How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Here are 7 heavy equipment financing companies
| Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
|---|---|---|---|---|
SBA CDC/504 loan | Best for Low-interest heavy equipment financing | $5,000,000 | 680 | Read Review |
National Funding - Equipment Financing with Fundera by NerdWallet | 4.6/5 Best for Heavy equipment financing for startups | $150,000 | 600 | with Fundera by NerdWallet |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.0/5 Best for Heavy equipment financing for bad credit | $250,000 | 575 | with Fundera by NerdWallet |
JR Capital Equipment Financing with Fundera by NerdWallet | 4.1/5 Best for Heavy equipment financing with no down payment | $10,000,000 | 620 | with Fundera by NerdWallet |
Balboa Capital - Equipment Financing | Best for Same-day heavy equipment financing | $500,000 | 620 | Read Review |
Commercial Fleet Financing Equipment Financing | Best for Construction vehicle financing | $1,000,000 | 640 | |
Wells Fargo Commercial Equipment Financing | Best for Established businesses | Undisclosed | 700 | Read Review |
Here are 7 heavy equipment financing companies
Best for Low-interest heavy equipment financing
Best for Heavy equipment financing for startups
Best for Heavy equipment financing for bad credit
Best for Heavy equipment financing with no down payment
Best for Same-day heavy equipment financing
Best for Construction vehicle financing
Commercial Fleet Financing
Max Amount
$1,000,000
Min. Credit Score
640
Best for Established businesses
I'M INTERESTED IN:
Our pick for
Low-interest heavy equipment financing
SBA 504 loans are designed specifically for the purchase of large fixed assets. These loans offer low interest rates and long repayment terms.
SBA CDC/504 loan
Max loan amount
$5,000,000
Min. credit score
680
Est. APR
5.00-7.00%
Pros
- Low down payment required.
- Repayment terms of up to 25 years.
- Competitive interest rates.
Cons
- Must meet job creation or public policy goals to qualify.
- Longer processing times than online lenders.
SBA CDC/504 loan
Max loan amount
$5,000,000
Min. credit score
680
Est. APR
5.00-7.00%
SBA 504 loans are designed specifically for the purchase of large fixed assets. These loans offer low interest rates and long repayment terms.
SBA 504 loans are designed to promote business growth and job creation through the purchase or upgrade of major fixed assets.
Pros
- Low down payment required.
- Repayment terms of up to 25 years.
- Competitive interest rates.
Cons
- Must meet job creation or public policy goals to qualify.
- Longer processing times than online lenders.
Qualifications:
- Be a for-profit U.S. business.
- Net worth of less than $15 million.
- Average net income of less than $5 million for the two years prior to your application.
- Financial qualifications determined by individual lender.
Our pick for
Heavy equipment financing for startups
If you have at least six months in business, you may qualify for equipment financing from National Funding.
National Funding - Equipment Financing
Max loan amount
$150,000
Min. credit score
600
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
National Funding - Equipment Financing
Max loan amount
$150,000
Min. credit score
600
If you have at least six months in business, you may qualify for equipment financing from National Funding.
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing: National Funding offers only short-term loans and equipment financing/leasing.
- Charges an origination fee.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
Our pick for
Heavy equipment financing for bad credit
Triton Capital offers construction and heavy equipment loans to borrowers who have a minimum credit score of 580.
Triton Capital - Equipment financing
4.0
NerdWallet rating with Fundera by NerdWallet
Max loan amount
$250,000
Min. credit score
575
Est. APR
6.50-34.99%
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Triton Capital - Equipment financing
NerdWallet rating
4.0/5
Max loan amount
$250,000
Min. credit score
575
Est. APR
6.50-34.99%
Triton Capital offers construction and heavy equipment loans to borrowers who have a minimum credit score of 580.
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Charges an origination fee.
Qualifications:
- Minimum credit score: 580.
- Minimum time in business: 24 months.
- Minimum annual revenue: $150,000.
Our pick for
Heavy equipment financing with no down payment
With JR Capital, you can finance a variety of construction and heavy equipment purchases — no down payment required.
JR Capital Equipment Financing
4.1
NerdWallet rating with Fundera by NerdWallet
Max loan amount
$10,000,000
Min. credit score
620
Est. APR
6.99-18.00%
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
JR Capital Equipment Financing
NerdWallet rating
4.1/5
Max loan amount
$10,000,000
Min. credit score
620
Est. APR
6.99-18.00%
With JR Capital, you can finance a variety of construction and heavy equipment purchases — no down payment required.
JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Charges an origination fee.
Qualifications:
- Minimum credit score: 620.
- Minimum time in business: Typically 24 months, but can prioritize industry experience in some cases.
- No minimum annual revenue requirement.
Our pick for
Same-day heavy equipment financing
If approved, Balboa Capital can provide construction and heavy equipment funding within the same day.
Balboa Capital - Equipment Financing
Max loan amount
$500,000
Min. credit score
620
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Balboa Capital - Equipment Financing
Max loan amount
$500,000
Min. credit score
620
If approved, Balboa Capital can provide construction and heavy equipment funding within the same day.
Borrowers with fair credit may consider Balboa Capital to get fast funding, especially for equipment loans.
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Qualifications:
- Minimum credit score: 620.
- Minimum time in business: One year.
- Minimum annual revenue: $100,000.
Our pick for
Construction vehicle financing
Commercial Fleet Financing specializes in vehicle and truck financing. Through CFF, you can purchase dump trucks, excavators, dozers, mixer trucks, concrete plants and cranes, among other options.
Commercial Fleet Financing Equipment Financing
Max loan amount
$1,000,000
Min. credit score
640
Pros
- Offers specialized experience in trucking and construction industries.
- Can fund applications as fast as 24 hours.
- Established businesses may not need to provide a personal guarantee.
Cons
- Borrowers with lower credit scores may need to provide a 20% down payment.
- Interest rates not disclosed on the website.
Commercial Fleet Financing Equipment Financing
Max loan amount
$1,000,000
Min. credit score
640
Commercial Fleet Financing specializes in vehicle and truck financing. Through CFF, you can purchase dump trucks, excavators, dozers, mixer trucks, concrete plants and cranes, among other options.
Borrowers looking to benefit from industry expertise might choose Commercial Fleet Financing to fund a truck, trailer or construction equipment purchase.
Pros
- Offers specialized experience in trucking and construction industries.
- Can fund applications as fast as 24 hours.
- Established businesses may not need to provide a personal guarantee.
Cons
- Borrowers with lower credit scores may need to provide a 20% down payment.
- Interest rates not disclosed on the website.
Qualifications:
- Minimum credit score: 640.
- Minimum time in business: Two years.
- Minimum annual revenue: Undisclosed.
Our pick for
Established businesses
Wells Fargo offers a robust construction equipment financing program, with industry specialists available to help you find the best option for your needs. You’ll likely need multiple years in business and strong credit to qualify.
Wells Fargo Commercial Equipment Financing
Max loan amount
Undisclosed
Min. credit score
700
Pros
- Offers lease options in a diverse array of industries.
- Can provide specialized customer experience.
Cons
- Qualification requirements and interest rate information not available on website.
- Will likely have to visit a branch location to apply.
Wells Fargo Commercial Equipment Financing
Max loan amount
Undisclosed
Min. credit score
700
Wells Fargo offers a robust construction equipment financing program, with industry specialists available to help you find the best option for your needs. You’ll likely need multiple years in business and strong credit to qualify.
Wells Fargo can provide a range of lease options for more established businesses that want a personalized lending experience.
Pros
- Offers lease options in a diverse array of industries.
- Can provide specialized customer experience.
Cons
- Qualification requirements and interest rate information not available on website.
- Will likely have to visit a branch location to apply.
Qualifications:
- Wells Fargo does not specify qualification requirements on its website, but like all bank financing products, you’ll likely need to meet strict eligibility criteria to qualify.
What is heavy equipment financing?
Heavy equipment financing refers to a loan that’s used to purchase major equipment or machinery for your business. These loans often serve businesses in the construction, farming, transportation, manufacturing and other similar industries.
Like other types of equipment financing, heavy equipment loans use the machinery you purchase as collateral on the loan.
How does heavy equipment financing work?
Heavy equipment loans are usually structured as business term loans. You receive a lump sum of capital from a lender to buy your equipment and then repay the funds, with interest, over a specific period of time.
Repayment terms on construction and heavy equipment loans typically range from 12 to 84 months, depending on the type of machinery you’re purchasing. Payments are generally made on a monthly basis, although some lenders offer flexible payment schedules (e.g., quarterly, semi-annually, seasonally).
Heavy equipment financing rates can range from 5% to 36% APR. The rate you’ll receive, however, will depend on your business’s qualifications, your down payment and the value of the equipment you’re purchasing.
Construction and heavy equipment financing vs. leasing
When you're trying to acquire construction or heavy equipment for your business, it can be difficult to determine whether a loan or a lease is better for your needs.
In general, if you’re going to use the equipment at least 60% of the time, it will be more cost effective to buy it or get a lease-to-own option. If you’re not going to use the equipment that frequently, leasing — or even renting — may be a more suitable choice.
Here are some other differences to note when trying to choose between equipment leasing and financing:
- Payments. Equipment leases typically have lower monthly payments than equipment loans. You will, however, usually pay more over the course of the lease than you would with a loan.
- Ownership. With financing, you own your equipment at the end of the term. With a lease, on the other hand, the lender still owns the equipment. You may have an option to purchase it, or start a new lease agreement.
- Down payment. Equipment financing usually requires a down payment, which is not usually the case with leasing.
- Lifespan of equipment. Whereas your heavy equipment may become outdated during the loan term, leasing allows you to update your equipment once the lease concludes.
Where to get heavy equipment financing
How to finance heavy equipment
You can get heavy equipment financing by following these steps:
1. Evaluate your financing needs
You should consider what type of construction or heavy equipment you need and how much it’s going to cost. Many heavy equipment lenders will require a down payment, so you’ll also want to determine how much you can afford.
A business loan calculator can be a useful tool to help you estimate payments and interest costs.
2. Review your business’s qualifications
Although business loan requirements vary, most lenders will consider your personal credit score, time in business and annual revenue. You should look at these factors ahead of time to determine where you might be able to qualify for a loan.
3. Find the equipment you want to purchase
Many lenders will want you to provide an equipment quote as part of the application process. You should browse vendors and suppliers to find the equipment you need and determine which company can offer the best price.
4. Compare heavy equipment financing companies
You should research and compare several heavy equipment financing companies to see which one can offer you the best deal (and make sure you can qualify). As you browse your options, you should make sure that the lender can fund the type of equipment you’re looking to purchase — some companies may not fund high-mileage trucks, for example.
You should also consider a lender’s repayment terms, interest rates, fees, funding speed and application process.
5. Gather your documents and apply
The application process for your heavy equipment loan will vary based on the lender. Banks and credit unions, for instance, will require more documentation and may require you to visit a branch location to apply. Online lenders, on the other hand, will typically have fewer documentation requirements and can process applications quickly.
You may need to provide some, if not all of the following:
- Basic information about you and your business.
- Personal and business bank statements.
- Personal and business tax returns.
- Business financial statements.
- Down payment amount.
- Equipment quote.
After you’ve submitted your application and received approval, the lender will provide an equipment financing agreement for you to sign. You should review the loan agreement thoroughly and make sure you understand all the terms and conditions. If you have any questions or concerns, you’ll want to contact your lender directly for clarification.
More NerdWallet resources for construction companies:
Frequently asked questions
Some heavy equipment lenders will accept credit scores as low as 575, while others will require good credit (typically scores of 690 or higher). Although you may be able to access construction equipment financing with bad credit, you’ll likely receive higher interest rates on these loan options.
When you finance construction or heavy equipment, the machinery being financed typically serves as collateral on the loan. You can get an equipment loan up to 100% of the value of the equipment you’re looking to purchase — depending on the lender you work with and your qualifications. Then, you repay the loan over time, with interest.
Repayment terms on equipment financing can range from 12 to 84 months but ultimately vary based on your lender and business’s qualifications. In general, lenders won’t offer financing terms longer than the projected useful life of the equipment.
Last updated on May 7, 2024
Methodology
NerdWallet’s review process evaluates and rates small-business loan products from traditional banks and online lenders. We collect over 30 data points on each lender using company websites and public documents. We may also go through a lender’s initial application flow and reach out to company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer small-business friendly features, including:
- Transparency of rates and terms.
- Flexible payment options.
- Fast funding times.
- Accessible customer service.
- Reporting of payments to business credit bureaus.
- Responsible lending practices.
We weigh these factors based on our assessment of which are the most important to small-business owners and how meaningfully they impact borrowers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodology for small-business loans and our editorial guidelines.
Wondering if you qualify?
It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.
See Your Loan Options