The expense of equipment can be an enormous cost for businesses as it relates to upfront costs as well as regular maintenance.
purchasing equipment on its own can result in several years of repayments. Once a company has paid off a piece equipment or the cost of an office building’s worth printers it is likely to be in poor condition and requires repairs or replacement.
Because very few businesses are able to afford to purchase equipment on their own, they often resort to leasing equipment. This is a sensible economic strategy that could make a business more in the long run.
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Six of the Best Equipment Leasing Companies
There are a variety of options available to businesses seeking to lease equipment. Here are the top commercial companies for leasing equipment to look into.
- Gordon Flesch Company
- Crest Capital
- National Business Capital
- US Business Funding
- Smarter Finance USA
- Wells Fargo
These are the top 6 equipment Leasing Companies
1 – Gordon Flesch Company
Established in 1956, the Gordon Flesch Company provides financing and maintenance in-house for a variety of equipment used in business and equipment, with a special focus the field of information technology.
Today, the company serves over 33,000 clients across America. United States. The headquarters is located in Madison, Wisconsin, the Gordon Flesch Company has 16 satellite offices.
The company has a lengthy list of partners that includes Canon, Sharp, Lexmark and Kyocera. As per Gordon Flesch, its customer retention rate is a staggering of 88 percent.
They have recently added temperature screens that can adapt to COVID-19. This can help keep your employees and visitors protected while also helping you find out who’s sick.
Of course, they provide basic equipment like copiers and printers as well as hardware for enterprise for data security as well as IT systems.
Gordon Flesch manages all financing within the company. Leases range between 12 and the length of 63 months, and there are the option of step-payment and deferred leasing terms for payment available. According to the website of the company the company promises that customers will not be shocked by hidden costs regarding the final lease purchase options.
2- Crest Capital
In 1989, the company was founded. Crest Capital finances both used and new equipment for business use.
The interest rates for them are good as well, and range between 5.5 percent to 9.5 percent. Companies can borrow between $5,000 to $500,000.
One drawback: They need 2 years worth of taxes as well as financial statements from businesses who want the lease of more than $250,000 in equipment. Crest Capital also charges a administration fee of $275 per lease, but it does not charge penalties for prepayment. The leases generally last between 24 up to 72 months.
Crest Capital is known for its lease terms that are flexible that can be crucial in helping a new company pay for the equipment that it requires.
For instance, Crest offers a number of payment plans, including a plan for payment that begins with smaller installments and gradually moves to greater amounts as the company expands.
The business doesn’t need a company to be able to show a certain amount of income. It is more an announcement of the projected revenue as well as actual revenues.
In the event that a company is able to meet the criteria. Crest Capital offers an online application and, in a few instances, an immediate decision.
3. National Business Capital
Contrary to other equipment leasing firms, National Business Capital provides businesses with an extensive network of over 75 lenders who provide the financing for used or new equipment.
They’ll also provide an unbiased comparison of the lenders from all 75 that will allow you to make the right choice to fit your financial situation.
Rates differ from lender to lender, however the majority of reviewers say they’re between 8and 20 percent. There’s also the possibility of discounts if a business is able to pay off its lease before the end of time.
The fees vary as some lenders charge a loan-related origination fee. In addition, National Business Capital receives 2.99 percent of the loan’s closing or origination fees. The lease amount starts at $10,000, and then go up until $1 million. Terms for financing may range from between 12 and 60 months.
Although most lenders within Network Business Capital’s networks do not require businesses to provide collateral, the majority of lenders require an UCC lien. Apply online, and you may get a response the following day.
4 – US Business Funding
US Business Financing provides financing for both used and new equipment. What makes them make themselves known is the fact that they’ll partner with you, even if you’re having trouble finding a lease company with.
They typically work with businesses who had issues leasing equipment through an alternative leasing company.
As per its official website, this organization accepts 95 percent of applicants. It has provided $2 billion in business equipment. Candidates will also be notified of an answer within 24 hours after submitting their application.
US Business Funding works with a variety of lenders, with rates that range between 8% and 20 percent. Based on the creditworthiness of a company and the lender’s creditworthiness they may charge rates that exceed 20 percent. The majority of lenders require the filing of a UCC lien to be filed on the asset, but others might require a personal guarantee from the owner of the business.
The business must have the lease to be at least $10,000, but there’s no limit to the amount an organization can take out. The lease term may vary from 24 to 60 months.
5- Smarter Finance USA
A relative newcomer to the business leasing of equipment, Smarter Finance USA has been operating since the year 2016.
In the past, they’ve been famous for working with entrepreneurs and businesses that face challenges that could be preventing them from receiving financing from another equipment leasing firm.
This is apparent in Better Business Bureau reviews for Smarter Finance USA, in where a number of customers state that they had difficulty obtaining funding for their business prior to getting admitted from Smarter Finance USA.
The type of equipment the company wants to rent, Smarter Finance USA requires the documentation fee to be between $350 to $1850. Furthermore, interest rates start at 6%, and be increased to 30 percent.
The loan amount is between $2,500 to $250,000, with the loan beginning at 12 months, and then extending until 84 month.
Since Smarter Finance USA frequently works in partnership with companies that have poor credit, they typically require the use of the UCC lien as well as an individual guarantee. The company provides an online application process, and the borrowers typically receive an answer within the same day and, in some instances they can access funds immediately.
6- Wells Fargo
Wells Fargo is one of the most well-known names in the world of finance. Although most people are likely to recognize Wells Fargo as a bank but the firm also provides equipment leasing for entrepreneurs of all sizes, and a decent one too.
Rates start at 6.25 percent and there aren’t charges or penalties for prepayments when you sign up for the Wells Fargo business equipment lease. Unfortunately, the highest favorable interest rates are available for those who have an account for their business at Wells Fargo. The business have to also contract a lease of a minimum of $35,000. The loan term ranges between 12 and 84 months.
The Wells Fargo business equipment lease may not be a viable alternative for some companies. This is due to the fact that Wells Fargo requires borrowers to demonstrate that they have been operating for at minimum three years. Wells Fargo also requires a greater credit score than other companies that lease equipment to businesses. Business owners can apply online, or visit an Wells Fargo branch to speak with the banker in person.
They’ve got an impressive 5,000+ locations throughout all of the United States. This makes them a fantastic choice for those who want to interact in person. is crucial to your business and you.
How to Select the Right Equipment Leasing Option for You?
When it comes to selecting a leasing firm for equipment There are a lot of aspects to take into consideration.
The Interest Rates as well as Fees
In the case of any loan the interest rate as well as the fees that accompany it are important factors. The interest rate will be contingent on the creditworthiness of the business and, in certain cases annual revenues. Be aware that some lenders charge documentation charges.
Although every business owner wants to obtain the lowest rate of interest be aware that you could have to pay more when you’re a new company or one that has had difficulty generating income over the years.
Also do not rule out lenders who offer leasing of equipment with a higher rate of interest. If your business expands then it’s possible to get better terms if you choose to renew the lease.
The Availability of funds
Find out how fast you’ll receive the money once you’ve been accepted. For every company, time is money.
You shouldn’t be able to afford lengthy periods of waiting for money to become accessible. Some lenders declare that they will provide you with money within 24 hours. If you need equipment for your business urgently this could be a major reason.
Easy to Apply
Are the leasing applications available online? Do you have the option of submitting your application and other supporting documents via a secure customer portal? Although the absence access to an online portal isn’t an issue, a bank who doesn’t offer this option may not be as technologically adept in other areas like customer service.
What criteria do your business have to meet in order to be eligible to lease equipment? Does it have to be any minimum credit score? Can the lending institution only deal with businesses that have been operating for a specific amount of time?
To save time, be aware of the lender’s specific underwriting requirements prior to you submit your application.
If you are researching companies that lease equipment it is beneficial to discuss the options for repayment, particularly when you’re an entrepreneur operating a start-up business. For instance, certain lenders allow businesses to begin with smaller more manageable installments and later proceed to more substantial, graduated installments as the company grows and makes more money.
Leasing of business equipment is a niche that is smaller than other kinds of financial services like consumer banking. This is why there aren’t many reviews of the business equipment lending.
But, you may be able to find reviews that discuss different aspects of the lending company’s operations. For instance, Wells Fargo offers financing for leasing equipment, but it also operates in the field of consumer finance with checks and savings, loans for home and credit cards.
If you are unable to find reviews on equipment leasing check out these areas in order to get an idea of other people’s experiences.
Business equipment can make up the majority of the budget for a business. If you are investing this much cash in equipment, you’ll need the security that you will receive assistance when you require it. This is especially important in the event that your leasing company also provides maintenance and service for the machine you rent.
For a recap, we suggest these services:
- Gordon Flesch Company
- Crest Capital
- National Business Capital
- US Business Funding
- Smarter Finance USA
- Wells Fargo
There are several top companies for leasing business equipment which offer financing for equipment for business owners.
If you’re a company owner who is looking to lease equipment your creditworthiness and your annual income will determine the lenders who are willing to cooperate with you.
As with everything related to business, it’s crucial to look over your options and select the right company to aid you in reaching your objectives.