used equipment.

Offering financing options in any number of industries, US Business Funding is there for a variety of businesses and equipment needs.

With US Business Funding most equipment loans are between $10,000 and $2 million. However, loans as low as $5,000 and high as $50 million are possible. If you plan to borrow $75,000 or less, you can do so with a one-page credit application, and there is no need for lengthy financials. Beyond $75,000, however, you should expect to provide a range of business and financial documentation.

Equipment financing is offered for new or used equipment. Where US Business Funding stands out, though, is that it also allows for purchases of equipment from third parties, which may be helpful depending on your industry and the exact equipment you’re looking to buy.

In order to qualify for most financing programs through US Business Funding, your business will need to have been operational for at least two years. However, there is a program option for businesses that are at least six months old and another for one year old businesses.

Credit approval takes only 60 seconds. Many applicants receive funding in as little as 24 hours, and the lender currently boasts a 95% approval rate. Repayment terms are up to 72 months depending on the program. Interest rates are as low as 3.5% APR right now, though you can expect your rate to vary based on things like the financing terms you request, your business’ history, and credit score.

Lastly, you can roll in 100% of the costs involved with your equipment purchase, including “soft costs” like installation, delivery, training, and more.

It’s important to note that all of this lender’s programs are equipment leases. With that said, there are programs where at the end of the lease, you can purchase the equipment for $1 if you want to keep it ($1 Buy Out).

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Offering up to $500,000 with a quick online application (and up to $1 million with financials), CIT Bank makes it quick and easy to get a large equipment financing loan for your business.

Earning our pick for best large equipment financing is CIT Bank, an institution that has been offering financing options to consumers for more than a century. CIT is a division of First Citizens Bank. The bank is a top 20 U.S. financial institution and has over 600 branches across 22 states.

CIT Bank offers equipment loans of up to $1 million to small businesses, with repayment terms ranging from six to 72 months in length. With a simple application-only loan, you can borrow up to $500,000 without needing to submit any additional records. If you’re willing to compile and turn over financials, you can borrow up to $1 million. Need even more money? CIT’s Capital Equipment Financing program offers up to $100 million (and beyond, in some cases), with repayment terms up to 10 years in length.

CIT Bank’s online application takes only three minutes to complete and submit, and funding can take as little as one business day. Financing is offered for both new and used equipment, and rates are currently as low as 5.49% APR.

You will be asked to show business history of some length. In many cases, credit score requirements can be quite high. Also, same-day financing is not available, but approved funds can be in your account as soon as the next day.

Financing options are quite flexible as well. You can choose between monthly, seasonal, and deferred repayment options, depending on what works for you and your business. CIT Bank also offers a $1 Buyout option, either as a lease or as an equipment financing agreement (EFA). With a fair market value lease, you have the option to purchase your equipment at the end of the term or simply return it, and CIT also allows for net 30-, 60-, or 90-day payments.