TurboFunding is a lending broker, not a direct lender. Rates and terms vary based on borrower profile and lender approval. This is not financial advice.
Compare rates, terms, and eligibility across our full suite of financing options.
Get the equipment you need, preserve your capital
Capital for purchasing or leasing machinery, vehicles, technology, and business equipment.
Equipment
Commercial/industrial
Time in Business
6+ months
Credit Score
550+
Equipment financing is a type of business loan specifically designed to fund the purchase of commercial equipment — including machinery, vehicles, technology hardware, medical devices, restaurant equipment, and construction tools. The equipment itself serves as collateral for the loan, which typically means lower interest rates and easier qualification compared to unsecured financing.
With equipment financing, you can fund up to 100% of the equipment's value with little or no down payment. Loan terms are usually aligned with the equipment's useful life (2 to 7 years), so you are not paying for equipment long after it has been replaced. At the end of the term, you own the equipment outright. Some businesses also opt for equipment leasing, which offers lower monthly payments but does not result in ownership — TurboFunding can help you evaluate both options.
Equipment financing rates are typically lower than unsecured business loans because the equipment serves as built-in collateral. Rates depend on the type and age of equipment (new equipment gets better rates than used), your business's revenue and time in operation, the owner's credit score, and the loan amount relative to the equipment's value. Businesses with 2+ years of history, credit scores above 650, and strong revenue relative to the loan amount typically qualify for rates starting at 6.5%.
A general contractor finances a $120,000 excavator with no down payment over a 5-year term at 8% interest. Monthly payments are approximately $2,433. The excavator generates an estimated $8,000 to $12,000 in additional monthly revenue from jobs that were previously subcontracted. At the end of the 5-year term, the contractor owns the excavator outright and has eliminated the ongoing cost of renting or subcontracting.
Identify the equipment you need and obtain a quote or invoice from the vendor. New and used equipment both qualify.
Submit your application with the equipment details, vendor quote, and basic business financials. Most applications take under 10 minutes.
TurboFunding matches you with equipment lenders based on the equipment type, amount, and your business profile. You receive offers with rate, term, and payment details.
Upon acceptance, the lender funds the purchase — either paying the vendor directly or reimbursing you. Funding typically takes 5 to 15 business days.
Yes. Most equipment lenders finance both new and used equipment. Used equipment may carry slightly higher rates and shorter terms (based on remaining useful life), but it is a common and well-established financing option.
With equipment financing (a loan), you make payments over a fixed term and own the equipment at the end. With leasing, you make lower monthly payments but return the equipment at the end of the lease unless you exercise a purchase option. Financing is better if you plan to use the equipment long-term; leasing is better if you need to upgrade frequently.
Many equipment loans offer up to 100% financing with no down payment required for qualified borrowers. Some lenders may request 10% to 20% down for higher-risk profiles or older equipment, which also reduces your monthly payment and total interest cost.
Our funding experts will match you with the product that fits your unique business needs.
