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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 equipment leasing companies
| Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
|---|---|---|---|---|
National Funding - Equipment Financing with Fundera by NerdWallet | 4.5/5 Best for Startup businesses | $150,000 | 600 | with Fundera by NerdWallet |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.0/5 Best for Restaurant, technology and medical leasing | $250,000 | 575 | with Fundera by NerdWallet |
JR Capital Equipment Financing with Fundera by NerdWallet | 4.1/5 Best for Equipment leasing with no down payment | $10,000,000 | 620 | with Fundera by NerdWallet |
Taycor Financial Equipment Leasing | Best for Borrowers with bad credit | $5,000,000 | 550 | |
First Citizens Bank Equipment Financing | Best for Heavy equipment leasing | Undisclosed | 640 | |
Crest Capital Equipment Leasing | Best for Fast equipment leasing | $1,000,000 | 650 | |
Wells Fargo Commercial Equipment Financing | Best for Established businesses | Undisclosed | 700 | Read Review |
Here are 7 equipment leasing companies
Best for Startup businesses
Best for Restaurant, technology and medical leasing
Best for Equipment leasing with no down payment
Best for Borrowers with bad credit
Taycor
Max Amount
$5,000,000
Min. Credit Score
550
Best for Heavy equipment leasing
First Citizens Bank
Max Amount
Undisclosed
Min. Credit Score
640
Best for Fast equipment leasing
Crest Capital
Max Amount
$1,000,000
Min. Credit Score
650
Best for Established businesses
I'M INTERESTED IN:
Our pick for
Startup businesses
You may be able to qualify for equipment leasing from National Funding with just six months in business.
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 - Equipment Financing
Max loan amount
$150,000
Min. credit score
600
You may be able to qualify for equipment leasing from National Funding with just six months in business.
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.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
Our pick for
Restaurant, technology and medical leasing
Triton offers equipment leases up to $250,000 which can be well-suited for small businesses in a variety of industries.
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 offers equipment leases up to $250,000 which can be well-suited for small businesses in a variety of industries.
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: Two years.
- Minimum annual revenue: $150,000.
Our pick for
Equipment leasing with no down payment
You can lease a wide range of used and new equipment with JR Capital, 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%
You can lease a wide range of used and new equipment with JR Capital, 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 two years, but can prioritize industry experience in some cases.
- No minimum annual revenue requirement.
Our pick for
Borrowers with bad credit
Taycor Financial can provide equipment leasing to borrowers with a minimum credit score of 550 or higher.
Taycor Financial Equipment Leasing
Max loan amount
$5,000,000
Min. credit score
550
Pros
- Equipment leases with customizable terms, structures and even payment deferral options.
- No prepayment penalties; savings available for paying early.
- Smaller funding requests and well-qualified customers are eligible for a streamlined, one-page application process.
Cons
- Interest rate information not available on website.
Taycor Financial Equipment Leasing
Max loan amount
$5,000,000
Min. credit score
550
Taycor Financial can provide equipment leasing to borrowers with a minimum credit score of 550 or higher.
Taycor Financial can provide fast and flexible leasing options for small businesses with a variety of equipment needs.
Pros
- Equipment leases with customizable terms, structures and even payment deferral options.
- No prepayment penalties; savings available for paying early.
- Smaller funding requests and well-qualified customers are eligible for a streamlined, one-page application process.
Cons
- Interest rate information not available on website.
Qualifications:
- Minimum credit score: 550.
- Minimum time in business: Typically two years, but Taycor has a new business program for companies with less than two years in operation.
- Minimum annual revenue: $100,000.
Our pick for
Heavy equipment leasing
First Citizens Bank offers customizable equipment leasing options, including a specialized program for heavy trucks, trailers or tractors.
First Citizens Bank Equipment Financing
Max loan amount
Undisclosed
Min. credit score
640
Pros
- Competitive rates and terms.
- Loan or lease terms can be structured to meet specific tax or accounting needs.
- Funding available as fast as one day.
Cons
- Loan payments and other services may not be available at branch locations.
First Citizens Bank Equipment Financing
Max loan amount
Undisclosed
Min. credit score
640
First Citizens Bank offers customizable equipment leasing options, including a specialized program for heavy trucks, trailers or tractors.
First Citizens Bank Equipment Finance (formerly CIT) provides competitive rates and terms on equipment loans and leases — with faster funding than most banks offer.
Pros
- Competitive rates and terms.
- Loan or lease terms can be structured to meet specific tax or accounting needs.
- Funding available as fast as one day.
Cons
- Loan payments and other services may not be available at branch locations.
Qualifications:
- Minimum credit score: 640.
- Minimum time in business: Two years.
- Minimum annual revenue: Undisclosed.
- Must have a tax identification number.
Our pick for
Fast equipment leasing
With Crest Capital, you can lease new or used equipment and receive funding in as little as 24 hours.
Crest Capital Equipment Leasing
Max loan amount
$1,000,000
Min. credit score
650
Pros
- Several different options for equipment leases.
- Customized payment structures available.
- Can fund applications in as little as 24 hours.
Cons
- Interest rate information not available on website.
- Startups and borrowers with bad credit can’t qualify.
Crest Capital Equipment Leasing
Max loan amount
$1,000,000
Min. credit score
650
With Crest Capital, you can lease new or used equipment and receive funding in as little as 24 hours.
Crest Capital offers a flexible and streamlined equipment leasing process that allows you to finance almost any type of new or used equipment.
Pros
- Several different options for equipment leases.
- Customized payment structures available.
- Can fund applications in as little as 24 hours.
Cons
- Interest rate information not available on website.
- Startups and borrowers with bad credit can’t qualify.
Qualifications:
- Minimum credit score: 650.
- Minimum time in business: Two years.
- Minimum annual revenue: Undisclosed.
- Must be a profitable company with no previous bankruptcies.
Our pick for
Established businesses
Wells Fargo can provide a specialized lending experience for established businesses with strong credit.
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 can provide a specialized lending experience for established businesses with strong credit.
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.
How to choose an equipment leasing company
You’ll want to research several equipment leasing companies before deciding which option is right for your business. As you compare companies, consider these factors:
Funding availability
Leasing companies will have different maximum financing amounts and may restrict the type of equipment you can lease. You should confirm that the equipment you need falls within a lender’s requirements.
Cost of borrowing
Banks will typically offer the lowest interest rates, however, equipment leases from a bank can be difficult to qualify for. Online lenders will have more flexible qualifications, but higher rates. Ultimately, the interest rates you’re eligible to receive can vary based on your business’s qualifications, the type of equipment you’re leasing, the industry you're in, and the nature of your lease agreement.
You should always ask a lender about any additional fees they might charge and factor those fees into your borrowing costs as well.
» MORE: An equipment loan calculator can help you figure out the cost of borrowing.
Repayment terms
Repayment terms on equipment funding can range anywhere from one to five years or more. Leases can generally offer lower monthly payments (compared with loans used to finance your equipment purchase), but you should make sure that you’re not still paying for the lease past the working life of the equipment.
Lease options
Equipment leasing companies may offer different types of leases, such as a $1 purchase agreement or fair market value option. These options dictate how you make payments over the course of your lease, as well as what happens to the equipment once the lease ends. You should determine what type of lease works best for your needs and find a lender that can offer that agreement.
Qualification requirements
Like other types of business lenders, equipment leasing companies will typically look at your personal credit score, length of time in business and annual revenue when evaluating your financing application. They'll also consider the value of the equipment you’re looking to lease, as well as any additional collateral or down payment you can offer.
To qualify for equipment leasing from a bank, you’ll need to be an established business with a strong credit and financial history. Online lenders will be more flexible, and some may work with startups or borrowers with bad credit.
Speed of funding and application process
If you need funding fast, online and alternative leasing companies may be able to offer you an equipment lease in just 24 hours. These lenders generally have simple application processes with minimal documentation. More traditional lenders, on the other hand, will be slower to fund.
» MORE: Best same-day business loans
Industry and customer experience
The best equipment leasing companies will have experience in your industry and be able to offer guidance through all stages of the funding process. Ideally, your leasing company will provide a range of ways for you to access customer support and will be able to address any questions or concerns you have about your leasing agreement.
Reading reviews and talking to other business owners can help you verify the reputation and trustworthiness of an equipment leasing company. Watch out for companies that make red-flag promises such as “no credit check equipment financing” or “guaranteed approval.”
Frequently asked questions
An equipment leasing company is a financial company that allows you to rent the equipment that you need for your business in exchange for periodic payments. Some equipment leasing companies allow you to rent the equipment from them directly, whereas others facilitate the financing process for you to rent equipment from another vendor.
Some equipment leasing companies can accept borrowers with a minimum credit score of 550. A stronger credit score, however, will help you qualify for a wider variety of options, as well as access lower interest rates.
Equipment leasing can be a good choice if you want to keep your monthly payments as low as possible and you plan to use the equipment for 36 months or less. If you plan to use the equipment for longer, on the other hand, financing a purchase might be a better option.
Last updated on April 10, 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 and 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?
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