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7 Best Equipment Leasing Companies for 2024

By Randa Kriss
Last updated on April 10, 2024
Edited bySally Lauckner
✅Fact checked and reviewed

⏰ Estimated read time: 5 minutes

The best equipment leasing companies should meet your financing needs, have competitive rates and offer industry expertise.

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Equipment leasing is available from banks, alternative and direct lenders, as well as commercial vendors. The top leasing companies can offer competitive rates and terms, industry expertise and transparent lease agreements.
The right option for your business will vary based on the type of equipment lease you’re looking for and your qualifications, among other factors.
Here are our picks for equipment leasing companies, as well as tips to help you choose the best provider for your needs.

How much do you need?

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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

LenderNerdWallet Rating▼Max loan amount▼Min. credit score▼Next steps

National Funding - Equipment Financing

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4.5/5

Best for Startup businesses

$150,000600

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Triton Capital - Equipment financing

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4.0/5

Best for Restaurant, technology and medical leasing

$250,000575

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JR Capital Equipment Financing

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4.0/5

Best for Equipment leasing with no down payment

$10,000,000620

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Taycor Financial Equipment Leasing

Best for Borrowers with bad credit

$5,000,000550

First Citizens Bank Equipment Financing

Best for Heavy equipment leasing

Undisclosed640

Crest Capital Equipment Leasing

Best for Fast equipment leasing

$1,000,000650

Wells Fargo Commercial Equipment Financing

Best for Established businesses

Undisclosed700

Here are 7 equipment leasing companies

Best for Startup businesses

National Funding

Max Amount

$150,000

Min. Credit Score

600

Best for Restaurant, technology and medical leasing

Triton Capital

Max Amount

$250,000

Min. Credit Score

575

Best for Equipment leasing with no down payment

JR Capital

Max Amount

$10,000,000

Min. Credit Score

620

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

Wells Fargo

Max Amount

Undisclosed

Min. Credit Score

700

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

4.5
NerdWallet rating 

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Max Loan Amount
$150,000
Min. credit score
600
Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.
4.5
NerdWallet rating 

Max loan

$150,000

Min. Credit score

600

Borrowers who can't qualify for more traditional loan options might consider National Funding for fast access to capital.

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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 

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Max Loan Amount
$250,000
Min. credit score
575
Est. APR
5.99-34.99%
Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.
4.0
NerdWallet rating 

Max loan

$250,000

Min. Credit score

575

Apr range

5.99-34.99%

Triton Capital offers fast equipment loans up to $250,000 for businesses in a range of industries.

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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

4.0
NerdWallet rating 

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Max Loan Amount
$10,000,000
Min. credit score
620
Est. APR
6.99-18.00%
JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.
4.0
NerdWallet rating 

Max loan

$10,000,000

Min. Credit score

620

Apr range

6.99-18.00%

JR Capital provides fast equipment loans and leases, specializing in trucks, trailers and heavy equipment.

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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
Taycor Financial can provide fast and flexible leasing options for small businesses with a variety of equipment needs.

Max loan

$5,000,000

Min. Credit score

550

Taycor Financial can provide fast and flexible leasing options for small businesses with a variety of equipment needs.

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
First Citizens Bank Equipment Finance (formerly CIT) provides competitive rates and terms on equipment loans and leases — with faster funding than most banks offer.

Max loan

Undisclosed

Min. Credit score

640

First Citizens Bank Equipment Finance (formerly CIT) provides competitive rates and terms on equipment loans and leases — with faster funding than most banks offer.

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
Crest Capital offers a flexible and streamlined equipment leasing process that allows you to finance almost any type of new or used equipment.

Max loan

$1,000,000

Min. Credit score

650

Crest Capital offers a flexible and streamlined equipment leasing process that allows you to finance almost any type of new or used equipment.

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
Wells Fargo can provide a range of lease options for more established businesses that want a personalized lending experience.

Max loan

Undisclosed

Min. Credit score

700

Wells Fargo can provide a range of lease options for more established businesses that want a personalized lending experience.

How Much Do You Need?

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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.

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.”

Find the right business loan

The best business loan is generally the one with the lowest rates and most ideal terms. But other factors — like time to fund and your business’s qualifications — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.

Frequently asked questions

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?

It’s possible to get a business loan even if you have bad credit. Bad-credit business loans are available from alternative sources, like online or nonprofit lenders.

Learn more
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