5 Heavy Equipment Leasing Companies

  •   Sep 2023  •   7 min read  •   Comment

Heavy Equipment Leasing Companies – Heavy equipment leasing companies are businesses that specialize in renting or leasing out large, expensive, and specialized machinery and equipment used in industries such as construction, mining, agriculture, and transportation.

These companies allow businesses to access equipment without having to purchase it outright, which can be a significant upfront expense.

Heavy equipment leasing companies provide a range of leasing options, including short-term, long-term, and lease-to-own arrangements.

Lease terms and rates vary depending on the type of equipment, the duration of the lease, and the creditworthiness of the lessee.

When considering a heavy equipment leasing company, it’s important to research the company’s reputation, lease terms, and rates to ensure that they are a good fit for your business needs.

Heavy Equipment Leasing Companies

Here are 5 recommendation of heavy equipment leasing companies and what its best for, such as:

1. Wells Fargo

Heavy Equipment Leasing Companies

The first Heavy Equipment Leasing Companies is Wells Fargo.

Best for: Equipment leases from a bank.

Through Wells Fargo’s Commercial Finance division, the bank offers a variety of equipment leasing programs.

You can enter into lease agreements to finance equipment for construction companies, IT businesses, marine businesses, or solar businesses.

Wells Fargo also offers extensive financing and leasing programs for commercial vehicles, including trucks, trailers, buses and coaches.

Equipment leases from Wells Fargo start at $100,000. The specific loan amount and repayment terms depend on the equipment you wish to purchase and the terms of your lease.

Wells Fargo does not provide interest rate or eligibility information on its website.

Banks generally offer the lowest interest rates for business loans, but they have the most stringent requirements.

To qualify, you probably need several years of business, good credit, and a strong income.

If you would like to learn more about Wells Fargo equipment leasing opportunities, please complete the contact form on the bank’s website.

A loan representative will contact you to discuss your financing needs.

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2. National Business Capital

Heavy Equipment Leasing Companies

The second Heavy Equipment Leasing Companies is National Business Capital.

Best for: Borrowers with bad credit.

National Business Capital is an equipment leasing company with flexible eligibility requirements, making it a particularly good choice for companies with lower credit ratings.

This lender is able to work with a wide variety of companies regardless of credit history, instead evaluating applications based on future sales or business projections.

National Business Capital will not impose industry restrictions based on your application and will consider your application even if your bank declines it.

National Business Capital offers equipment leasing for a variety of industries with terms ranging from one to five years.

If you’re looking to fund a large production facility, you may qualify for up to 10 years.

Lenders do not charge an upfront fee for equipment leasing, but you should contact your lender for details of interest rates.

For more information, call National Business Capital directly for a free consultation with a Corporate Finance Advisor.

To apply for equipment lease, you can complete a short application form on the lessor’s website.

National Business Capital can approve your application and provide funding within 48 hours.

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3. Crest Capital

Heavy Equipment Leasing Companies

The third Heavy Equipment Leasing Companies is Crest Capital.

Best for: Variety of lease options.

Crest Capital is an online lender that offers a streamlined equipment leasing process for a variety of small businesses.

Through Crest Capital, you can fund almost any type of equipment, new or used, including vehicles, software, and furniture.

Crest finances transactions from $5,000 to over $500,000.

Competitive rates and terms depend, among other things, on the company’s qualifications, funding needs, and collateral.

At Crest, you can choose from a variety of leasing options, including:

  • $1 purchase agreement.
  • 10% purchase option.
  • Fair market value option.
  • Guaranteed purchase agreement.
  • First amendment lease.

And depending on what works best for your business, most of these leasing structures can be combined with plans such as master agreements that allow for additional equipment purchases in the future.

Crest Capital also offers the ability to work with our funding team to create custom payment structures.

This is a level of flexibility that other gear rental companies don’t always offer.

To be eligible for equipment leasing from Crest Capital, you must have at least two years of business and good credit.

However, lenders consider many additional factors during the underwriting process, including: Current Use of Debt, Collateral, and Industry.

Crest does not finance startups or companies with poor credit ratings.

Crest Capital can approve and fund your application in as little as 24 hours.

And if you’re looking for equipment leasing under $250,000, you can complete a fast application that doesn’t require tax returns or financial statements.

Read More: 10 Heavy Equipment Machinery in 2024

4. National Funding

Heavy Equipment Leasing Companies

The fourth Heavy Equipment Leasing Companies is National Funding.

Best for: Equipment leases for startups.

National Funding offers smaller equipment loans than other lenders (up to $150,000), but can work with start-ups and businesses with less than perfect credit histories.

To qualify for equipment leasing from National Funding, you must have at least six months of business experience, a personal credit score of 575 or higher, and an equipment quote from a vendor.

No deposit and/or security deposit required.

National Funding can lease new or used equipment for terms ranging from 2 to 5 years.

There are almost no restrictions on the type of equipment covered.

The company does not provide interest rate information on its website, but does offer a “minimum payment guarantee.”

This means National Funding offers the lowest lease rates in the industry, or in cash he pays him $1,000 (with certain limits).

You can apply for an equipment lease from the National Fund by completing a simple form.

A financial specialist will then contact you to learn more about your business and assist you with the rest of the underwriting process.

National Funding allows him to approve the application within 24 hours and receive the funds the next business day.

Read More: 11 Types of Heavy Machinery in Construction 2024

5. CIT

Heavy Equipment Leasing Companies

The last Heavy Equipment Leasing Companies is CIT.

Best for: Construction, restaurant and medical leasing.

CIT, a division of First Citizen Bank, provides streamlined online access to device financing.

CIT offers loans of up to $500,000 for terms ranging from 6 to 72 months.

Prices start at just 5.49%, but depend on your eligibility.

This equipment leasing company supports businesses in a variety of industries, but provides extensive financing for construction, medical, and restaurant equipment needs.

Common loan purchases in these industries include:

  • Bulldozers, cranes, drills, jackhammers, construction generators. Ice machines, vending machines, POS systems, restaurant ovens, restaurant dishwashers.
  • Dental seats, imaging equipment, ultrasound equipment, wheelchairs and X-ray equipment for the medical industry.

CIT also offers a variety of leasing options including $1 buyout, fair market value and net terms.

You can apply online and receive your funds within one business day.

CIT does not provide information on admission requirements on its website. However, given that the company is part of a bank, strong references may be required to qualify.

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Conclusion

That’s all the 5 recommendation of Heavy Equipment Leasing Companies.

The best business loans are usually the ones with the lowest interest rates and the best terms.

However, other factors, such as time to funding and company qualifications, can help determine the right option for you.

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