The Best Equipment Financing Companies For Small Businesses
If you need to purchase new equipment for your business, equipment financing offers competitive rates and long repayment terms. See which of the best equipment loans and leases are right for your business.
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WRITTEN & RESEARCHED BY
Editor & Senior Staff Writer
Last updated onUpdated
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REVIEWED BY
Lead Staff Writer
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Equipment financing represents a specialized form of funding designed to get physical (or software) assets into the hands of businesses. If you’re looking for equipment financing, you’re looking for a loan that uses the equipment you’re buying as security, or you’re looking for a lease.
Because it’s a more niche form of financing, it can be a little more challenging to track down equipment financers than ones who deal in working capital. Let’s try to give you a head start with our picks for the best equipment financing companies.
Learn More About Our Top Picks
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Table of Contents [hide][show]
- The 7 Best Equipment Financing Companies
- Crest Capital: Best For Equipment Leases
- SmartBiz: Best SBA Loans For Purchasing Equipment
- ApplePie Capital: Best Equipment Financing For Franchisees
- OnDeck: Best Financing For Businesses With Fair Credit
- TCF Capital Solutions: Best Loans & Leases For Established Businesses
- Currency: Best For Heavy Equipment Financing
- US Business Funding: Best Equipment Financing With High Borrowing Limits
- How To Choose The Right Equipment Financer
- Final Thoughts On The Best Equipment Financing Companies
Table of Contents
- The 7 Best Equipment Financing Companies
- Crest Capital: Best For Equipment Leases
- SmartBiz: Best SBA Loans For Purchasing Equipment
- ApplePie Capital: Best Equipment Financing For Franchisees
- OnDeck: Best Financing For Businesses With Fair Credit
- TCF Capital Solutions: Best Loans & Leases For Established Businesses
- Currency: Best For Heavy Equipment Financing
- US Business Funding: Best Equipment Financing With High Borrowing Limits
- Business Loan & Funding Products Review Methodology
- How To Choose The Right Equipment Financer
- Final Thoughts On The Best Equipment Financing Companies
The 7 Best Equipment Financing Companies
The best equipment financing companies offer multiple types of financing (such as equipment loans and leases), competitive rates, long financing terms, and easy application processes. Here are our top seven picks for the best equipment financing companies.
- Crest Capital: Best For Equipment Leases
- SmartBiz: Best SBA Loans For Purchasing Equipment
- ApplePie Capital: Best Equipment Financing For Franchisees
- OnDeck: Best Financing For Businesses With Fair Credit
- TCF Capital Solutions: Best Loans & Leases For Established Businesses
- Currency: Best For Heavy Equipment Financing
- US Business Funding: Best Equipment Financing With High Borrowing Limits
The Best Equipment Financing Companies Compared
| Funding Type | Max Borrowing Amount | APR | Credit Score | Repayment Terms | |
|---|---|---|---|---|---|
| Crest Capital | Equipment loans & leases | $1 million | Undisclosed | Undisclosed | Up to 7 years |
| SmartBiz | SBA loans, term loans, lines of credit | $500K | Starts at 11.25% (SBA loans) | 650 | 10 years |
| ApplePie Capital | Equipment financing, SBA loans, conventional loans | Undisclosed | Undisclosed | Undisclosed | Up to 10 years |
| OnDeck | Term loans, lines of credit | $250K | Starts at 29.9% | 625 | Up to 2 years |
| TCF Capital Solutions | Equipment loans & leases, SBA loans, LOCs, MCAs | Undisclosed | Undisclosed | Undisclosed | Up to 7 years |
| Currency | Equipment loans & leases | $500K | Varies | 625 | Up to 6 years |
| US Business Funding | Equipment leases | $50 million | Undisclosed | Undisclosed | Up to 6 years |
Crest Capital: Best For Equipment Leases
Crest Capital |
|---|
Pros
- Multiple types of equipment loans & leases available
- Quick & easy application process
- Same-day approval for some products
Cons
- Nontransparent rates & fees
- Doesn’t disclose credit score requirements
Why We Chose Crest Capital For Best Equipment Leases
Crest Capital offers a wide variety of equipment financing options for business owners, including equipment leases and equipment loans. The company offers up to $250,000 with a quick application that requires no financial statements and gives you same-day approval (in most cases) for fast funding. If you need to borrow up to $1 million, the process is a bit more involved.
Crest Capital offers competitive rates and repayment terms up to seven years. It offers 100% financing to cover "soft costs" and doesn't have any hidden fees.
Choose Crest Capital If...
- You want a fast loan or lease under $250K with no financial statements required
- You want to choose between a variety of long-term equipment loan and lease options with competitive rates
Get Started With Crest Capital
SmartBiz: Best SBA Loans For Purchasing Equipment
Pros
- Rates tend to be inexpensive
- Long repayment terms
- Multiple types of financing available
Cons
- Funds can take a while to disburse
- Some extra fees are charged
Why We Chose SmartBiz For Best SBA Loans For Purchasing Equipment
While not traditional equipment financing, SBA loans are an affordable way to purchase your business equipment. SmartBiz specializes in guiding businesses through the bureaucracy of applying for an SBA loan and making it as painless as possible. SmartBiz doesn't originate the loans, however, and instead will help connect you with a bank that does. Borrowers may be eligible to receive up to $500,000 with a low-cost SBA loan.
SmartBiz also offers bank term loans and lines of credit if those funding options seem to be a better fit. The application process is quick and easy, you'll be able to compare offers to find the best one for your unique situation, and although funds may take a while to disburse, it's well worth the wait for a low-interest, long-term loan.
Choose SmartBiz If...
- You have a good credit score and want to receive a low-cost, long-term SBA loan
- Your business has been in operation for at least 2 years and you want a competitively priced loan
ApplePie Capital: Best Equipment Financing For Franchisees
ApplePie Capital |
|---|
Pros
- Multiple financing options available
- Application-only programs available
- Financing designed for franchisees
Cons
- Nontransparent rates & fees
- Nontransparent borrowing requirements
Why We Chose ApplePie Capital For Best Equipment Financing For Franchisees
ApplePie Capital specializes in franchise funding. In addition to its ApplePie Core loans program for franchisees, the company also works with a network of lenders to provide SBA loans, conventional loans, and equipment financing. While the company doesn't disclose its rates and fees, it does promise highly competitive rates -- a claim that is backed by many satisfied reviewers.
ApplePie Capital offers a variety of funding options suitable for purchasing equipment, with options that include no personal collateral requirements. The company also offers application-only financing that helps take the hassle and stress out of financing and helps you get funded quickly.
Choose ApplePie Capital If...
- You operate a franchise and want to explore various loan options including equipment financing and SBA loans
Get Started With ApplePie Capital
OnDeck: Best Financing For Businesses With Fair Credit
Pros
- Same-day funding available
- Multiple types of financing available
- Low credit score requirements
Cons
- Frequent repayments are required
- Short repayment terms
- Rates can be expensive
Why We Chose OnDeck Financing For Businesses With Fair Credit
OnDeck is an online lender that doesn't specifically advertise equipment financing. However, its loans and lines of credit can be used to purchase equipment for your business. If you don't want to go through the long process of traditional equipment financing, only need up to $250K, and have a credit score of at least 625, OnDeck is worth considering.
While terms may be shorter and rates a bit higher for these loans, what you get in return is a fast and easy application process and quick funding -- sometimes as quickly as the same day you're approved. This is ideal for businesses that need new equipment immediately and don't have time to navigate the traditional lending process.
Choose OnDeck If...
- You want a fast loan that’s funded as quickly as the same day
- You’re a new business or have fair credit and don’t qualify for equipment financing elsewhere
TCF Capital Solutions: Best Loans & Leases For Established Businesses
TCF Capital Solutions |
|---|
Pros
- Multiple types of financing available
- Long repayment terms
- Financing program for damaged credit available
Cons
- Undisclosed rates & fees
- Undisclosed borrowing requirements
- Not suitable for new businesses
Why We Chose TCF Capital Financing For Established Businesses
TCF Capital has multiple equipment financing solutions for established businesses. The lender offers competitive rates, long repayment terms, and loans of over $500,000 to purchase the equipment you need for your business. There is even an option to receive 24-hour approval with no financial statements required for loans less than $150,000. Loan and lease programs are available.
TCF Capital also has special financing programs including its B, C, and D Credit Program for borrowers with damaged credit, as well as a Sale & Lease Buy Back Program. In addition to equipment financing, TCF Capital also has other forms of funding including MCAs, lines of credit, and accounts receivable financing.
Choose TCF Capital If...
- You have an established business that needs a long-term equipment loan or lease with competitive rates
- You need a funding program that allows you to receive equipment financing with damaged credit
Get Started With TCF Capital Solutions
Currency: Best For Heavy Equipment Financing
Currency |
|---|
Pros
- Low credit score requirements
- Same-day funding available
- Equipment loans & leases available
Cons
- Nontransparent rates & fees
- Not suitable for new businesses
Why We Chose Currency For Best Heavy Equipment Financing
Currency is a third-party loan aggregator connecting businesses to lenders by way of its lending platform. If you need financing for heavy equipment, Currency is worth a look.
This company specializes in connecting borrowers to funding up to $500,000 for farm equipment, trucks and trailers, construction equipment, RVs, and even aircraft. Currency promises competitive rates, low or no down payments, and even same-day financing.
Choose Currency If...
- You have an established business and want to compare loan/lease options
- You want fast approval and funding for heavy equipment purchases
US Business Funding: Best Equipment Financing With High Borrowing Limits
Why We Chose US Business Funding For Financing With High Borrowing Limits
Some of the lenders on this list only provide up to $500,000, which may not be enough to cover your equipment needs. US Business Funding can help by offering equipment loans and leases up to $50 million with the completion of a full funding package. Don't need that much cash? US Business Funding has a simple one-page application for borrowers who need up to $75,000 and an App-Only Program for borrowers who need less than $200,000.
Additionally, US Business Funding has a variety of lease types suitable for any business. While most programs require a time in business of at least two years, US Business Funding can help newer businesses that have been in operation for at least six months get funded.
Choose US Business Funding If...
- You want to choose between multiple types of equipment leases
- You need equipment financing up to $50 million
Get Started With US Business Funding
Business Loan & Funding Products Review Methodology
We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.
When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.
- Rates & Fees: 20% of the total star rating
- Services: 20% of the total star rating
- Eligibility Requirements: 20% of the total star rating
- Application: 15% of the total star rating
- Sales & Advertising Transparency: 10% of the total star rating
- Customer Support: 5% of the total star rating
- User Reviews: 5% of the total star rating
Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.
Read more about how we rate small business lenders.
How To Choose The Right Equipment Financer
Equipment financing can be one of the more complicated forms of funding, so let’s try to demystify how you go about finding a financer.
Final Thoughts On The Best Equipment Financing Companies
One of the downsides of equipment financing companies is that most aren’t very transparent in terms of rates, fees, and eligibility requirements. This is why it is so important to do your due diligence to ensure you get the best financing for your situation.
Many equipment financing companies — including the ones on this list — have instant quotes or quick forms that can be filled out to get more information. We recommend doing your research, asking questions, and using prequalification tools (that only perform soft credit checks) whenever possible to find the right funding product for your business.
Looking for more loan options? If you operate a restaurant, take a look at the best commercial kitchen equipment leases. The best lines of credit can be used to purchase equipment, cover payroll expenses, or for emergencies. You can also explore our top picks for best small business loans for your other business financing needs.
Erica Seppala
Editor & Senior Staff Writer at Merchant Maverick
Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.
View Erica Seppala's professional experience on LinkedIn.
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