How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- Equipment financing lets a business buy the machine now and pay over time, instead of tying up cash upfront.
- Balboa Capital is the speed pick, with same-day funding and a streamlined application for soft collateral up to $350,000.
- Crest Capital suits smaller loans and used equipment, with no down payment in most cases and terms up to 84 months.
- National Funding fits borrowers with a 600 credit score and six months in business who need funding within 24 hours.
- This is general information, not financial advice. Compare the full agreement, not just the advertised rate, before signing.
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 Balboa Capital | Same-day approvals and funding | APR from 5 percent (estimated range 5 to 20 percent) | No |
 Crest Capital | Easy applications for smaller loans | APR from 7 percent | No |
 National Funding | Low credit minimums and fast funding | See website (quote-based, factor rates on working capital) | No |
 Live Oak Bank | SBA-backed equipment loans | See website | No |
 CIT | Large-ticket and specialized equipment | See website | No |
 OnDeck | Brand-name term loans with fast quotes | See website | No |
 TimePayment | Small-ticket and vendor programs | See website | No |
 Kapitus | Flexible financing for growing businesses | See website | No |
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The best equipment financing companies
Starting priceAPR from 5 percent (estimated range 5 to 20 percent)
Free planNo
Balboa Capital can issue same-day funding through a streamlined application-only process with far fewer documents than a bank. It covers soft collateral up to $350,000 and hard collateral up to $500,000, with terms of 24 to 60 months and monthly payments. Published comparisons list a 620-plus credit score, one year in business and $100,000 annual revenue as qualifications.
The company holds an A-plus rating with the Better Business Bureau and reports over $7 billion funded nationwide. Rate range is wide, from 5 to 20 percent estimated APR, so the actual offer depends heavily on credit and equipment type. For a business that needs a machine this week, Balboa is the first call.
What we like- Same-day funding
- Streamlined application
- Up to $500,000
Watch out for- Rates vary widely by credit
- Revenue and time-in-business minimums apply
Starting priceAPR from 7 percent
Free planNo
Crest Capital has financed equipment since 1989, from $10,000 to $500,000, with one simple application and same-day decisions. No financial statements are needed up to $250,000, rates are fixed for the full term, and used equipment, including private-party sales, qualifies. Terms run 24 to 60 months, up to 84 months on larger transactions for excellent credit.
Soft costs like delivery and installation can be financed up to 25 percent of the loan amount, and 100 percent financing is available. The recommended credit score is 650, and two years in business is preferred, which excludes the newest startups. For established small businesses buying a defined machine, Crest is a straightforward, low-paperwork pick.
What we like- No down payment in most cases
- Used equipment and private sales OK
- Fixed rates
Watch out for- 650 credit recommended
- Two years in business preferred
Starting priceSee website (quote-based, factor rates on working capital)
Free planNo
National Funding built its reputation on minimal documentation and speed, with approval plus funding as fast as 24 hours. It reports over $4.5 billion funded to more than 75,000 businesses. Equipment financing runs to $150,000, aimed at contractors, truckers and manufacturers buying the asset that produces revenue.
Qualifications are forgiving: 600 credit, six months in business and $250,000 annual revenue. The trade is pricing transparency: working-capital products run on factor rates starting near 1.10, and exact fees and terms are set at quote time, so comparison work falls on the borrower. Get every term in writing before accepting.
What we like- 600 credit minimum
- Six months in business
- Approval and funding within 24 hours
Watch out for- Factor-rate pricing on working capital
- Exact terms set at quote time
Starting priceSee website
Free planNo
Live Oak Bank is a leading SBA lender that handles equipment purchases through SBA-backed loans, which can stretch terms longer and lower down payments compared with conventional equipment loans. That structure suits businesses buying expensive, long-lived equipment where a longer term keeps monthly payments manageable.
SBA loans take longer and demand more documentation than Balboa or Crest, including business plans and financial statements in many cases. Businesses that can wait and want the lowest monthly payment should compare an SBA quote beside an online lender quote. Businesses in a hurry should not start with SBA.
What we like- SBA loan expertise
- Longer terms
- Lower down payments on qualifying deals
Watch out for- Slower than online lenders
- More documentation required
#5
CIT
Best for: Large-ticket and specialized equipment
Visit cit.com
Starting priceSee website
Free planNo
CIT, now part of First Citizens Bank, finances specialized and large-ticket equipment across industries including construction, healthcare, manufacturing and transportation. Industry teams understand asset values and resale markets, which helps on unusual or high-value equipment where generalist lenders hesitate.
Small-ticket deals are not its sweet spot, and underwriting follows bank timelines rather than same-day online decisions. Companies financing a fleet, a production line or specialized medical gear should include CIT in the quote round. Small shops buying one machine will move faster with Crest or Balboa.
What we like- Deep experience with specialized assets
- Large-ticket capacity
- Industry teams
Watch out for- Less suited to small-ticket deals
- Bank-style underwriting timelines
Starting priceSee website
Free planNo
OnDeck, owned by Enova since 2020, offers term loans from $5,000 to $400,000 plus a line of credit. Soft-pull prequalification shows terms before full documents, and approval can land in as fast as two hours with same-day funding. That transparency suits borrowers who want to see real numbers early.
Minimums exclude newer and thinner files: 625 credit, 12 months in business and $100,000 annual revenue. Term loans run up to 24 months in published comparisons, shorter than Crest or Balboa equipment terms, so monthly payments run higher on the same amount. For short-term equipment needs with strong credit, OnDeck is a credible brand-name option.
What we like- Soft-pull prequalification
- Term loans to $400,000
- Same-day funding possible
Watch out for- 625 credit floor
- 12-month time-in-business bar
- Shorter maximum terms
Starting priceSee website
Free planNo
TimePayment specializes in small-ticket equipment financing and vendor programs, letting equipment sellers offer payment options to their customers at the point of sale. That model suits dealers and small buyers alike: the seller closes more deals, and the buyer spreads a modest purchase over monthly payments.
The company is less known than Balboa or Crest, and rates vary by program and credit, so quotes must be compared carefully. Businesses buying lower-cost equipment, or sellers wanting to add financing to their checkout, should ask TimePayment for a program quote beside a general lender quote.
What we like- Small-ticket focus
- Vendor and dealer programs
- Fast decisions
Watch out for- Less known than big rivals
- Rates vary by program
Starting priceSee website
Free planNo
Kapitus offers several financing products, including equipment financing, term loans and revenue-based options, which lets a growing business match the product to the purchase rather than forcing every deal into one shape. Funding is fast by online-lender standards, and qualification is more flexible than bank underwriting.
Pricing and terms vary by product and must be confirmed at quote time, so borrowers should compare the total cost, not just the monthly payment. For businesses that need more than one type of financing, or whose equipment purchase sits beside a working-capital need, Kapitus is a useful all-round quote.
What we like- Multiple product types
- Fast funding
- Flexible qualification
Watch out for- Pricing varies by product
- Terms must be confirmed at quote
How we chose
One more check matters: confirm the lender will pay the seller directly and how quickly, since a slow payment can delay delivery of the machine your business is waiting on. Crest states it normally pays the seller in full within 24 hours of delivery and acceptance, which is a useful benchmark to ask other lenders about.
We compared lender pricing pages, published comparisons and qualification requirements, favoring lenders with clear published figures over vague promises. Where a lender quotes only at application time, we wrote See website rather than inventing a rate. We weighed funding speed, loan size, term length, credit minimums, down payment policy and used-equipment coverage, and we left out lenders that duplicate another entry without a distinct strength. This article is general information, not financial advice.
Reading a quote like a lender
Compare four numbers on every quote: the APR or factor rate, the total of all payments plus fees, the term length, and any early-payoff penalty. A lower monthly payment on a longer term usually costs more in total, and a factor rate near 1.10 on a short term can cost far more than a 9 percent APR loan over the same period. Ask whether the rate is fixed or variable, and whether the lender requires a blanket lien, annual requalification or insurance coverage that could trigger default.
Check fees separately: origination, documentation, late payment and early payoff. Confirm lien position on the equipment, and whether the lender requires a personal guarantee. Finally, verify the equipment itself qualifies: some lenders exclude used equipment, private sales or specific asset classes, while Crest explicitly covers used and private-party deals.
Lease or loan: which fits
A loan means you own the equipment and payments stay fixed, which suits long-lived assets you will keep for years. A lease can offer lower payments, upgrade paths and tax treatment differences, but end-of-term buyout terms vary widely. Read the buyout clause before signing: a fair market value buyout, a fixed-price buyout and a dollar buyout produce very different total costs for the same machine. If you expect to need newer machinery soon, ask whether the contract allows refinancing, upgrading or extending without heavy fees, and get the answer in writing.
Frequently asked questions
What credit score do I need for equipment financing?
It varies by lender. National Funding accepts 600, Balboa lists 620-plus, OnDeck requires 625, and Crest recommends 650. Stronger credit earns lower rates at every lender, and some lenders accept a personal guarantee in place of extensive collateral for newer businesses.
How fast can I get equipment financing?
Balboa and National Funding can fund as fast as same-day or within 24 hours. Crest typically decides the same day. SBA-backed loans through Live Oak take longer because documentation requirements are heavier.
Can I finance used equipment?
Yes, with the right lender. Crest explicitly finances new and used equipment, including private-party sales, from $10,000 to $500,000. Always confirm used-equipment eligibility before choosing a lender, since some lenders restrict it.
Do I need a down payment?
Often no. Crest requires no down payment in most cases, and Balboa does not state one. Some deals require a down payment based on credit history, so confirm it in the quote rather than assuming zero.
What loan amounts are typical?
Most small business equipment deals fall between $10,000 and $250,000, while Balboa and Crest go up to $500,000. Larger and specialized deals go to CIT or an SBA lender with longer terms.
Is equipment financing tax deductible?
Section 179 may allow deducting equipment purchases, and Crest notes its financing is Section 179 friendly. Tax treatment depends on your situation, so confirm with a tax professional before relying on a deduction.
Sources we checked (8)
- https://fitsmallbusiness.com/best-equipment-financing-companies/
- https://www.crestcapital.com/equipment-financing
- https://www.crestcapital.com/equipment-finance-101-basics
- https://www.premiumbusinesslenders.com/guides/national-funding-vs-ondeck
- https://www.balboacapital.com
- https://www.nationalfunding.com
- https://www.liveoakbank.com
- https://www.ondeck.com
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.