Best Equipment Financing Loans & Lenders for Small Businesses of December 2024

Securing the right equipment is crucial for the success of your small business. Explore a variety of equipment finance lenders offering tailored financial solutions. These small business finance loans can help you acquire essential assets and drive the business growth you’re looking for.

What Is Business Equipment Financing?

Whether you need tools or machinery, equipment financing is a solution that allows your business to purchase or lease the equipment you need to operate and grow. Because business equipment loans provide funding specifically for acquiring equipment, you can preserve your business’s working capital for other expenses.

Our Choices for Business Equipment Financing

From a trucking company to a local landscaping business, business equipment loans can benefit a variety of industries. Here, we’ve rounded up our top recommendations that offer the best small business equipment financing.

Advertiser Disclosure We do not act as a lender but provide you with a range of options that fit your business needs. Small Business Choice may earn compensation from some of our partners, which may affect how and where their products appear on our site. Please note our site does not include all available options.

Winner Trophy

Best for Business Loans With Good Credit

For small businesses with good credit, Build Up Funding offers an exceptional lending experience with customizable financing terms and fast funding. Their dedication to supporting business success makes them a top choice for funding.

Build Up Funding

Build Up Funding offers tailored equipment financing solutions designed to help businesses quickly acquire the machinery and technology they need for growth.

  • Loan amounts up to $1,500,000, providing flexibility for various equipment purchases.
  • Streamlined application process with fast approval, ensuring minimal downtime.
  • Offers both new and used equipment financing, giving businesses more purchasing options.
  • Flexible repayment terms customized to align with cash flow and business cycles—and no prepay penalties.
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National Funding

National Funding is a top choice for business equipment loans, offering flexible financing solutions tailored to help businesses acquire essential machinery and technology.

  • Loan amounts up to $500,000, covering a wide range of equipment needs.
  • Customized repayment plans to match cash flow cycles, making payments manageable.
  • No upfront fees and transparent terms, allowing businesses to plan expenses confidently.

Commercial Fleet Financing, Inc.

Commercial Fleet Financing, Inc. specializes in small business equipment loans for everything from tow trucks to tour buses, providing fast and flexible financing for transportation businesses.

  • Specializes in financing commercial trucks, trailers, and fleets for growing businesses.
  • Approvals in 24 hours with flexible repayment terms to suit your business needs.
  • Competitive rates, tailored to help companies acquire essential vehicles quickly.

Taycor Financial

Taycor Financial offers a comprehensive range of equipment financing options, making it an excellent choice for businesses looking for hassle-free business equipment loans.

  • Financing available for new or used equipment, giving businesses flexibility in their purchasing decisions.
  • Offers both traditional loans and leasing options, catering to diverse financial needs.
  • Fast, easy application process with approvals in as little as a few hours.
  • Personalized service and support from dedicated financing experts, guiding businesses through the entire process.

Triton Capital

Triton Capital provides fast, straightforward equipment loans, helping small businesses access the tools they need to grow and succeed.

  • Loan amounts up to $250,000, tailored for small and medium-sized business equipment needs.
  • Same-day approvals and funding, ensuring you can get equipment when you need it.
  • Fixed-rate financing with clear terms, eliminating surprises down the road.
  • Flexible payment plans, allowing businesses to manage cash flow without stress.

Frequently Asked Questions About Equipment Lending & Financing

Equipment loans are ideal for businesses in industries that rely heavily on machinery, technology, or other equipment to operate. This includes manufacturing, construction, medical practices, and restaurants, among others.

To qualify for equipment financing, businesses typically need to demonstrate a solid credit history, a viable business plan, and the financial stability to repay the loan. The type and condition of the equipment being financed is also considered as part of the approval process.

The primary difference is ownership. With equipment financing, you're taking a loan to purchase the equipment, which you'll own outright once the loan is repaid. Equipment leasing, on the other hand, is more like renting. You pay to use the equipment for a specified term, with options to buy, extend the lease, or return the equipment at the end of the term.

The advantages include the ability to acquire essential equipment without a significant upfront investment, preservation of working capital, potential tax benefits, and the possibility of financing 100% of the equipment cost. Equipment financing can also help businesses stay competitive by enabling access to the latest technology.

Disadvantages might include the total cost of financing over time being higher than the cash purchase price, the potential for obsolescence of technology or machinery before the loan is paid off, and the requirement for a down payment or collateral in some cases.

To apply for an equipment loan from an online lender, like National Funding or Taycor Financial, start by choosing a lender that specializes in business financing and offers equipment loans. Complete their online application, providing business details, financial information, and specifics about the equipment you plan to purchase. Once approved, the lender will provide the funds to acquire the equipment.

Equipment loans can significantly benefit a small business by enabling access to the necessary tools and technology without depleting cash reserves. This type of financing can support growth, enhance operational efficiency, and ensure your business remains competitive with state-of-the-art equipment.

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