Advertiser disclosure
This site is a free online resource that strives to offer helpful content and comparison features to our visitors. Our top picks, whom we've partnered with, fund our research and information delivery. These partnerships may influence which products we write about (and where those products appear on our site), but in no way affect our recommendations or advice. Please note, our review doesn't guarantee service quality, and company listings on this page DO NOT imply endorsement. We do not feature all products on the market. As disclosed in the Terms and Conditions, all information on marketshepherd.com is believed to be accurate as of the date of each article and is subject to change. Do your due diligence before deciding.
Best Equipment Loan Advisors of 2024
Equipment financing is a type of small-business loan designed for purchasing tools and machinery necessary for your business operations. Typically, the equipment being bought serves as collateral for the loan, and some lenders may offer up to 100% financing, eliminating the need for a down payment.
Equipment loans can be obtained from banks, online lenders, and SBA lenders. Financing/loan advisors simplify the process of finding and securing the best loan terms for your business by leveraging their extensive networks and expertise.
Researched, reviewed, and delivered here saving you time and money.
Last updated on July 22, 2024
Our Pick for Customer Satisfaction
with National Business Cap.
27,000
Loans Secured
$2+ Billion
in Funding
NBC Equipment Financing
Loan Amount
$10,000 – $5,000,000
Minimum Credit Score
550
Interest Rate
As low as 7%*
*for well-qualified borrowers
Pros:
- High approval odds with 75+ Lenders in NBC’s network
- Greater flexibility. Along with their network of lenders, NBC has their own funding options
- Established broker with 14 years in business
- ⭐ 4.9 Stars on Google (852 reviews)
- ⭐ 4.9 Stars on TrustPilot (2,550 reviews)
Cons:
- Interest rates may vary depending on the lender and loan type
- Minimum time in business: 6 months
- Minimum monthly revenue: $30,000 ($360,000 annually)
- Minimum loan amount: $10,000
- Maximum loan amount: $5,000,000
- Minimum equipment value: $25,000
- Minimum credit score: 550
- Loan term: 1-5 years
- Interest rate: as low as 7%
- Time to funding: as fast as 2 days
- 100% financing: yes, for well qualified borrowers
- Repayment schedule: varies, depending on matched lender
- Fees: varies, depending on matched lender
- Availability: all 50 states
- Purchase and leasing options
- Vendor and private sales
- Docs for loan amount under $150k: application and last 6 months’ worth of bank statements
- Docs for loan amount over $150k: application, last 6 months’ worth of bank statements, most recent tax return, YTD balance sheet and profit and loss
Our Pick for Low Credit Scores
with Lendio
400,000
Loans Secured
$15+ Billion
in Funding
Lendio Equipment Financing
Loan Amount
$5,000 – $5,000,000
Minimum Credit Score
520
Interest Rate
As low as 7.5%
Lendio’s equipment financing offers quick funding, with businesses able to receive funds in as little as 24 hours after approval. The process is streamlined through a simple application and access to over 75 lenders, ensuring a high chance of finding a suitable option. Dedicated funding managers help guide applicants to the best fit for their needs.
Pros:
- High approval odds with 75+ Lenders in Lendio’s network
- Established broker with 13 years in business
- The highest lifetime loan volume on this list
- ⭐ 4.8 Stars on Google (1,988 reviews)
- ⭐ 4.8 Stars on TrustPilot (21,136 reviews)
Cons:
- Less flexibility without direct lending options
- Minimum time in business: 0-12 months
- Minimum annual revenue: $50,000
- Minimum loan amount: $5,000
- Maximum loan amount: $5,000,000
- Minimum credit score: 520
- Loan term: 1-5 years
- Interest rate: as low as 7.5%
- Time to funding: as fast as 24 hours
- 100% financing: yes, for well qualified borrowers
- Repayment schedule: varies, depending on matched lender
- Fees: varies, depending on matched lender
- Availability: all 50 states
Our Pick for Fast Funding
with Credibly
46,000
Loans Secured
$2.5+ Billion
in Funding
Credibly Equipment Financing
Loan Amount
$10,000 – $10,000,000
Minimum Credit Score
550
Interest Rate
Not listed
Credibly is a financing company that provides small and medium-sized businesses with a range of funding options, through direct lending and various lending partners. They focus on delivering fast, flexible financial solutions tailored to the needs of each business. With a streamlined application process and personalized support, Credibly aims to help businesses secure the funding they need to grow and succeed.
Pros:
- Established broker with 17 years in business
- The second highest lifetime loan volume on this list
- ⭐ 4.8 Stars on Google (204 reviews)
- ⭐ 4.8 Stars on TrustPilot (1.860 reviews)
Cons:
- Equipment loan interest rates not disclosed
- Size of lender network not disclosed
- Direct lending options are only available for Working Capital Loans and Merchant Cash Advances
- Minimum loan amount: $10,000
- Maximum loan amount: $10,000,000
- Minimum credit score: 550
- Interest rate: competitive
- Time to funding: as fast as same day
- 100% financing: yes, for well qualified borrowers
- Repayment schedule: varies, depending on matched lender
- Fees: varies, depending on matched lender
- Availability: all 50 states
Why equipment loan advisors are so important
Financing/loan advisors play a crucial role in helping companies secure the funding they need to grow and thrive. They act as intermediaries, connecting businesses with the right lenders and loan options tailored to their specific needs. By leveraging their expertise and industry connections, advisors can often secure better terms and rates than businesses might find on their own. This not only saves time and effort but also ensures that companies can access the capital they need to invest in essential equipment, boosting productivity and competitiveness. In a complex financial landscape, the guidance of a skilled loan advisor can make all the difference in a business’s success.
When to use an equipment loan advisor
Using the services of an equipment loan advisor can be highly beneficial in several key scenarios:
When You’re Unsure of the Best Financing Option: If you’re overwhelmed by the numerous financing choices available and uncertain which one suits your business best, an equipment loan advisor can provide crucial insights. Their expertise helps you navigate different loan types and find the perfect match for your specific needs.
When You’re Short on Time or Resources: Applying for business loans can be a time-intensive task. If you’re already managing multiple responsibilities and can’t afford to spend hours on research and applications, an equipment loan advisor can take this burden off your shoulders. They handle the detailed work, allowing you to focus on running your business.
When You Need to Compare Multiple Loan Offers: An equipment loan advisor has access to an extensive network of lenders, making it easier for you to compare various loan offers and terms. This advantage can significantly increase your chances of securing the best possible loan terms.
When You’ve Faced Loan Rejections in the Past: If your previous loan applications have been denied, an equipment loan advisor can help improve your chances of approval. They can refine your application, pinpoint the issues that caused rejections, and connect you with lenders more likely to approve your loan.
Hiring an equipment loan advisor is an investment that should provide value exceeding its cost. Carefully consider your business’s specific needs, financial situation, and the advisor’s capabilities.
How we chose the best equipment loan advisors
We looked at over 10 equipment loan advisors and narrowed down our list to the top 3, based on the following criteria:
- Lifetime loan volume of $2 Billion or more
- Lifetime transaction volume of 20,000 or more
- Better Business Bureau Accreditation
- Minimum of 10 years in business
- Minimum search volume of 2,000 per month
- Public Reputation: During our research, we found that although most equipment loan advisors provide flexibility on time in business, minimum revenue, loan amounts, credit scores, loan terms, interest rates, funding time, down payment, etc – many do not deliver on their promises. Therefore, we weighted our analysis heavily on this data.