EQUIPMENT FINANCING

Access the capital your small business needs with equipment financing.

Equipment financing could be a way to help grow and upgrade your business. Search for a quote today on our marketplace.

Search for financing

(without impacting your credit score)†


SoFi's marketplace is owned and operated by SoFi Lending Corp. Expand for Advertising Disclosures.


Why use SoFi’s marketplace to shop equipment financing for your business?

  • Search lenders.

    Explore options in one place with no impact to your credit score.†

  • Get up to $2 million.

    Large or small, grow your business with funding that’s a fit for you.

  • Fast funding.

    Receive funds as soon as the same day you're approved.*

  • Save time.

    You could get a quote in minutes with just one search.

Get started

SoFi’s marketplace makes searching for equipment financing fast and easy.

  • Shop in one place.

    Use our marketplace search to look for small business financing quotes.

  • Discover your options.

    Financing quotes may include lines of credit, term loans, and other options.

  • Get funded.

    You could receive funds as soon as the same day you're approved.*

What is an equipment loan?

An equipment loan is a type of small business loan for the specific purchase of necessary business-related tools, equipment, or appliances. 

However, many types of business financing can also be used for equipment financing, not just equipment loans.

SoFi’s marketplace could help you look for business financing providers, including equipment financing companies and equipment loans. See which business financing products and quotes may be available for you.

Get started

(without impacting your credit score)†

FAQs

Equipment financing refers generally to a business loan or financing product used for the goal of purchasing equipment to operate your business. Many business loans or products can be used to finance equipment, including equipment loans, which are a specific type of business loan structure you use to purchase business equipment. It is typically secured by the assets you purchase with the funds. Equipment loans are generally paid off within a few years.

What’s considered equipment can be fairly broad and it is not limited to heavy equipment or machinery, but can be used for office tools, furniture, commercial vehicles, or other equipment needed. Whereas purchasing equipment outright can impact your cash flow, equipment financing may help with purchasing or upgrading needed equipment while making payments in more manageable monthly installments.
Funds can be used to buy new or used equipment. Depending on the loan structure, the purchased equipment can act as collateral for the loan. Financing may be available for up to 100% of the equipment cost, depending on the lender. Terms vary from lender to lender, but may fall anywhere from 6 months to 10 years.

Some lenders may ask for a personal guarantee in addition to placing a lien on the equipment. A personal guarantee gives the lender permission to seize a business owner’s personal assets in the event that you default on paying back the loan. This reduces the financial risk to lenders and is a common practice for equipment loans.
For equipment loans, it is usually short term, which means it will have to be paid off anywhere from 6 months to 3 years. However, some equipment loans will not need to be repaid for 5 or even 10 years. The terms for equipment financing will vary depending on the loan structure, such as if it’s an equipment loan, Small Business Administration (SBA) loan, term loan, or other type of business financing.
The main difference between equipment financing and equipment leasing is who owns the equipment. With equipment financing, the business owner owns the equipment at the end of the loan term. With equipment leasing, the lender owns the equipment and rents it out to the leaseholder. Since you do not own the equipment, it does not act as collateral, which can make this type of financing more risky for lenders.
Yes. While lenders typically like to see at least one year in business, preferably two, and at least $100,000 in annual revenue, you could still qualify for financing as a startup or a new business. This may require detailed documentation, such as your business plan and foreseeable revenue, to give lenders more confidence that you will be able to repay the loan.
Underwriting requirements and credit score requirements vary by lender. Business credit scores range from 0 to 100 and the higher the credit score, the better your financial position. As for your personal credit, which could also be relevant, a “good” personal credit score starts at 670 with most agencies, and a “good” or “excellent” score typically makes a stronger case for approval. Credit is just one of the criteria a lender evaluates.

See all FAQs

What is SoFi's marketplace?

SoFi’s marketplace is our way to help members shop for business financing. While SoFi doesn’t provide business loans directly, our marketplace may help you quickly explore the financing solutions you need. You could find a quote from a provider in minutes with one easy search.

Search for financing

Fast and easy. Search for equipment financing in minutes.

Keep your business moving. Look for a provider and see your equipment financing options today.

Get started

(without impacting your credit score)†