What credit score do you need to finance heavy equipment?

To finance heavy equipment, you typically need a credit score of 620 or higher. However, some lenders may accept lower scores if other factors, such as business revenue or collateral, are strong. A score above 700 increases the likelihood of approval and favorable terms.

How hard is it to get heavy equipment financing?

Getting heavy equipment financing is moderately challenging, depending on creditworthiness, business revenue, and collateral. Businesses with strong credit (620+), steady income, or substantial down payments find it easier to secure loans. Lenders also assess the equipment's value and purpose before approving financing.

What are typical equipment financing rates?

According to data compiled by HeavyEquipmentAppraisal.com, typical financing rates range from 6% to 20%, influenced by credit score, loan term, and equipment type. Lower rates are common for strong credit and shorter terms, while higher rates apply to lower credit or longer terms. Though less common, rates can range from 0% to 45%.

Can you finance heavy equipment with bad credit?

Yes, financing heavy equipment with bad credit is possible, though expect higher rates and down payments. Some lenders, like SBG Funding and eLease, approve borrowers with credit scores as low as 500. These lenders may also require higher annual revenue or a 10-20% down payment. Leasing or working with specialized lenders can also be options, but often at a higher cost.

11 Best Heavy Equipment Financing Companies in 2025 • Heavy Equipment Appraisal

Still think you can find the best heavy equipment financing based on interest rates alone? Our analysis of 55 data points for 150+ equipment lenders revealed surprising gaps between advertised rates and total financing costs.

best heavy equipment financing companies ranking system by heavy equipment appraisal

We weighted everything that impacts your bottom line: interest rates, hidden fees, loan terms, credit requirements, and real customer experiences. The data exposed which heavy equipment finance companies truly deliver value – and which ones hide behind misleading rates.

Here’s what our comprehensive analysis uncovered about today’s top equipment financing providers…

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Heavy Equipment Appraisal (HEA) is committed to providing accurate, unbiased information on heavy equipment and financial products. Our content follows strict editorial guidelines and is evaluated using a transparent rating system, so you can trust our recommendations to help you make confident decisions.

Best Equipment Financing Companies

Best for Flexibility: National Business Capital
Best for No Down Payment: National Funding
Best for Startups: Taycor Financial
Best for Lower Credit Scores: Triton Capital
Best for Fast Approvals: Crest Capital
Best for Same-Day Funding: Balboa Capital
Best for High Approval Rates: SBG Funding
Best for Quick Comparison: Fast Capital 360
Best for Transparent Pricing: Clarify Capital
Best for Construction Equipment: eLease

Speed & Ease of Funding
Focus: How quickly can you get approved and receive the funds?
Best Options: Crest Capital, Balboa Capital, and Fast Capital 360 are strong contenders for fast approvals and funding.
Why it Matters: Time is often critical when purchasing heavy equipment. Quick funding can help seize opportunities and minimize downtime.
Flexibility & Customization
Focus: Can the lender tailor financing to your specific needs and circumstances?
Best Options: Triton Capital, National Business Capital, and Taycor Financial offer more customized solutions and work with a variety of credit profiles.
Why it Matters: Every business is different. Flexible terms and customized solutions can make financing more manageable and affordable.
Cost & Transparency
Focus: What are the interest rates, fees, and overall cost of the loan? Are the terms clear and easy to understand?
Best Options: Clarify Capital is noted for transparent pricing. Be sure to compare rates and fees from all lenders.
Why it Matters: Cost is a major factor. Transparent terms help you avoid surprises and make informed decisions.
Credit Profile & Approval Odds
Focus: What are the lender's credit requirements? What are your chances of getting approved?
Best Options: Triton Capital is known for working with lower credit scores. SBG Funding boasts high approval rates.
Why it Matters: Your credit score significantly impacts your ability to get financing. Knowing which lenders are more flexible can save time and effort.
Specialization & Expertise
Focus: Does the lender have experience with heavy equipment financing? Do they understand your industry?
Best Options: Crest Capital, Triton Capital, and Charter Capital have specific expertise in equipment financing, particularly heavy equipment. eLease specializes in leasing.
Why it Matters: Lenders with industry expertise can offer better terms, understand your needs, and provide more relevant support.

Understanding Heavy Equipment Financing Options

Here's an insider secret that most equipment dealers won't tell you: The path to optimal heavy equipment financing isn't a one-size-fits-all journey. It's more like a chess game where understanding every piece on the board gives you the advantage.

Let's break down your arsenal of options.

Think of heavy equipment loans as your traditional powerhouse move. They come in two flavors, or heavy equipment loan types: secured or unsecured, offering you that crucial upfront cash injection that you'll repay over time. But here's where it gets interesting - heavy equipment leases play a different game entirely. They're your ticket to equipment access without the full commitment, trading ownership for flexibility through regular payments.

Now, let's get strategic about those leases. They're not just simple rentals - they break down into capital leases and operating leases, each bringing its own set of accounting and tax implications to the table.

Want to know which option has your name on it? You'll need to weigh factors like interest rates, fees, and the total cost of ownership. (Don't worry, we'll dive deeper into the loans vs. leases showdown later.)

Types of Heavy Equipment Financing

Time to pull back the curtain on the four major players in the heavy equipment financing game:

Loans: Your classic financing superhero
Leases: The flexibility champion
Lines of credit: Your adaptable ally
Rent-to-own agreements: The path to gradual ownership

Each brings unique superpowers to the table - let's explore them.

Loans

Picture a heavy equipment loan as your financial foundation. You get that lump sum upfront, then pay it back with interest over time. Here's where it gets good: You can choose between secured loans (where your equipment plays backup dancer as collateral) and unsecured loans (flying solo without collateral).

Pro Tip