10 Heavy Equipment Leasing Companies That Offer Financing

Do you have a business but have no funds to purchase equipment? If YES, here are 10 equipment leasing companies where you can lease heavy equipment in 2023. Equipment leasing is common across a broad range of industries, from manufacturers to restaurants. There are many times when a business may need to acquire working equipment, but they may not have the financial power to purchase the need equipment.

Depending on the kind of equipment a business needs, a company might be aiming to spend millions of dollars in investment over a period of several years. Worse, buying equipment outright can entail years or long duration of payments. Therefore, by the time a business has paid off a piece of machinery, the equipment is more or less outdated and in need of repair or replacement.

Since few companies have the cash to acquire equipment outright, a good number prefer equipment leasing. This is a sound financial strategy that can save businesses money over time. Moreover, it is typically more affordable to lease equipment than purchase it.

Also note that a good number of business equipment leases incorporate maintenance and service, as the big names in commercial equipment leasing typically offer both leasing and their own in-house maintenance services.

Some even have partnerships with service companies that allow them to build the cost of maintenance and service into the lease agreement. Business equipment leases can also include various terms and conditions. Sometimes, they come with an option to buy the equipment at the end of the lease term. Businesses may also be able to extend their lease, with the option to upgrade to the latest equipment.

To help you find the best equipment leasing for you and your unique business needs, here are top industry leaders and options to consider.

What Heavy Equipment Leasing Companies Offer Financing?

1. Smarter Finance USA

More or less a newcomer to business equipment leasing, Smarter Finance USA has been in business since 2016. Since then, they have established themselves by working with entrepreneurs as well as companies with challenges that might have prevented them from getting financing through another business equipment leasing company.

Depending on what kind of equipment a company wishes to lease, Smarter Finance USA requires a documentation fee ranging from $300 to $850. Interest rates start at 6 percent and can go all the way up to 30 percent. Borrowers can finance about $2,500 and $250,000, with the length of the loan starting at 12 months and extending up to 84 months.

Since Smarter Finance USA frequently works with businesses with poor credit, it more or less requires both a UCC lien and a personal guarantee. The company offers an online application, and borrowers can usually receive a same-day decision and, in some cases, access to funds within 24 hours.

2. Crest Capital

This company was founded in 1989 as a small- and medium-sized business funding and leasing lender, growing establishments across the nation. This lender prides itself on saying “yes” when the bank says “no” and makes it easy to get fast approvals on the funds businesses need most.

Through Crest, businesses can get up to $1,000,000 in equipment funding with loan repayment terms ranging from 24 to 72 months (84 months is available on larger loans above $250,000). If you’re borrowing less than $250,000, there is no income statements required, speeding up the process even more.

Crest Capital is renowned for its flexible lease terms, which can be imperative to helping a growing start-up business afford the equipment it needs. Crest offers a number of payment arrangements, including a graduated payment plan that starts off with smaller payments and then slowly moves toward larger payments as a company grows.

The company doesn’t seem to require that a business have a certain amount of revenue. Instead, it requires a disclosure of projected revenue along with actual revenue. Assuming a business meets the requirements. Crest Capital offers an online application and, in some cases, a same-day decision.

3. Wells Fargo

Wells Fargo is one of the well known names in the financial industry. Although most consumers probably know Wells Fargo as a bank, the company also offers business equipment leasing to small and large business owners.

Note that their rates start at 6.25 percent, and there are no fees or prepayment penalties with a Wells Fargo business equipment lease. Howbeit, the most competitive interest rates are reserved for borrowers who also maintain a business checking account with Wells Fargo. Businesses are expected to also lease a minimum of $35,000. The length of loans ranges from 12 months to 84 months!

A Wells Fargo business equipment lease might not be an option for some businesses. Note that this is because Wells Fargo requires borrowers to prove they have been in business for at least three years. Wells Fargo also expects a higher credit score compared to other business equipment leasing companies. Businesses can apply online or stop by a Wells Fargo branch to speak with a banker in person.

4. National Funding

This organization is there to help businesses with at least six months in the business get the funding they need most to expand. National Funding offers equipment financing of up to $150,000 with credit decisions in as little as 24 hours. There are no equipment limits through this lender, either.

So whether you want to buy or lease either new or used equipment, National Funding is willing to provide the funds. Borrower requirements are very straightforward: you’ll need to have been in business for at least 6 months, have a FICO credit score of 575 or higher, and be able to provide an equipment quote from the vendor or seller.

Note that Financing is available to businesses in all 50 states and the District of Columbia. There is no down payment required. In determining the length of the loan, the company is flexible and things are done on a case by case basis. Terms can be short or over a decade.

5. National Business Capital

Unlike other business equipment leasing companies, National Business Capital matches businesses with a network of more than 75 lenders that provide new and used equipment financing.

Note that this simply means they’ll give you a side-by-side comparison of all 75 lenders, allowing you to make the best decision for your budget. Rates tend to vary from lender to lender, but according to reviewers, they are typically between 8 percent and 20 percent. There is also a possibility of discounts if a company pays off its lease ahead of schedule.

Also note that fees vary as well, and some lenders may charge a loan origination fee. Additionally, National Business Capital receives 2.99 percent of the origination or closing fee. Lease amounts start at $10,000 and go all the way up to $1 million. Financing terms can span 12 to 60 months.

While the majority of lenders in National Business Capital’s network don’t require a business to provide collateral, the majority require a UCC lien. Apply online and you might even hear back the next day.

6. Currency

This company offers funding to customers across the country, and there are “loan options for all credit profiles.” You will only have to expect subprime credit scores to potentially result in lower funding limits and/or higher interest rates. Equipment financing through Currency provides borrowers with up to $500,000, with online approval in as little as three minutes.

No down payment is required, though choosing to put cash down may result in better financing terms. Also, a percentage of the financed amount can be composed of “soft costs” associated with your equipment purchase, such as taxes, installation, delivery, training, etc. Repayment terms range from 24 to 72 months in most cases. There are no prepayment penalties, though loan origination fees may apply.

7. Gordon Flesch Company

Established in 1956, the Gordon Flesch Company provides in-house financing and maintenance for a wide variety of business equipment, with a particular emphasis on information technology. Presently, the company boasts of over 33,000 customers spread across the United States.

Headquartered in Madison, Wisconsin, the Gordon Flesch Company has 16 satellite locations. The company maintains a long list of partners, including Canon, Sharp, Lexmark, and Kyocera. According to Gordon Flesch, its customer retention rate is an impressive 88 percent.

Gordon Flesch manages all financing in-house. Leases can range from 12 months to 63 months, with both step payment and deferred payment lease terms available. According to the company’s website, it promises customers won’t be surprised by hidden fees with respect to end of term buyouts.

8. Balboa Capital

Balboa Capital offers between $3,000 and $250,000 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.

Note that to get heavy machinery financing through Balboa, your business will need to be operational for at least a year and have an annual revenue of $100,000 or more. While all credit profiles are considered, you will be expected to have decent credit in order to get approval.

Balboa Capital has funded more than $5 billion since it was founded in 1988. The company currently holds an A+ Better Business Bureau rating and has 4.7 out of 5 stars on Trustpilot (with more than 250 consumer reviews).3

9. CIT Bank

This financial institution has been offering financing options to consumers for more than a century. CIT recently acquired Mutual of Omaha Bank and is one of the top 10 online banks in the United States (though it also has more than 70 branch locations in Southern California).

CIT Bank provides equipment loans of up to $1 million to small businesses, with repayment terms ranging from six to 72 months in length. With a simple application-only loan, you can borrow up to $500,000 without needing to submit any additional records. If you’re willing to compile and turn over financials, you can borrow around $500,000 to $1 million.

Even if you need more money, CIT’s Capital Equipment Financing program offers up to $100 million (and beyond, in some cases), with repayment terms up to 10 years in length. CIT Bank’s online application takes only three minutes to complete and submit, and funding can take as little as one business day. Financing is offered for both new and used equipment, and rates are currently as low as 5.49% APR.

Their financial options are quite flexible as well. You can choose between monthly, seasonal, and deferred repayment options, depending on what works for you and your business. CIT Bank also offers a $1 Buyout option, either as a lease or as an equipment financing agreement (EFA).

10. US Business Funding

This company finances both new and used equipment. But where they really stand out is that they will work with you even if you struggle finding a company to lease with. Note that they frequently work with businesses that encounter difficulty leasing equipment with a different leasing company.

According to its website, the company approves 95 percent of applicants and has funded $2 billion in business equipment. Applicants will also receive a decision within 24 hours of submitting their application.US Business Funding works with a network of lenders, with interest rates varying from 8 percent to 20 percent.

Howbeit, depending on a business’s creditworthiness and the lender, interest rates might exceed 20 percent. Most lenders require a UCC lien filed on the asset, and some may require a personal guarantee from the business owner. The company requires a minimum lease amount of $10,000, but there is no cap on how much a business can borrow. The length of a lease can range from 24 months to 60 months