Equipment Financing - NexGen Lending

Short answer: Equipment financing lets a business buy machinery, vehicles or technology and repay the cost over a fixed term, with the equipment serving as collateral. NexGen arranges equipment financing from $10,000 to $10,000,000, with up to 100% financing for qualified borrowers and approvals typically in 1 to 24 hours.

At a glance

Amounts: $10,000 to $10,000,000
Financing: Up to 100% of the equipment cost for qualified borrowers
Collateral: The equipment being financed
Eligible equipment: New or used machinery, vehicles, technology and more
Approval speed: Typically 1 to 24 hours
Credit score: 650 minimum

Most businesses eventually need equipment that costs more than they want to pay out of pocket: a truck, an excavator, a CNC machine, a commercial kitchen line, an imaging system or a server room. Paying cash drains the working capital you need for payroll, inventory and the unexpected. Equipment financing spreads that cost over the useful life of the asset, so the equipment can start earning before it is paid off.

NexGen Lending compares equipment financing offers from a network of 150+ private lenders and partners, so you see real options with one application.

What is equipment financing?

Short answer: Equipment financing is a loan or financing agreement used to buy business equipment, repaid in fixed payments over a set term. Because the equipment itself is the collateral, lenders can often approve faster and with less paperwork than an unsecured loan, and you own the equipment once it is paid off.

The structure is simple. A lender pays the vendor, you take delivery and put the equipment to work, and you make regular payments until the balance is repaid. If payments stop, the lender’s recourse is primarily the equipment, which is why equipment financing is often available to businesses that would struggle to qualify for an unsecured term loan.

How does equipment financing work?

Short answer: You choose the equipment and get a quote from the seller, apply with that quote, and receive offers based on the equipment’s value and your business profile. Once you accept, the lender pays the seller directly, you take delivery and you repay in fixed installments over the agreed term.

Pick the equipment. Get a written quote or invoice from a dealer or seller, including delivery and installation where possible.
Apply. Share basic business details, recent bank statements and the quote.
Review offers. Lenders weigh the equipment’s value and useful life alongside your revenue and credit.
Close and fund. Sign the agreement; the lender pays the vendor.
Put it to work. Make fixed payments while the equipment generates revenue.

What does “up to 100% financing” mean? It means a qualified borrower may be able to finance the full purchase price of the equipment with no down payment. Whether you qualify, and for how much, depends on the equipment, the seller and your business profile.

Who qualifies for equipment financing?

Short answer: Equipment financing is one of the most accessible forms of business credit because the equipment secures it. Lenders look at time in business, monthly revenue, personal and business credit, and the type, age and value of the equipment. NexGen’s equipment financing requires a 650 minimum credit score.

Time in business: established businesses have the most options; newer businesses may still qualify depending on the equipment and down payment.
Revenue: recent bank statements showing deposits that can support the payment.
Credit: stronger credit improves terms, but collateral carries a lot of weight.
The equipment: make, model, age, condition and resale value all matter.

What can you use equipment financing for?

Short answer: Almost any tangible equipment a business uses to earn revenue: heavy machinery, commercial vehicles and trucks, manufacturing and fabrication equipment, restaurant and kitchen equipment, medical and dental technology, computers and servers, salon and fitness equipment, and agricultural machinery. Both new and used equipment can qualify.

Industry	Common equipment financed
Construction	Excavators, skid steers, loaders, work trucks, lifts
Trucking	Tractors, trailers, box trucks, refrigeration units
Manufacturing	CNC machines, presses, packaging lines, forklifts
Restaurants	Ranges, walk-ins, hoods, POS systems
Healthcare & dental	Imaging systems, dental chairs, lab and diagnostic equipment
Offices & tech	Computers, servers, phone systems, software bundles

How fast can you get funded?

Short answer: Many NexGen equipment financing approvals come back in 1 to 24 hours. Funding follows once the agreement is signed and the vendor’s invoice is confirmed, often within days. Larger or specialized purchases, used equipment from private sellers and multi-unit orders can take longer because of inspections and documentation.

Equipment financing vs. leasing vs. a term loan

Short answer: Equipment financing is best when you want to own long-life equipment. Leasing can fit equipment that becomes outdated quickly, like technology, because you can upgrade at the end of the lease. A term loan offers more flexibility in how funds are used but is usually unsecured, which can mean stricter qualification.

	Equipment financing	Equipment leasing	Term loan
Ownership	You own it once paid off	Lessor owns it; buyout options vary	You own what you buy
Collateral	The equipment	The equipment	Often unsecured or a general lien
Use of funds	The specific equipment	The specific equipment	Flexible
Best for	Long-life assets you’ll keep	Fast-depreciating tech	Mixed needs and projects

Not sure which fits? A NexGen advisor can show you financing, lease and term loan options side by side.

How to apply with NexGen

Apply online in minutes. Tell us about your business and the equipment you need.
An advisor reviews your file. We confirm the details and the best-fit programs.
Compare offers. See options from 150+ private lenders and partners, including OnDeck, Mulligan Funding, Wayflyer and Rapid Finance.
Get funded. Sign, and the lender pays your vendor so you can take delivery.

Frequently asked questions about equipment financing

Can I finance used equipment?

Often, yes. Lenders will ask for the make, model, age, hours or mileage and condition. Used equipment from reputable dealers is commonly financed, and private-party sales may need an inspection.

Do I need a down payment?

Not always. Qualified borrowers can finance up to 100% of the cost. Newer businesses or older equipment may need a down payment.

Can I finance installation, delivery and software?

Soft costs like delivery, installation and bundled software can often be included when they appear on the vendor’s invoice. Ask your advisor what your lender allows.

What if my credit isn’t perfect?

Because the equipment secures the financing, credit carries less weight than with an unsecured loan, though a 650 minimum still applies. Below 650, revenue-based financing starts at 500.

Can I finance several pieces of equipment at once?

Yes. Multiple units or a full fit-out can usually be financed together on one agreement, up to $10,000,000.

Are there tax benefits?

Equipment purchases may qualify for depreciation deductions such as Section 179. Rules change, so confirm with your tax professional.

Ready to put new equipment to work? Apply now or call (908) 639-4361. Our office is at 2 Hudson Place, Hoboken, NJ, and we fund businesses nationwide.

Rates, terms and eligibility vary by lender and are subject to underwriting. NexGen Lending (SRJ Marketing INC dba NexGen Lending) arranges financing through a network of lending partners. This page is for general information and is not financial, legal or tax advice.