Top 5 Equipment Loan Providers in the United States

Every business that relies on machinery or technology faces the challenge of financing expensive equipment purchases. In 2025, both traditional banks and fintech lenders offer a range of equipment loans to help companies acquire the tools they need without paying the full cost upfront. 

The best equipment loan providers stand out by offering competitive interest rates, high loan amounts, flexible repayment terms, fast funding, and a positive customer experience. This article will compare the top five equipment financing providers in the United States – across all industries – and evaluate each in terms of loan amounts, interest rates, repayment terms, eligibility requirements, funding speed, and customer experience. 

We will also include a side-by-side comparison table and answer frequently asked questions about equipment loans. By the end, you’ll have a clear understanding of which lenders dominate equipment financing in 2025 and what to consider when choosing the right one for your business.

Top 5 Equipment Loan Providers in 2025 (Overview)

Below we profile five leading equipment loan lenders, including both large traditional banks and fintech (online) lenders. Each provider is a top player in equipment financing, serving businesses across industries. We’ll highlight their key loan features and how they compare:

1. Bank of America – Competitive Rates & Nationwide Service

Loan Amounts & Terms: Bank of America is one of the largest U.S. banks and a major equipment lender. It offers equipment loans ranging from $25,000 up to $5 million, making it suitable for both small and sizable equipment purchases. Repayment terms extend up to 5 years (60 months) on fixed-rate loans, and in some cases Bank of America will finance up to 100% of the equipment’s cost.

Interest Rates: Rates are highly competitive for qualified borrowers. Bank of America advertises fixed interest rates as low as 6.5–6.75% for equipment financing.

Through special programs, borrowers can even earn discounts – for example, certain clients (like veterans or those in the bank’s rewards program) can get up to 0.75% rate discount, and medical professionals may qualify for 0% interest for the first six months on medical equipment loans. These low rates reflect Bank of America’s position as a traditional bank with strong credit requirements.

Eligibility Requirements: Bank of America typically requires an established business and good credit. Generally, borrowers need at least 2 years in business, $250,000+ in annual revenue, and a minimum credit score around 700 to qualify. As with most banks, the equipment being financed serves as collateral, and a personal guarantee from business owners may be needed. The bank’s stricter criteria mean it’s ideal for well-established companies with solid finances.

Funding Speed & Application Process: As a large bank, Bank of America’s application process can be slower and more documentation-intensive than online lenders. The bank often requires in-person application submissions and a relatively lengthy approval process.

It’s not uncommon for the process to take a few weeks from application to funding, especially for larger loans. This trade-off in speed comes with the benefit of lower rates. For business owners who value face-to-face service and don’t mind a longer timeline, Bank of America provides a reliable, nationwide network of branches and loan officers.

Customer Experience: Bank of America’s size and experience in business lending contribute to a generally positive customer experience for those who meet the requirements. It has dedicated business banking representatives and offers in-person support at branches, which some borrowers find reassuring.

However, smaller businesses or startups may find the bank’s strict requirements and paperwork burdensome. In summary, Bank of America stands out for its low interest rates and high loan limits, but it best serves established businesses prepared for a formal application process.

2. First Citizens Bank (CIT) – High Loan Limits & Flexible Options

Loan Amounts & Terms: First Citizens Bank – through its equipment finance division formerly known as CIT – is a top provider of equipment loans especially for larger financing needs. After acquiring CIT Group, First Citizens offered equipment financing up to $500,000 with a streamlined “application-only” process (no extensive financial statements required up to that amount). 

For very large equipment acquisitions, they even finance capital equipment projects up to $100 million for big companies. Typical repayment terms range from 12 months up to 72 months (6 years) for standard equipment loans, and certain leases can extend to 84 months for bigger ticket items. This flexibility in term length allows businesses to manage payments on expensive equipment over a longer period if needed.

Interest Rates: First Citizens (CIT) does not publicly disclose specific interest rate ranges for equipment loans – rates are determined case-by-case based on the borrower’s credit strength, the equipment type, and market conditions. As a bank lender, interest rates are generally competitive (often in line with other banks). 

Many businesses working with CIT find the rates attractive relative to online lenders, especially for larger, well-qualified deals. However, because details aren’t published up front, borrowers may need to apply or speak with a loan officer to get a quote. CIT’s advantage lies more in high loan amounts and customization than ultra-low advertised rates.

Eligibility Requirements: Being a division of a bank, CIT/First Citizens usually expects good credit and some business history. While minimum credit score or revenue requirements aren’t publicly stated, in practice borrowers should have solid credit (often 650+ or higher) and at least two years in business for a smooth approval. 

One notable perk is CIT’s application-only approval up to $500k, which means for loans under that threshold, you may not need to submit detailed financial statements or tax returns. This makes the process easier for mid-sized loans. 

Larger loans (above $500k) will require full financial due diligence. CIT finances a wide range of industries and equipment types – everything from healthcare and medical devices to construction machinery and technology – so they are quite versatile.

Funding Speed & Process: CIT’s process sits somewhere between a big bank and a fintech. For smaller equipment loans, decisions can be fast – sometimes within hours for application-only deals. Funding can occur within a few days after approval in those cases. 

However, since First Citizens does not offer online business loan applications in many cases (often requiring contacting a branch or representative), the initial outreach might take more effort than a purely online lender. 

Borrowers who prefer in-person or phone-based service will appreciate this approach, whereas those seeking one-click online loans might find it less convenient. Overall, expect a faster turnaround than some large banks for mid-size loans, but not always as instant as the quickest fintech lenders.

Customer Experience: Customer reviews for CIT/First Citizens equipment financing are mixed. On one hand, the company has a long history in equipment finance and offers flexible structures (including leases like fair market value or $1 buyouts) tailored to business needs. 

Many clients appreciate the knowledgeable support for complex or large transactions. On the other hand, some businesses have noted that eligibility and rates are hard to determine upfront due to limited online information. The bank holds a BBB rating of A- and has addressed most customer complaints on that platform, indicating a willingness to resolve issues. 

In summary, First Citizens (CIT) is best for companies that want high loan limits and customized financing options, and are willing to work with a bank representative to get a deal done.

3. OnDeck – Fast Funding for Small Businesses (Fintech)

Loan Amounts & Terms: OnDeck is a prominent online lender known for quick small-business loans, including those for equipment purchases. OnDeck provides term loans from $5,000 up to $250,000 that many businesses use for buying equipment. The loan terms are relatively short – typically 12 to 24 months for repayment. 

This shorter term means monthly payments will be higher, but it also allows businesses to pay off equipment quickly. OnDeck’s loans can be used for a range of equipment needs (or other working capital), and they do not require specific collateral beyond a general lien on business assets (the equipment essentially serves as collateral by default).

Interest Rates: The trade-off for OnDeck’s speedy financing is a higher cost. Interest rates with OnDeck are much higher than traditional banks. The typical APR starts around 27% for the most qualified borrowers, and OnDeck’s average actual rates have been reported around ~58% APR for term loans (far above bank rates). 

In fact, OnDeck discloses that its APR can range up to about 99% for some loans, depending on credit and term. They often quote interest in terms of a simple interest or factor rate – for instance, Clarify Capital notes OnDeck’s APR starts at 35.4% on equipment-related loans. Borrowers should be prepared for high borrowing costs. 

However, there are no prepayment penalties, and OnDeck even offers a prepayment benefit that can reduce interest owed if you pay off early (but you must meet certain qualifications for that).

Eligibility Requirements: OnDeck targets small businesses who may not qualify at banks, so its requirements are more lenient. Generally, you’ll need at least 1 year in business, $100,000 in annual revenue, and a fair personal credit score (around 625 or higher). 

This means even business owners with “fair” credit (mid-600s FICO) have a chance, whereas banks usually want excellent credit. OnDeck does require a personal guarantee and a general lien on business assets for the loan. 

But it does not demand specific collateral beyond the equipment itself, since the loan is secured by all business assets. OnDeck also operates in most states, though not absolutely all – a few states may be excluded from its lending footprint.

Funding Speed: Speed is where OnDeck shines. The application is online and can be completed in minutes. Many applicants get a decision quickly and funding can occur as fast as the same day (for loans up to $100K), or within 24–48 hours for larger loan amounts. 

This rapid turnaround is a major advantage if you need to seize an equipment purchase opportunity or replace broken equipment immediately. OnDeck also reports your on-time payments to business credit bureaus, which can help you build business credit over time – a useful perk for young companies.

Customer Experience: OnDeck has served over 150,000 businesses and funded billions since 2006. It often earns high marks for ease of use, with a straightforward online platform and U.S.-based support team. Customer reviews praise the fast and simple process, though many do caution about the high cost of the loans. 

OnDeck’s Bankrate customer experience score is 4.7/5, reflecting generally strong satisfaction in service. In summary, OnDeck is the go-to lender when you need quick equipment financing and cannot wait for a bank, or if your credit profile wouldn’t qualify at a bank. Just be aware that the convenience comes at a steep interest rate, so it’s best for short-term needs or when speed trumps cost.

4. National Funding – Flexible Financing for Smaller Equipment Needs

Loan Amounts & Terms: National Funding is a fintech lender that specializes in equipment financing and working capital loans for small businesses. It offers equipment loans and leases typically up to $150,000 for a single piece of equipment. (In some cases, repeat customers or stronger businesses might obtain more, but $150k is the general maximum for their standard equipment financing.) 

Repayment terms are usually 2 to 5 years (24 to 60 months), which is comparable to many bank loans in length. This makes National Funding a good option for modest-sized equipment purchases like commercial vehicles, restaurant ovens, construction tools, or office machinery. The lender also finances both new and used equipment, and even offers leasing options, covering a broad array of equipment types.

Interest Rates: National Funding markets some of the lowest starting rates among alternative lenders. It advertises rates “as low as 4.99%” (simple interest) for equipment financing. However, that is a best-case scenario; actual APRs can be higher depending on credit and term. 

Industry sources note equipment loan rates from National Funding generally range up from the single digits into the teens. One unique aspect is National Funding’s “Lowest Payment Guarantee,” where they promise to beat a competitor’s lease payment quote or pay you $1,000. 

This indicates they are confident in offering competitive monthly payments. Still, as an online lender, if you have weaker credit, you might face higher rates (though likely not nearly as high as OnDeck’s). Importantly, National Funding often uses factor rates or simple interest for leases, so borrowers should clarify the effective APR. 

Overall, the cost of financing is moderate: cheaper than merchant cash advances or credit cards, but not as low as a bank/SBA loan in most cases.

Eligibility Requirements: National Funding is accessible to newer and lower-credit businesses. The minimum requirements are relatively easy to meet: about 6+ months in business, at least $250,000 in annual gross revenue, and a credit score of ~580 or higher (they accept “fair” credit). 

These lenient requirements open the door for startups and growing businesses that haven’t been around for multiple years. In fact, National Funding says only six months of business history is required, which is a big advantage for younger companies. They will likely request basic financial information and bank statements, but the process is much simpler than a bank’s. 

Collateral-wise, the equipment itself serves as collateral (no additional real estate collateral needed), and personal guarantees are standard. Given the lower credit bar, having the equipment as collateral makes National Funding comfortable lending when others might not.

Funding Speed: Speed is another strong point. National Funding boasts approval decisions in as little as 24 hours after application, and funding within 24 hours of approval. This means potentially, within 48 hours of applying you can have the money to purchase your equipment. They have an online application and dedicated reps who can guide you through any needed documentation quickly. 

This rapid funding is extremely valuable if a piece of equipment breaks down suddenly or you find a great deal at auction that you need to pay for immediately. Compared to a bank that might take weeks, National Funding’s turnaround in a day or two is a breath of fresh air for many small businesses.

Customer Experience: National Funding has provided over $4.5 billion in financing to 75,000+ businesses over its lifetime. It has a solid reputation, often appearing on “best of” lists for equipment financing. Many customers highlight the helpful customer service and quick, easy process. 

The company is BBB accredited with an A+ rating and generally positive reviews for its category. As a direct lender (not just a marketplace), you work directly with their team. The main caution from some users is to read the terms carefully – because the loans can carry origination fees or higher rates if you have low credit. 

All in all, National Funding is ideal for small businesses that need a fast, accessible equipment loan and might not qualify for bank financing. It strikes a balance between reasonable terms and lenient requirements.

5. Crest Capital – Specialized Equipment Financing with Fast Approvals

Loan Amounts & Terms: Crest Capital is a long-established independent lender focused exclusively on equipment financing and leasing. Operating since 1989, Crest Capital offers loans and leases for a wide range of industries – from office and IT equipment to construction, manufacturing, vehicles, and more. 

For most small and mid-sized needs, Crest has an “application-only” program up to $250,000, meaning you can finance up to 250K worth of equipment with just a basic application (no detailed financials). 

If you need to finance more than $250K, they can accommodate larger amounts (they have financed deals well into the millions), but loans above $250K will require additional documentation. 

Repayment terms are flexible: leases/loans under $250K typically have terms up to 72 months (6 years), while amounts over $250K can have terms up to 84 months (7 years). Notably, Crest even allows financing of 100% of soft costs (like installation, delivery, training) which many lenders won’t finance. This is useful if your equipment purchase comes with significant setup costs.

Interest Rates: Crest Capital doesn’t publish its rate sheets publicly, as rates depend on the credit profile and equipment. However, being an independent finance company competing with banks, Crest’s rates tend to be competitive for established businesses – often in the single-digit to low-teens APR range. 

They pride themselves on offering fixed-rate financing options that can be lower than many other non-bank lenders. For example, sources note it’s possible to qualify for ~6–9% rates with good credit via Crest, though individual offers vary. In one industry survey, equipment loan rates from specialty lenders ranged roughly 5.5% to 30% depending on credit, and Crest aims to land on the better end for qualified borrowers. 

Overall, while exact figures require a quote, businesses often find Crest’s monthly payments affordable, especially compared to shorter-term fintech loans.

Eligibility Requirements: Crest Capital does have stricter requirements than some online lenders: typically a minimum credit score of 650 and at least 2 years in business are required to qualify. They focus on creditworthy small and mid-sized businesses – startups less than 2 years old or owners with bad credit may not be approved. 

That said, Crest’s application-only process up to $250K means that if you meet those basic criteria, you won’t need to supply tax returns or financial statements for most deals. You’ll just provide information about your company, the equipment, and personal credit details. 

Crest can finance new or used equipment and even vendor/private party sales, giving flexibility to buy equipment from virtually any seller. They offer both leases (including fair market value leases or $1 buyout options) and loans, so you can choose the structure that best fits your business and accounting needs.

Funding Speed: One of Crest Capital’s standout features is its fast turnaround. They advertise approval decisions in as little as 4 hours for application-only requests, and often same-day funding or funding within a couple of days after approval. In practice, many customers have an answer the same day they apply (during business hours) and can complete documentation electronically. 

Because Crest specializes solely in equipment finance, their process is very streamlined. This speed rivals that of many newer fintechs, despite Crest not being a brand-new online startup. Essentially, Crest gives you the efficiency of an online lender with the capacity of a seasoned lender.

Customer Experience: Crest Capital has a strong reputation for customer service. They maintain an A+ BBB rating and boast a 4.8/5 average in customer reviews on the BBB site. Clients frequently mention the professionalism of Crest’s team and the simplicity of the process. Since Crest has been in the industry for decades, they understand the equipment needs of businesses and have built lasting relationships. 

The company’s focus on equipment financing means you’re dealing with specialists rather than generalists. Additionally, Crest finances 100% of equipment cost including soft costs (like delivery or training fees), which clients appreciate as it minimizes out-of-pocket expenses. The main limitation to note is that Crest’s shortest loan term is 24 months – they don’t do very short 6- or 12-month loans. 

But for most equipment purposes, a 2-7 year term is appropriate. All in all, Crest Capital is an excellent choice for businesses that want a fast, hassle-free equipment loan with personalized service, as long as they meet the credit and time-in-business criteria.

Comparison Table: Top 5 Equipment Lenders (2025)

To help you see the differences at a glance, the table below compares the five providers on key criteria: loan amounts, interest rates, terms, basic eligibility, funding speed, and customer experience.

Lender	Loan Amounts	Interest Rates (APR)	Repayment Terms	Basic Eligibility	Funding Speed	Customer Experience
Bank of America	$25,000 – $5,000,000	~6.5% – 8% (fixed) for well-qualified	Up to 5 years	2+ years in business; good credit (~700); $250k+ revenue	Slower (1–3+ weeks); in-person application	Traditional bank; low rates; process can be lengthy.
First Citizens (CIT)	Up to $500,000 (app-only); higher available up to $100M	Not disclosed (competitive; varies by credit)	1 – 6 years (longer for large deals)	Established businesses preferred; good credit needed (650+); 2+ years ideal	Moderate (days to ~2 weeks); branch contact needed	Flexible large-ticket financing; some info not online; mixed reviews.
OnDeck	$5,000 – $250,000	~27%+ APR (avg ~58%; high cost)	12 – 24 months	1+ year in business; 625+ credit; $100k+ revenue	Very fast (as quick as same-day)	Easy online process; lenient credit; very high rates.
National Funding	Up to $150,000	~5% – 30% (from 4.99% simple interest)	2 – 5 years	6+ months in business; ~580+ credit; $250k revenue	Fast (24–48 hours approval & funding)	Quick and accessible; fair-credit friendly; competitive payments.
Crest Capital	Up to $250k (no financials); higher with full docs	~6% – 15% (est., varies by profile)	2 – 7 years	2+ years in business; 650+ credit; equipment serves as collateral	Very fast approvals (hours) & quick funding	Specialized lender; excellent service (A+ rated); no very short terms.