The Best Equipment Financing For Any Small Businesses In 2023

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Home Best Small Business Loans in 2023 Best Equipment Financing Companies in 2023

Best Equipment Financing Companies

Lendio carefully selects the lenders it works with in its marketplace, then works with you to find the best business line of credit for your unique situation. Read on for stats on each lender and what each lender is best at.

Learn about our methodology for lender selection here.

Lender/Funder*Best Loan/Financing TypeLoan/Financing AmountMin. Time in BusinessLoan/Financing TermMin. Credit ScoreTime to Funds
(After Approval)
BalboaEquipment FinancingUp to $500,0001 year84 months620As soon as same day
ClickLeaseEquipment Financing$20,000Any60 months520As soon as same day
4 Hour Funding (Centra)
Equipment FinancingUp to $150,0002 years24-60 months590Same day
Commercial Funding PartnersEquipment Financing$500,000+3 yearsVaries665As soon as 1 day
Global FinancialEquipment FinancingUp to $1 millionAny12-60 months500As soon as 48 hours
ParadigmEquipment FinancingUp to $5 million2 years24-48 months600As soon as 1 day
South End CapitalEquipment FinancingUp to $5 millionAnyUp to 120 months700As soon as same day
Time PaymentEquipment FinancingUp to $1.5 millionAny12-60 months550As soon as 1 day

The Best Business Equipment Financing Options – All In One Marketplace

Continue reading for detailed information about the lenders listed above.
Ready to apply for a loan? Lendio works with 75+ lenders to find the right option for your business. Click “Apply Now” to fill out our simple application.

Best for Equipment Financing

Balboa – Equipment Financing

Funding amount

Up to $500,000

Term

4, 36, 48, or 60 months

Min. credit score

620

Time to funding

As soon as 1 day

Balboa Capital offers customers up to $500,000 in equipment financing. They do require some form of collateral for all of their financing options. However, if you use them for financing equipment less than $350,000, you’ll only need soft collateral.

Pros

  • Best for heavy machinery financing
  • One-hour approval time
  • Flexible term lengths
  • One-hour approval time

Cons

  • Restricted industries include oil/gas production and gun manufacturers
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)
  • $295 doc fee
  • $250 site inspection fee
balboa capital logo

Balboa – Equipment Financing

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Funding amount

Up to $500,000

Term

4, 36, 48, or 60 months

Min. credit score

620

Time to funding

As soon as 1 day

Balboa Capital offers customers up to $500,000 in equipment financing. They do require some form of collateral for all of their financing options. However, if you use them for financing equipment less than $350,000, you’ll only need soft collateral.

Pros

  • Best for heavy machinery financing
  • One-hour approval time
  • Flexible term lengths
  • One-hour approval time

Cons

  • Restricted industries include oil/gas production and gun manufacturers
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

  • $295 doc fee
  • $250 site inspection fee

ClickLease – Equipment Financing

Funding amount

Up to $20,000

Term

24-60 months

Min. credit score

520

Time to funding

As soon as same day

If you need a new piece of equipment, then equipment financing is one way to finance that. You can go with a company like ClickLease that will help you buy the item you need and pay it back over time. ClickLease offers flexible terms and rates for a variety of business owners. 

 

Pros

  • Best option for loan requests under $25k
  • No hard credit pull
  • Flexible terms and credit score
  • Monthly payments

Cons

  • Doesn’t operate in North Dakota
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

One-time initial documentation fee

Clicklease Logo

ClickLease – Equipment Financing

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Funding amount

Up to $20,000

Term

24-60 months

Min. credit score

520

Time to funding

As soon as same day

If you need a new piece of equipment, then equipment financing is one way to finance that. You can go with a company like ClickLease that will help you buy the item you need and pay it back over time. ClickLease offers flexible terms and rates for a variety of business owners. 

 

Pros

  • Best option for loan requests under $25k
  • No hard credit pull
  • Flexible terms and credit score
  • Monthly payments

Cons

  • Doesn’t operate in North Dakota
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

One-time initial documentation fee

4 Hour Funding (Centra) – Equipment Financing

Funding amount

Up to $150,000

Term

24-60 months

Min. credit score

590

Time to funding

As soon as same day

Founded in 2006 and based in Plano, Texas, 4 Hour Funding (Centra) is an equipment financing company that serves customers across the country. It specializes in equipment financing agreements or EFAs. An EFA is a loan in which the financier purchases the equipment up front and the borrower repays it over time via a flat monthly rate.

Pros

  • Best for ease of process
  • Same-day funding 
  • Partners with equipment lenders
  • Available to startups and established businesses

Cons

  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)
  • Maximum funding limited to $150,000

$275 doc fee

4 Hour Funding (Centra) – Equipment Financing

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Funding amount

Up to $150,000

Term

24-60 months

Min. credit score

590

Time to funding

As soon as same day

Founded in 2006 and based in Plano, Texas, 4 Hour Funding (Centra) is an equipment financing company that serves customers across the country. It specializes in equipment financing agreements or EFAs. An EFA is a loan in which the financier purchases the equipment up front and the borrower repays it over time via a flat monthly rate.

Pros

  • Best for ease of process
  • Same-day funding 
  • Partners with equipment lenders
  • Available to startups and established businesses

Cons

  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)
  • Maximum funding limited to $150,000

$275 doc fee

Commercial Funding Partners – Equipment Financing

Funding amount

$150,0000- $500,000+

Term

Varies

Min. credit score

665

Time to funding

As fast as 1 day

Headquartered in Draper, Utah, Commercial Funding Partners has been around since 1987. It offers equipment financing of up to $500,000 or more to small business owners. While you will need fairly good credit and at least 3 years of business under your belt to get approved, you may lock in flexible rates and terms.

Pros

  • Best for amount of funds
  • May lock in $500,000+ in funding
  • Funding as fast as one day

Cons

  • Minimum loan amount of $150,000
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

Varies

Commercial Funding Partners – Equipment Financing

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Funding amount

$150,0000- $500,000+

Term

Varies

Min. credit score

665

Time to funding

As fast as 1 day

Headquartered in Draper, Utah, Commercial Funding Partners has been around since 1987. It offers equipment financing of up to $500,000 or more to small business owners. While you will need fairly good credit and at least 3 years of business under your belt to get approved, you may lock in flexible rates and terms.

Pros

  • Best for amount of funds
  • May lock in $500,000+ in funding
  • Funding as fast as one day

Cons

  • Minimum loan amount of $150,000
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

Varies

Global Financial – Equipment Financing

Funding amount

Up to $1 million

Term

1-5 years

Min. credit score

500

Time to funding

As soon as 1 day

Global Financial has provided equipment financing to small and medium-sized businesses in a variety of industries since 2009. You can get approved even if you have bad credit or a history of bankruptcies or tax liens. Upon approval, you may customize the terms to meet your unique budget and needs.

Pros

  • Best for lower credit
  • No down payment required 
  • Can lock in up to $1 million in funding
  • Builds business credit
  • Equipment for sale on lender website

Cons

  • Restricted equipment includes HVAC and lighting
  • Limited financing for restaurants and owner operator trucking

$500 doc fee

Global Financial – Equipment Financing

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Funding amount

Up to $1 million

Term

1-5 years

Min. credit score

500

Time to funding

As soon as 1 day

Global Financial has provided equipment financing to small and medium-sized businesses in a variety of industries since 2009. You can get approved even if you have bad credit or a history of bankruptcies or tax liens. Upon approval, you may customize the terms to meet your unique budget and needs.

Pros

  • Best for lower credit
  • No down payment required 
  • Can lock in up to $1 million in funding
  • Builds business credit
  • Equipment for sale on lender website

Cons

  • Restricted equipment includes HVAC and lighting
  • Limited financing for restaurants and owner operator trucking

$500 doc fee

Paradigm – Equipment Financing

Funding amount

Up to $5 million

Term

24-48 months

Min. credit score

600

Time to funding

As soon as 1 day

Based in Layton, Utah, Paradigm has offered “reputable equipment financing” since 2011. It prides itself on individualized service, straightforward terms, and quick decisions. If you want to purchase a piece of equipment valued $10,000 or more, and don’t operate in a restricted industry, Paradigm is worth exploring.

Pros

  • Best for specialty equipment
  • Considers borrowers with less-than-perfect credit
  • Access to over 500 equipment brokers nationwide

Cons

  • Doesn’t finance restaurants
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)
  • Underwriting fee: A one-time 2.5% of the total advance amount set up fee is added to your balance at funding
  • Admin fee: $50 monthly payment

$500 doc fee

Paradigm – Equipment Financing

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Funding amount

Up to $5 million

Term

24-48 months

Min. credit score

600

Time to funding

As soon as 1 day

Based in Layton, Utah, Paradigm has offered “reputable equipment financing” since 2011. It prides itself on individualized service, straightforward terms, and quick decisions. If you want to purchase a piece of equipment valued $10,000 or more, and don’t operate in a restricted industry, Paradigm is worth exploring.

Pros

  • Best for specialty equipment
  • Considers borrowers with less-than-perfect credit
  • Access to over 500 equipment brokers nationwide

Cons

  • Doesn’t finance restaurants
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

  • Underwriting fee: A one-time 2.5% of the total advance amount set up fee is added to your balance at funding
  • Admin fee: $50 monthly payment

$500 doc fee

South End Capital- Equipment Financing

Funding amount

Up to $5 million

Term

Up to 10 years

Min. credit score

700

Time to funding

Same-day funding

Headquartered in St. Cloud, Minnesota, South End Capital is a division of Stearns Bank and offers equipment financing for new and used equipment. You can get approved in hours and work with one of its Certified Lease Finance Professionals (CLFP) to find term and payment options that make sense for your small business.

Pros

  • Best for term length
  • No application fees
  • 0% down payments 
  • Same-day funding available 
  • Custom payment terms
  • Equipment loans available in all 50 states and Washington D.C. 

Cons

  • 2-year minimum time in business requirement for trucking
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus

Appraisal and environmental report fees

South End Capital- Equipment Financing

Apply Now

Funding amount

Up to $5 million

Term

Up to 10 years

Min. credit score

700

Time to funding

Same-day funding

Headquartered in St. Cloud, Minnesota, South End Capital is a division of Stearns Bank and offers equipment financing for new and used equipment. You can get approved in hours and work with one of its Certified Lease Finance Professionals (CLFP) to find term and payment options that make sense for your small business.

Pros

  • Best for term length
  • No application fees
  • 0% down payments 
  • Same-day funding available 
  • Custom payment terms
  • Equipment loans available in all 50 states and Washington D.C. 

Cons

  • 2-year minimum time in business requirement for trucking
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus

Appraisal and environmental report fees

Time Payment- Equipment Financing

Funding amount

Up to $1.5 million

Term

12-60 Months

Min. credit score

550

Time to funding

As soon as 1 day

Based in Boston, Time Payment is a fintech company that’s owned by the affiliates of Fortress Investment Group, a top diversified global investment manager. Once you apply for its equipment financing solutions online, you’ll receive an instant credit decision for the maximum amount you can finance.

Pros

  • Best for lower APR
  • Fast credit decisions
  • Can get approved with fair credit 

Cons

  • Restricted states include California and Vermont
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)
  • Documentation fees
  • Advanced payment fees

Time Payment- Equipment Financing

Apply Now

Funding amount

Up to $1.5 million

Term

12-60 Months

Min. credit score

550

Time to funding

As soon as 1 day

Based in Boston, Time Payment is a fintech company that’s owned by the affiliates of Fortress Investment Group, a top diversified global investment manager. Once you apply for its equipment financing solutions online, you’ll receive an instant credit decision for the maximum amount you can finance.

Pros

  • Best for lower APR
  • Fast credit decisions
  • Can get approved with fair credit 

Cons

  • Restricted states include California and Vermont
  • Doesn’t build business credit (borrower may be able to self-report to credit bureaus)

  • Documentation fees
  • Advanced payment fees

Our methodology

Wondering how we chose the best? Here’s how we went about evaluating the lenders in our network.

  • Lenders with fast funding time (i.e., those with non-SBA loans that fund in under 1 week and SBA funding that funds in 2-3 weeks
  • Lenders with a maximum loan amount of $2 million or less
  • Lenders with a minimum loan amount of $5,000
  • Lenders with fees that are comparable to other similar lenders (Ex:online lenders that have similar fees and traditional lenders with similar fees)
  • Requirements:
    • More flexible lenders:
      • Credit Score: 600
      • Time in Business: 6 months
      • $8,000-$10,000 gross monthly revenue
    • Average lender:
      • Credit Score: 700
      • Time in Business: 1-2 years
      • $20,000-$50,000 gross monthly revenue
  • Flexible repayment options (i.e., early repayment options with daily, weekly, and monthly payment options)
  • Reviews on external websites (an average of 4.5 or higher on TrustPilot)

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (November 28, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

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