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Credit requirements vary by lender and financing type. Traditional bank loans typically require 680+ credit scores, while alternative lenders may work with scores as low as 550-600. The equipment itself serves as collateral, which can help qualify businesses with lower credit. We help you find lenders that match your credit profile.

Many equipment lenders provide decisions within 24-48 hours for qualified applicants. Funding timelines typically range from same-day to 2 weeks depending on the lender, equipment type, and documentation requirements. Our comparison tools help you identify which lenders offer the fastest approval process.

Equipment financing (loans) means you own the equipment outright after paying off the loan. You can claim depreciation and Section 179 deductions. Equipment leasing means you rent the equipment and may have options to buy, upgrade, or return it at lease end. Leases often have lower monthly payments but may cost more long-term.

Yes, most equipment lenders finance used and refurbished equipment. However, the equipment's age, condition, and remaining useful life will affect approval odds and terms. Newer used equipment typically qualifies for better rates. Some lenders specialize in specific equipment types and may offer better terms for used machinery.

Section 179 lets you deduct the full purchase price of qualifying equipment in the year it's placed in service, instead of depreciating it over 5 to 7 years. The 2026 deduction limit is $1,160,000, with a spending cap of $2,890,000. On a $100,000 equipment purchase at a 25% tax bracket, Section 179 saves you about $25,000 in year-one taxes. Equipment must be financed and placed in service before December 31 to qualify. Read the full Section 179 guide.

Not always. Some lenders, like Cardiff, offer $0 down programs that finance 100% of equipment cost plus soft costs like installation and shipping. Traditional banks typically require 10 to 20% down. Putting money down usually gets you a better rate, so the tradeoff is rate versus preserving working capital. Run the math on both: a 4 to 6 point rate premium for zero-down often costs less than $10,000 to $20,000 in down payment cash that you could use for operations or growth.

Yes, but it costs more. Specialist lenders accept credit scores as low as 470 (Cardiff) or 580 (National Funding), versus the 680 to 700 banks typically require. Expect higher rates: 18 to 35% APR is common for credit below 650, versus 6 to 12% for prime borrowers. The equipment serves as collateral, which makes lenders more flexible than they are on unsecured loans. Strong revenue ($100K+ annually) and time in business help offset weaker credit. Read our bad credit equipment financing guide for details.

For loans under $250,000, most alternative lenders run "application-only" programs that just require: 3 to 6 months of business bank statements, valid government ID, and an equipment quote or invoice. For larger loans or bank financing, expect to add 1 to 2 years of business tax returns, profit and loss statement, balance sheet, and sometimes personal financial statement. Cardiff's process is the most streamlined: a 5-minute application followed by document upload only if approved.

Yes, though options are narrower. Banks typically require 2+ years in business, so they decline most startups. Specialty equipment lenders accept newer businesses: Cardiff and National Funding both work with companies as young as 6 months. Strong personal credit (700+), industry experience, and a solid business plan help offset the limited business history. Expect higher rates and possibly a larger down payment than established businesses pay.

Rates vary by lender type and credit profile. Traditional banks: 6 to 9% APR for excellent credit (700+). SBA 7(a): 10 to 13% APR currently. Alternative direct lenders like Cardiff: 12 to 35% APR depending on credit. Online short-term lenders like OnDeck: 30 to 60%+. Use APR, not factor rates, for any honest comparison. A "1.25 factor rate" sounds low but converts to roughly 25% APR over 12 months. Our lender comparison shows current rate ranges by credit tier.