Some Best Equipment Leasing Companies for Small Businesses

If you’re looking for equipment leasing companies, you should know that the features and characteristics will vary according to their popularity. Although there are many that will also share the same qualities, like low fees, multiple repayment options, and competitive rates.  

The top leasing providers also offer excellent customer service along with flexible eligibility criteria. In this article, you will learn about some of the selected lenders with different characteristics. So read this article to browse our list of equipment leasing companies and explore the best options for your company’s specific needs and circumstances.

Some of the best equipment leasing companies

This section will take you through some the equipment leasing companies that can act as financing solutions for your equipment financing requirements. 

Smarter Finance USA

Smarter Finance USA has a specialization in providing financing solutions to businesses that deal with vehicles and equipment. It issues equipment financing solutions for cranes, bulldozers, excavators, backhoes, and more. It also provides financing to most industries like food services, healthcare practices, and vendor equipment. 

As a broker that has 40 lenders in the network, working with a smarter finance will take you more towards the approval of favorable terms and rates. In fact, the combination of its customer service and the rates they offer is what makes them the best equipment financing companies.  

Moreover, it is always a strong recommendation that you should have a credit score of at least 600. If you don’t have a strong compensating factor, it can be challenging to get into a finance program. 

eLease

If you’re concerned about qualifying for financing due to a low credit score, consider exploring lease options through eLease. Unlike many traditional equipment leasing companies, eLease works with a broader range of applicants, making it easier for businesses with less-than-perfect credit to access funding.

They provide leasing solutions for a wide variety of commercial equipment. However, approval may be more challenging if the equipment you need falls into a category with a high default rate within your industry. In some cases, depending on the overall strength of your application, a personal guarantee might be required.

What sets eLease apart is its flexible underwriting approach. They’re willing to work with startups, businesses that have experienced bankruptcy, companies rebounding from downturns, and even those involved in business acquisitions. This makes eLease a solid choice for businesses seeking accessible lease options from experienced equipment leasing companies.

US Business Funding

US Business Funding offers financing up to $50 million. That’s more than any other lender on our list, making it a good option if you need a large amount of funding.

Getting approved for that amount of financing can involve a significant amount of paperwork. To streamline the process, you should obtain your company’s financial documents before submitting an application. Documents you may be asked to provide include tax returns, balance sheets, profit and loss statements, bank statements, and a business plan.

However, if you need less than $200,000 in funding, you can take advantage of the provider’s App-Only program. This requires only a completed application and documents showing the cost of the equipment you want to acquire.

Online applications can be completed in under 10 minutes. You’ll have the opportunity to work with an account manager who has experience in your specific industry.

Crest Capital

Crest Capital stands out among equipment leasing companies for its fast and simple application-only process for financing needs up to $250,000. By eliminating the need for tax returns and financial statements, Crest can often issue credit approval within the same day, making it a convenient option for time-sensitive purchases.

Instead of relying on extensive paperwork, Crest evaluates your application based on factors like your credit history, time in business, industry, and the type of equipment you’re looking to finance. This streamlined approach has helped position Crest Capital as one of the best small business loan companies for fast and flexible funding.

Crest still has you covered if your business requires more than $250,000 in financing. However, you must provide standard financial documentation, such as tax returns, balance sheets, and profit and loss statements, to support your application.

National Funding

Among many Equipment leasing companies available, National Funding is a standout choice for businesses seeking personalized service and dependable support. The company has earned consistently high customer satisfaction ratings due to its tailored approach, where each business receives customized attention based on its unique needs.

To qualify for financing through National Funding, your business must meet certain criteria: a minimum credit score of 600 (strictly enforced), at least $250,000 in yearly revenue, and a minimum of two years in operation. While APRs typically start at around 15%, more competitive rates are usually reserved for businesses that exceed these minimum requirements.

Unlike many other Equipment leasing companies, National Funding has few limits on the types of equipment it finances, including used equipment. It regularly supports leasing for medical tools, restaurant equipment, agricultural machinery, and construction equipment like vehicles, among others.

The process is straightforward. Business owners can begin by submitting an online application. A dedicated finding expert will contact them to understand their goals better and recommend the best financing solution for their specific needs.

Selecting the best equipment leasing companies

As mentioned above are some of the best equipment leasing companies, based on factors that will help you provide the best overall experience for the borrowers. 

It is always better to look after the criteria before you make any decision with the equipment leasing companies, as it will be you who will have to make the repayments. 

Some of the selected criteria are mentioned here, which can help you in a better way: 

• Rates, fees, and estimated APRs 
• Loan approval and funding speeds 
• Lease repayment term 
• Eligible equipment and industries served 
• Minimum required down payment 
• Funding amount 
• Customer reviews and ratings 
• Flexibility of qualification requirements (time in business, credit score and revenue) 

Conclusion

Choosing the right equipment leasing company can significantly impact your business's ability to effectively grow and manage working capital. 

Whether you're a startup with limited credit or a well-established company seeking a high funding limit, the equipment leasing companies listed above offer various options tailored to different industries and financing needs. 

Each lender offers unique strengths, from fast approvals to flexible terms and specialized support. Evaluate your business goals, credit profile, and equipment needs carefully to select the leasing partner that best suits your working capital strategy and long-term success.

FAQs about equipment leasing companies 

What's the best way to finance equipment?

If you want to keep the equipment for a longer duration of time, then you may want to opt for an equipment loan. You would also have to make a down payment of 10-20%, depending on the lender you will be selecting for your equipment loan. Moreover, you will also own the equipment as soon as the purchase is made. When you work with equipment leasing companies, you will get monthly payments smaller than the ones which loan payments. 

What are equipment leasing companies?

Some Non-Banking Finance Companies are involved in issuing licenses to lease machinery or equipment to a hirer and are known as Equipment Leasing Companies. The corporation renting the equipment is known as the lessor. And the lessee is the person who hires the equipment.

What assets can be leased?

Leased assets are assets that can be obtained through lease agreements. These assets can include anything ranging from office space to vehicles. Leases can be classified as finance leases or operating leases, and how they are accounted for can differ significantly between FASB and IFRS.

Which is the safest source of finance for a company?

Debt financing is generally more cost-effective than equity financing. This is because debt carries less risk from a lender’s perspective. Interest payments take priority over dividends, and in the case of liquidation, debt obligations are settled before any equity holders are paid. For businesses, especially those working with equipment leasing companies, debt financing can be more predictable and affordable, allowing them to retain ownership while accessing the capital needed for equipment and growth.

What is leasing in merchant banking?

Leasing will give your business a space to make use of the assets in exchange for the rental payments, which can include an advanced rent, for a certain period of time. A lease is basically a rental agreement itself. It is a situation when you agree to take a property on rent, and make the rental payment for the duration of your lease contract.

Frequent searches leading to this page