Heavy Equipment Financing
- Finance 100% of equipment costs with no large upfront payment required
- Use existing equipment equity or new asset purchases as loan collateral
- Enhance productivity and efficiency by upgrading machinery with flexible equipment financing
Take advantage of an 85% approval rate - act now!
What is Equipment Financing?
Upgrading your machinery, technology, vehicles and other operational assets is often key to working smarter, boosting productivity and unlocking new capabilities. However, the upfront investment can be challenging. Equipment financing solves this problem by helping you get equipment for your business without having to buy it outright all at once, and it can apply to new or used assets. This applies to both new additions and fully-owned existing items.
By using the equipment itself as loan collateral, your equity in assets lowers rates and extends terms. Whether refining your current operations or expanding to new locations, approved funds can be accessed quickly. Flexible repayment schedules spread costs over durations aligned with the items’ useful lifespans. This takes the strain off of large initial outlays. Applications are simple, approval times are fast. Businesses can also apply online and get free guidance on their options.
Contact us to learn how the right equipment loan can enhance your business’s functions and supercharge its growth potential.
Equipment Financing Details
As Low As 6.99%
1 - 8 Years or Expected Life
As Fast As 2 Days
Up to 100% of Value
Equipment Financing Pros vs Cons
PROS
Avoid Large Upfront Costs for Equipment Purchased
Equipment is Used as Collateral
Longer Payment Terms & Minimal Paperwork
CONS
- Equipment Could be Obsolete by Time Loan is Paid Back
Must have 1+ Years Time in Business
Higher Rates for Lower Credit Scores
How does Equipment Financing work?
Equipment financing includes both loans and lease options for business equipment, giving small businesses a way to fund machinery and tools essential to running the business. Through financing, businesses can purchase the equipment they need, from office furniture and medical equipment to farm machinery or commercial ovens.
Small business growth can come in many different forms, but all small business owners know that it takes money to make money. Sometimes you just need that new piece of equipment or machinery to rev up your business growth and start bringing in more revenue, and financing helps business owners get it sooner with customized options through Upwise.
You can use the proceeds of a business loan to purchase almost any kind of business equipment, from computers to cars— construction equipment, heavy equipment, and everything in between.
An Example of Equipment Financing Pricing
Let’s say you have a piece of construction equipment you’d like to purchase that costs $10K.
Upwise offers to front you the cash to purchase that equipment, but they’ll charge you 12% simple interest over a 3-year (or 36-month) term.
With a 12% APR, your business equipment loans will make it so that your $10K piece of equipment will actually cost you $11,957.15, with a monthly payment of $332.14 over the next 3 years. Â
As a business owner, it makes more sense to have a $332.14 monthly expense for the equipment rather than coming out of pocket for $10k upfront. Â
Some Questions to Ask Yourself About the Cost
At this point, you need to decide whether or not a business equipment loan is right for you, you’ll have to take a look at your business’s finances and ask yourself whether an equipment financing loan makes sense for your business plans. Â
Can you save some money by shelling out $10K upfront for the equipment avoiding interest payments, or will that huge expense hurt your business’s cash flow too much?
And if you can’t afford it now, should you chose to wait until you are able to save up enough money and buy the equipment later? Â
It could mean lost profits since you could have used that equipment in the meantime by funding it with a business equipment loan! You have to weigh your opportunity costs. Â
Through indecision, the opportunity is often lost. Fundamentally, you need to figure out whether the opportunity cost of waiting and saving outweighs the interest payments you’d make to have that equipment right now with an equipment funding loan from Upwise.
Equipment can be considered one of the largest purchases a business owner makes in the life cycle of their business. If you plan your business finances well, the right piece of equipment should bring in a lot more revenue for your business, than you are paying in interest for the equipment loans.Â
At Upwise we offer equipment financing options with terms ranging between 1 – 8 years. Most equipment financing lenders only offer up to 5-year terms maximum.
Our loan team here at Upwise is here to assist you every step of the way in securing that equipment needed to help your business grow Upwise. If you have any questions regarding how equipment funding works, please call our team at 77-55-UPWISE.
Who Qualifies for Equipment Loans?
As it turns out, most businesses can qualify for equipment loans even start up businesses. Equipment financing approvals are based on personal and business credit scores, industry type, positive trade history, existing trade lines, Debt Coverage Service Ratio, and the equipment quotes provided by the business owner. Each lender has different qualifications, but many look for at least a 600 credit score for equipment loans, and some prefer 650 or higher.
How much you qualify for and the interest rate you’ll pay is determined by the value of that equipment, your business’s financial history, and your credit scores.
Equipment financing with bad credit can be a great option if your credit rating is less than perfect, too, since the equipment acts as collateral. You can also leverage existing owned equipment to get a loan using your equipment as collateral.
In fact, our underwriting team is just as concerned with what’s securing the loan, as we are with your borrowing history. The type of equipment you are purchasing is an important aspect in the approval process.
So, if you’re planning on investing in a high-cost (and cost-retaining) piece of equipment, then we might be willing to work with you, even if your credit profile and finances are not pristine.
Our equipment financing team will assist you in finding the right equipment and make sure your approval is customized to fit your business needs.
Equipment Finance Requirements
positive payments
over 550+
over $175K
6+ months
* Note: These equipment financing requirements are based on previous Upwise customers and is just an average. Start-ups with good credit encouraged to apply.
Future Proof Operations with the Latest Technology Investments
What truly set Mike apart was his honesty. He reviewed multiple lender options with me in a fair, transparent way, walking me through the pros and cons of each and helping me understand every angle. He encouraged me to move forward only with what felt right for my business, never once making me feel pressured to choose him or Upwise. That level of professionalism is rare.
Mike also worked hard to build genuine personal rapport — something no other representative I spoke with did. He took the time to understand my business, explored different paths, and made sure I felt confident and comfortable throughout the decision-making process.
The follow-up from Mike and every member of his team has been above and beyond anything I’ve experienced with other lenders. Every interaction feels thoughtful, client-focused, supportive and most important- genuine. I’m incredibly grateful for the experience and would confidently recommend Mike to anyone looking for a knowledgeable, ethical, and truly client-first lending partner.
Update: Leo contacted me, and after basically insulting me concerning their prior behavior, I decided to let them run my application. After being ghosted for the day, they finally came back and denied due to another loan my business was involved in. These people get their feelings hurt way to easy to be in this business. I would not recommend this company to anyone.
Upwise
What does Equipment Financing cost?
The basic cost of a small business line of credit is completely straightforward. Simply put, if you draw from the line, then you pay back the amount drawn plus interest. The interest rate is charged on a monthly basis, so whatever your balance is at the end of the month, that is what you’ll be charged interest on. People always ask, what are the business line of credit rates? The business line of credit rates can vary based on whether the credit line is a secured line of credit or an unsecured line of credit.  Typically, both are based on your personal credit score and average monthly revenue so the rates may vary.Â
An Example of Withdrawing Funds & Paying It Back
Let’s say a construction company receives a large job and does not have the funds to purchase materials for the upcoming job and cover payroll. The owner calculates that he needs $50k to cover the material for the new large job and payroll.Â
For this example, let’s say that a $50k cushion would prevent issues like this from happening in the future. As the business owner, you know your construction job will be paid within 90 days.
So you reach out to Upwise Capital and apply to open a small business line of credit of up to $100K.
Next time you need to purchase materials for a new large job and cover payroll, you can draw funds to cover your expenses. You will have access to the $100k business line of credit anytime you need it in the future. If you pull out $50k for materials and cover payroll, then pay the funds back within 90 days when you get paid from your customer, you will only be charged interest while you are using the funds. The Upwise line of credit offers flexibility and peace of mind, that funds will be available in case you need them in the future or today.
Apply for Equipment Loans Now.
- Don't let outstanding invoices hold you back.
- Tired of waiting for customers to pay? Get a boost!
- Upwise A/R Financing can provide you with instant liquidity.
Stay ahead of the curve - get access today!
Documents You'll Need to Apply
Driver’s License
Voided Business Check
Business Bank Statements (Last 4 Months)
Credit Score
Equipment Invoice or Quote
You may also be requested to provide the following for larger dollar amounts over $100K:
Balance Sheet
Profit & Loss Statements
Business Tax Returns
Personal Tax Returns
Equipment List (if securing equipment)
Upgrading your tools and technologies is a great way to work smarter and do more. But coming up with the full cost of new machinery or vehicles can be tricky. That’s where equipment financing helps out! Through simple loans, you can spread those large purchases over affordable monthly payments.
The process is streamlined too. We’ll use the equipment itself to secure the loan. And if you already own assets, their value could help lower your rates. That means faster approvals so you can start boosting productivity sooner. Payments are scheduled in line with how long items are expected to last. So costs feel manageable.
The small effort of chatting with us can unlock big benefits through optimized equipment and tools. You focus on growing – let us help fuel your success!
Types of Equipment You Can Finance
Computers, software, phone systems, IT equipment, printers, scanners, copiers, shredders, displays, projectors, signage, desks, chairs, office furniture, security systems, and more.
Solar panels, solar fans, inverters, air conditioning, air cleaners, water coolers, refrigerators, windmills, racking, monitoring equipment, and batteries.
Dental equipment, physical therapy equipment, medical lasers, wheelchairs, diagnostic equipment, imaging equipment including X-ray and ultrasound machines, dermatology equipment, and chiropractic equipment.
Specialty commercial and municipal vehicles, construction vehicles, trucks, trailers, vans, cars, dump trucks, buses, cab chassis, cement trucks, tankers, cranes, flatbeds, and tractors.
Heavy equipment, skid steers, farm equipment, concrete equipment, bulldozers, excavators, generators, drills, jackhammers, forklifts, compressors, grinders, and cranes.
Airplanes, light jets, midsize jets, heavy jets, airliners, turboprops, helicopters, and drones.
Cooking equipment, refrigeration equipment, storage, food prep, smallwares, servingware, janitorial, furniture, freezers, sinks, ventilation, and safety equipment.
CNC machines, lathes, milling machines, presses, conveyor systems, packaging equipment, welding equipment, and industrial automation systems.
Tractors, harvesters, irrigation systems, planting equipment, livestock handling equipment, storage silos, and other farm machinery.
Why Upwise for Equipment Loans
Quick & easy application
Our simple 15-minute application gets you on your way to funding quickly. Most applicants receive a fast decision within hours of applying. Then just choose your loan terms and you could have funds deposited into your account as soon as 24 hours.
Ensure you make the wise choice
Every Upwise applicant gets a dedicated funding advisor who takes the time to understand your business and it's unique needs. We are here for your support throughout the entire funding process.
Access multiple financing options
Upwise has an extensive product suite and a network of 100+ lenders. This means you're more likely to find the best match for your funding needs.
Equipment financing — key information
Provided by Upwise Capital · upwisecapital.com/equipment-financing
Qualification requirements
- Time in business
- Annual business revenue
- Credit profile
- Equipment type and value
- Business cash flow
Equipment commonly financed
- Construction equipment
- Manufacturing machinery
- Commercial vehicles
- Medical equipment
- Agricultural equipment
- Restaurant equipment
- Technology and software systems
- Warehouse and material handling equipment
Financing vs. leasing
- Financing: Business typically owns the equipment at end of term
- Financing: May build equity in the asset
- Financing: Often ideal for long-term equipment needs
- Leasing: Lower upfront costs in some cases
- Leasing: Easier equipment upgrades
- Leasing: May offer flexible end-of-term purchase options
Best for
- Construction companies
- Medical practices
- Manufacturing businesses
- Transportation companies
- Agricultural operations
- Restaurants and hospitality businesses
Key benefits
- Preserve working capital
- Avoid large upfront purchases
- Fixed repayment schedules
- Potential tax advantages
- Wide range of eligible industries
- Equipment often serves as collateral
Frequently asked questions
- Can I finance used equipment?
- Yes. Many lenders finance both new and used equipment, subject to age, condition, and valuation requirements.
- Is collateral required?
- In most cases, the equipment being financed serves as the primary collateral for the transaction.
- How much can I finance?
- Equipment financing amounts typically range from $10,000 to several million dollars depending on the equipment and borrower qualifications.
- Can startups qualify for equipment financing?
- Some lenders offer startup equipment financing programs, although additional documentation or larger down payments may be required.
Ready to finance your equipment? Apply online and get a decision in as little as 24–48 hours.
Apply Now →Final Thoughts on Equipment Financing
When it comes to financing equipment for your business, understanding the full landscape of options is essential for making an informed decision. Whether you choose traditional equipment loans, equipment leasing, or other financing structures, each option impacts your working capital differently and offers unique advantages. Interest rates for equipment financing typically range from 8% to 30%, though established businesses with strong financials may secure rates below 8%.
Beyond competitive rates, equipment financing can provide significant tax benefits, including deductions for interest expenses and depreciation, making it a strategically smart choice for growth-minded companies. As you evaluate lenders, look for those who serve as a true icon of reliability and innovation in the financing space—partners who leverage AI-driven solutions to streamline approvals, offer personalized terms, and help you preserve cash flow while acquiring the tools your business needs to thrive. By carefully weighing your options and choosing the right financing structure, you can equip your business for success without compromising your financial flexibility.