Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Up to $150,000
Not disclosed
24 to 60 months
None
Not all equipment financing lenders offer equipment leasing, which could make National Funding a good fit for businesses that don’t want to buy their equipment or machinery outright. And if you aren’t sure whether leasing is right for your business, National Funding will work with you to explain your options.
If you choose to go this route, you could secure a competitive lease contract with the Guaranteed Lowest Payment program, which applies to leases over $10,000. However, equipment financing and leasing is only available up to $150,000, so businesses seeking more costly equipment may need to look elsewhere.
In order to qualify, you’ll need to meet National Funding’s criteria of:
$10,000 to $1,000,000
Not disclosed
36 to 108 months
Varies A down payment of up to 20% may be required, depending on your credit score
Commercial Fleet Financing (CFF) specializes in commercial transportation equipment, like trucks and trailers. Since its opening in 1995, CFF has funded over $1 billion to business owners nationwide. As a specialized lender, CFF offers industry expertise in areas like tow trucks, EMS vehicles and commercial trucks.
However, it’s important to note that Commercial Fleet Financing doesn’t disclose interest rates in advance, and specialized equipment companies may charge higher rates than traditional lenders.
In order to qualify, you’ll need to meet Commercial Fleet Financing’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$500 to $5,000,000
7.99%
12 to 84 months
None
With no minimum time in business or annual revenue requirements, Taycor Financial is a great option for a startup business loan. You can borrow up to $5,000,000 with commercial equipment financing or explore other options, such as a business line of credit or working capital loan.
Taycor Financial also has an equipment leasing program that offers up to $2,000,000. Like equipment financing, leasing doesn’t require a down payment, though first and last payments are due in advance. However, it’s important to note that some of Taycor Financial’s loan programs may require a personal guarantee, which can put your personal assets at risk if you fail to make your payments.
In order to qualify, you’ll need to meet Taycor Financial’s criteria of:
$25,000 to $500,000
7.49%
6 to 60 months
None
If your business is established but doesn’t operate on a large enough scale to qualify with other lenders on this list, iBusiness Funding might be a good fit. You’ll need to be in operation for at least two years, but you’ll only need to make $50,000 to meet the lender’s minimum annual revenue requirement.
Although the lender doesn’t offer specific equipment loans, you can borrow up to $500,000 with a term loan and use the funds for almost any business-related expense, including equipment repairs and purchases. However, you may need to provide collateral to secure the loan.
In order to qualify, you’ll need to meet iBusiness Funding’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Starting at $25,000
6.50%
Up to 60 months
Not disclosed
If you’re looking for in-person support throughout the loan process and beyond, Bank of America might be a good option, with more than 3,500 branches across the U.S. In addition to equipment loans, Bank of America also offers business bank accounts, credit cards and merchant services, making it an ideal choice for business owners who want to handle all their finances in one place.
Though starting rates are reasonable, existing account holders can take advantage of further rate discounts with Bank of America’s Preferred Rewards for Business program. However, it’s worth noting that the bank’s minimum annual revenue requirements are quite high, so these offerings may be best suited for well-established businesses.
In order to qualify, you’ll need to meet Bank of America’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Up to $500,000
4.00% monthly
12 to 96 months
Typically no
If your personal credit score is making it difficult to qualify for equipment financing, you may want to consider Fundible — a marketplace lender that offers multiple loan types for borrowers with scores as low as 500. With Fundible, you can borrow up to $500,000 to cover equipment costs. There’s no down payment and you can even defer your monthly loan payments for up to 90 days, helping you keep your upfront costs low.
However, repayment terms are typically capped at five years for borrowers with bad credit. Plus, Fundible’s website and representatives provide conflicting information on loan amounts, interest rates and loan terms, so you may need to contact the lender directly to learn more about your loan options.
In order to qualify, you’ll need to meet Fundible’s criteria of:
Up to $15,000,000
Varies by loan type
Up to 300 months
Typically 10%
If you need to purchase expensive equipment, an SBA loan provides the most significant amount — up to $15,000,000 with Live Oak Bank. As one of the nation’s top SBA lenders, Live Oak Bank offers multiple types of SBA loans, including SBA 7(a) loans, which provide up to $5,000,000 in working capital, and SBA 504 loans, which offer up to $15,000,000 to put toward real estate and heavy machinery.
The Small Business Administration guarantees a portion of every SBA loan, allowing lenders to offer more affordable rates to small business owners. However, even with a preferred lender, SBA loans typically take longer to process, so this may not be the best option for borrowers in need of fast funds.
Live Oak Bank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Contact the lender directly to find out if your business qualifies for an SBA loan.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
$5,000 to $250,000
31.30% This rate reflects the estimated starting APR offered to at least 5% of OnDeck customers. It doesn’t reflect the minimum APR offered by the company.
Up to 24 months
None
If you need fast funds, OnDeck may be a good option. The company offers short-term business loans up to $250,000, with loans of $100,000 or less funding as soon as the same day you apply. Loans that do not qualify for same-day funding are typically still funded within two to three business days, which may allow you to purchase the equipment you need without delay.
That said, the lender’s interest rates are high compared to some of its competitors. Plus, the maximum borrowing limit is lower than other lenders on this list, so OnDeck may only be suitable for businesses in need of less expensive business equipment.
In order to qualify, you’ll need to meet OnDeck’s criteria of:
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Up to $2,500,000
Not disclosed
24 to 60+ months
None
U.S. Bank may not be the most transparent lender when it comes to disclosing its loan terms, but for those who can qualify, it offers some unique perks that make it worth considering. For example, borrowers have the option to choose between monthly, quarterly and semiannual payments. Plus, the lender finances up to 125% of your equipment costs, providing extra cash to cover added fees like taxes or installation.
Still, you should be aware that your equipment will be used as collateral for the loan. This means that if you’re unable to keep up with your payments, the lender has the right to repossess any equipment you purchased with the loan funds.
U.S. Bank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Apply online or contact the lender directly to learn if your business qualifies for an equipment loan.
Equipment financing is a business term loan that enables companies to purchase equipment needed to operate their businesses, such as computers, vehicles or large machinery.
An equipment loan is a type of asset-based financing, meaning the equipment generally acts as collateral in a secured business loan.
An equipment loan is designed to help you purchase or repair machinery and equipment for your business. In addition, you can use other types of small business loans to finance equipment.
Equipment loans generally require regular payments with accruing interest. Payment plans vary by lender and loan type, but can include daily, weekly, monthly, seasonal or deferred options.
No, leasing means you’re renting the equipment. With equipment financing, you’re borrowing money to buy the equipment outright.
Yes, some equipment lenders only require six months in business to qualify for equipment financing — and some don’t have any time-in-business requirements. This allows startups to finance any necessary equipment within their first year of business.
They can, but it depends on what the tariffs are and where you’re buying from. Although tariffs aren’t having a significant impact on loan interest rates as of the time of writing, they can potentially drive up the cost of foreign equipment and machinery.
