How much do you need?
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 heavy equipment financing companies
Lender | NerdWallet Rating▼ | Max loan amount▼ | Min. credit score▼ | Next steps |
---|---|---|---|---|
SBA CDC/504 loan | Best for Low-interest heavy equipment financing | $5,000,000 | 680 | Read Review |
National Funding - Equipment Financing with Fundera by NerdWallet | 4.2/5 Best for Heavy equipment financing for startups | $150,000 | 600 | with Fundera by NerdWallet |
Triton Capital - Equipment financing with Fundera by NerdWallet | 4.1/5 Best for Heavy equipment financing for bad credit | $250,000 | 575 | with Fundera by NerdWallet |
JR Capital Equipment Financing with Fundera by NerdWallet | 4.1/5 Best for Heavy equipment financing with no down payment | $10,000,000 | 620 | with Fundera by NerdWallet |
Balboa Capital - Equipment Financing | Best for Same-day heavy equipment financing | $500,000 | 620 | Read Review |
Commercial Fleet Financing Equipment Financing | Best for Construction vehicle financing | $1,000,000 | 640 | |
Wells Fargo Commercial Equipment Financing | Best for Established businesses | Undisclosed | 700 | Read Review |
Here are 7 heavy equipment financing companies
Best for Low-interest heavy equipment financing
Best for Heavy equipment financing for startups
Best for Heavy equipment financing for bad credit
Best for Heavy equipment financing with no down payment
Best for Same-day heavy equipment financing
Best for Construction vehicle financing
Max Amount
$1,000,000
Min. Credit Score
640
Best for Established businesses
I'M INTERESTED IN:
Our pick for
Low-interest heavy equipment financing
SBA 504 loans are designed specifically for the purchase of large fixed assets. These loans offer low interest rates and long repayment terms.
SBA CDC/504 loan
Pros
- Low down payment required.
- Repayment terms of up to 25 years.
- Competitive interest rates.
Cons
- Personal guarantee is required.
- Must meet job creation or public policy goals to qualify.
- Longer processing times than online lenders.
SBA CDC/504 loan
Pros
- Low down payment required.
- Repayment terms of up to 25 years.
- Competitive interest rates.
Cons
- Personal guarantee is required.
- Must meet job creation or public policy goals to qualify.
- Longer processing times than online lenders.
Qualifications:
- Be a for-profit U.S. business.
- Net worth of less than $15 million.
- Average net income of less than $5 million for the two years prior to your application.
- Financial qualifications determined by individual lender.
Our pick for
Heavy equipment financing for startups
If you have at least six months in business, you may qualify for equipment financing from National Funding.
National Funding - Equipment Financing
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing.
National Funding - Equipment Financing
Pros
- Funding in as little as 24 hours.
- Prepayment discounts available.
- Offers loans to startups and borrowers with bad credit.
- No collateral or down payment required.
Cons
- Charges a factor rate that makes it more difficult to compare costs with other lenders.
- Requires higher annual revenue than other online lenders.
- Misleading website marketing.
Qualifications:
- Minimum credit score: 600.
- Minimum time in business: Six months.
- Minimum annual revenue: $250,000.
Our pick for
Heavy equipment financing for bad credit
Triton Capital offers construction and heavy equipment loans to borrowers who have a minimum credit score of 575.
Triton Capital - Equipment financing
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Typically requires a personal guarantee and UCC lien.
- Requires high minimum annual revenue.
Triton Capital - Equipment financing
Pros
- Can fund within one to two business days.
- No prepayment penalty.
- Flexible repayment options: monthly, quarterly, annually or semiannually.
Cons
- Typically requires a personal guarantee and UCC lien.
- Requires high minimum annual revenue.
Qualifications:
- Minimum credit score: 575.
- Minimum time in business: Two years.
- Minimum annual revenue: $250,000.
Our pick for
Heavy equipment financing with no down payment
With JR Capital, you can finance a variety of construction and heavy equipment purchases — no down payment required.
JR Capital Equipment Financing
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Not ideal for short-term purchases; terms start at three years.
JR Capital Equipment Financing
Pros
- Funding available within 48 hours.
- Competitive rates and repayment terms.
- Flexible payment options available, including deferment options for certain industries.
- No down payment required.
Cons
- Must have good credit to qualify for no prepayment penalties.
- Not ideal for short-term purchases; terms start at three years.
Qualifications:
- Minimum credit score: 620.
- Minimum time in business: Typically two years, but can prioritize industry experience in some cases.
- No minimum annual revenue requirement.
Our pick for
Same-day heavy equipment financing
If approved, Balboa Capital can provide construction and heavy equipment funding within the same day.
Balboa Capital - Equipment Financing
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Balboa Capital - Equipment Financing
Pros
- Multiple financing options available.
- Fast funding and simple application process.
- Accepts borrowers with fair credit.
Cons
- Lack of pricing information on website.
Qualifications:
- Minimum credit score: 620.
- Minimum time in business: One year.
- Minimum annual revenue: $100,000.
Our pick for
Construction vehicle financing
Commercial Fleet Financing specializes in vehicle and truck financing. Through CFF, you can purchase dump trucks, excavators, dozers, mixer trucks, concrete plants and cranes, among other options.
Commercial Fleet Financing Equipment Financing
Pros
- Offers specialized experience in trucking and construction industries.
- Can fund applications as fast as 24 hours.
- Established businesses may not need to provide a personal guarantee.
Cons
- Borrowers with lower credit scores may need to provide a 20% down payment.
- Interest rates not disclosed on the website.
Commercial Fleet Financing Equipment Financing
Pros
- Offers specialized experience in trucking and construction industries.
- Can fund applications as fast as 24 hours.
- Established businesses may not need to provide a personal guarantee.
Cons
- Borrowers with lower credit scores may need to provide a 20% down payment.
- Interest rates not disclosed on the website.
Qualifications:
- Minimum credit score: 640.
- Minimum time in business: Two years.
- Minimum annual revenue: Undisclosed.
Our pick for
Established businesses
Wells Fargo offers a robust construction equipment financing program, with industry specialists available to help you find the best option for your needs. You’ll likely need multiple years in business and strong credit to qualify.
Wells Fargo Commercial Equipment Financing
Pros
- Offers lease options in a diverse array of industries.
- Can provide specialized customer experience.
Cons
- Qualification requirements and interest rate information not available on website.
- Will likely have to visit a branch location to apply.
Wells Fargo Commercial Equipment Financing
Pros
- Offers lease options in a diverse array of industries.
- Can provide specialized customer experience.
Cons
- Qualification requirements and interest rate information not available on website.
- Will likely have to visit a branch location to apply.
Qualifications:
- Wells Fargo does not specify qualification requirements on its website, but like all bank financing products, you’ll likely need to meet strict eligibility criteria to qualify.
What is heavy equipment financing?
How does heavy equipment financing work?
Construction and heavy equipment financing vs. leasing
- Payments. Equipment leases typically have lower monthly payments than equipment loans. You will, however, usually pay more over the course of the lease than you would with a loan.
- Ownership. With financing, you own your equipment at the end of the term. With a lease, on the other hand, the lender still owns the equipment. You may have an option to purchase it, or start a new lease agreement.
- Down payment. Equipment financing usually requires a down payment, which is not usually the case with leasing.
- Lifespan of equipment. Whereas your heavy equipment may become outdated during the loan term, leasing allows you to update your equipment once the lease concludes.
Where to get heavy equipment financing
How to finance heavy equipment
1. Evaluate your financing needs
2. Review your business’s qualifications
3. Find the equipment you want to purchase
4. Compare heavy equipment financing companies
5. Gather your documents and apply
- Basic information about you and your business.
- Personal and business bank statements.
- Personal and business tax returns.
- Business financial statements.
- Down payment amount.
- Equipment quote.
Frequently asked questions
Methodology
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.