They offer up to $500,000 with competitive interest rates to boot. 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.

Small Business Equipment Financing

Applying for business equipment loans seems like the obvious route when you’re looking to buy business equipment. However, in case you fail to qualify for equipment financing, you can consider applying for a traditional bank term loan. It may be a particularly good option if you want a credit facility that you can pay back over an extended period – up to 10 years.

The Best Equipment Financing Companies of 2022

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. National Funding offers equipment financing of up to $150,000 with credit decisions in as little as 24 hours. Whether you want to buy or lease either new or used equipment, National Funding is willing to provide the funds. Crest Capital was established in 1989 as a small- and medium-sized business funding and leasing lender, growing establishments across the nation.

  • We also use bank-level apps, like Plaid, as part of our application process.
  • The loan may require a down payment and a lien on the equipment as collateral to get started.
  • Equipment is a vital need for manufacturing, construction and general contracting businesses.

Although, with equipment financing, you have even more options. Get your small business equipment loan deposited directly to your business bank account. That’s where the flexibility ofequipment financecomes in, allowing you to align repayments to suit your cash flow. Some of the most popular business finance options available include anequipment loan,hire purchaseorfinance lease agreement. Business equipment financing allows you to acquire the equipment you need now – and manage the costs later on.

Small-Business Financing: Compare Funding Options in 2022

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. Equipment financing will help you make capital investments without straining your cash flow. It could be your financial catalyst that propels your business’s expansion, efficiency, and success. Small business equipment loans are your financial support in times when it is needed most.

The actual terms you may receive depends on the things like benefits requested, your credit score, usage, history and other factors. Lantern is a product comparison site that makes it easy for individuals to shop for products and compare offers with top lenders. Lantern is owned and operated by SoFi Lending Corp., the digital personal finance company that has helped over one million people get their money right. But at the end of the term, you can choose to buy the equipment for 10 percent of its costs.