Growth shouldn't wait on a capital purchase.
Equipment financing funds trucks, machinery, medical devices, construction equipment, restaurant build-outs, and technology. Because the equipment secures the loan, approvals are faster and rates are lower than unsecured options — often with little or no money down.
Equipment Financing at a glance
- Loan amounts
- $10,000 – $10,000,000
- Term length
- 2 – 7 years, matched to useful life
- Typical pricing
- Roughly 6% – 25% APR by credit and asset type
- Funding speed
- 24 – 72 hours for most approvals
- Credit guidance
- Typically 600+ FICO; strong assets can offset weaker credit
Key Benefits
- Up to 100% financing including soft costs
- Terms matched to the equipment's useful life
- Potential Section 179 tax advantages
- Approvals in 24 – 72 hours
Best Fit For
- Trucking and transportation fleets
- Construction contractors adding machinery
- Medical and dental practices buying devices
- Manufacturers and restaurants upgrading equipment
Why use a broker instead of going to your bank?
Equipment lenders specialize by asset type — the right one for a CNC machine is not the right one for a sleeper cab. We route your deal to the lender that knows your equipment and prices it best.
Learn more about working with a brokerHow equipment financing compare
We broker every product on this list, so this comparison is about fit — not about steering you toward one option.
Compared with
Equipment lease
A loan builds ownership and equity in the asset. A lease lowers monthly payments and may allow upgrades at term end, but you own nothing unless you exercise a buyout.
Compared with
SBA 504
SBA 504 offers long fixed-rate terms on heavy equipment but requires a slow process and a specific structure. Direct equipment financing funds in days.
Compared with
Working capital loan
Equipment financing is secured by the asset, so it typically carries lower rates and longer terms than a general-purpose working capital loan.
Equipment Financing: frequently asked questions
Can I finance used equipment?
Yes. Most lenders finance used equipment, including private-party and auction purchases. Age limits vary by asset class — heavy trucks and construction machinery are commonly financed well into their service life.
How much down payment is needed for equipment financing?
Many approvals come with zero to 20% down. Strong credit and established businesses frequently qualify for 100% financing including delivery, installation, and warranty costs.
Should I lease or finance equipment?
Finance when you plan to use the asset for its full life and want the equity. Lease when you need the lowest monthly payment or want to upgrade the technology every few years.
Are there tax benefits to equipment financing?
Often yes. Section 179 and bonus depreciation can allow you to deduct a substantial portion of the equipment cost in the year it is placed in service. Confirm details with your CPA.
How fast can equipment financing be approved?
Application-only approvals under roughly $250,000 usually come back within 24 to 48 hours. Larger deals with full financial packages take a few days longer.
What credit score do I need?
Programs start around a 600 FICO, and some asset-heavy lenders go lower. The equipment's resale value gives lenders more flexibility than unsecured products allow.
More answers on the business financing FAQ and in the commercial lending glossary.
Other financing solutions
Working Capital Loans
Cover payroll, inventory, and day-to-day expenses with flexible short-term capital.
Commercial Real Estate Loans
Purchase, refinance, or build commercial properties with structures matched to your project.
Bridge Loans
Move quickly on opportunities while you arrange long-term financing.
Ready to explore equipment financing?
A 15-minute conversation is all it takes to know if this is the right fit. No obligation.