Heavy equipment financing allows businesses to purchase essential equipment without bearing the full cost upfront. The business gets a loan to buy the equipment and agrees to a structured repayment plan — typically involving monthly installments.
Construction and heavy equipment loans help businesses get the gear they need without having to put all the cash down upfront.
| Lender | User ratings | Best for | Loan amounts | Term length | Min. interest rate | |
|---|---|---|---|---|---|---|
 | Variety of equipment loan options | From $25,000 | Up to 60 months | Starting at 7.50% | See business loan options | |
 | Construction businesses | From $100,000 | Not disclosed | Not disclosed | See business loan options | |
 | Startup businesses | $500 to $2,000,000 | Up to 84 months | Not disclosed | See business loan options | |
 | User rating coming soon | Trucking industry | From $10,000 to $1,000,000 | Up to 60 months | Not disclosed | See business loan options |
 | User rating coming soon | Long repayment terms | Up to $5,500,000 | 120, 240 or 300 months | Subject to SBA maximums | See business loan options |
| Loan amounts | From $25,000 |
| Starting interest rate | 7.50% |
| Term length (months) | 60 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | 2 years |
Origination fee of 0.50% of the amount financed
Slow times to funding (10 days) once your application is approved
Strict requirements to qualify: at least two years in business and minimum annual revenue of $250,000
0.50% stands out for its versatile equipment financing options and customer-oriented benefits. With no maximum loan amount, it caters to a broad spectrum of business needs. One of 0.50%’s most compelling features is its flexibility in financing various equipment, from general machinery to heavy-duty commercial vehicles. What’s more, the bank offers traditional loans, leases and lines of credit, providing businesses with multiple pathways to finance essential equipment.
Read our Bank of America review.
| Loan amounts | From $100,000 |
| Starting interest rate | Not disclosed |
| Term length (months) | Not disclosed |
| Minimum credit score | 680 |
| Minimum time in business | Two years |
High minimum loan/lease amount means financing is only available on major purchases
Doesn’t publicly disclose rates or loan terms
Wells Fargo has been the subject of numerous criminal and civil investigations involving unethical practices
With loan amounts starting at $100,000, Wells Fargo is a reliable choice for well-established construction businesses. What truly sets the bank apart is its understanding of the varied cash flow patterns in construction. By providing flexible financing options, including balloon or seasonal payments and even sale and equipment leaseback transactions, it caters to the construction industry’s unique needs.Additionally, Wells Fargo isn’t just a lender — its Equipment Seller department allows businesses to purchase both new and used equipment and industrial gear.
Read our Wells Fargo review.
| Loan amounts | $500 to $2,000,000 |
| Starting interest rate | Not disclosed |
| Term length (months) | 84 |
| Minimum credit score | 550 |
| Minimum time in business | None |
Requires first and last payment in advance on equipment leases
Larger and more complex financing needs require additional documentation, including tax returns, financial statements and bank statements
May charge origination fees and documentation fees on some transactions
Getting financing can be tricky for startups and early-stage construction businesses, as many lenders require you to be in business for at least two years to qualify for a loan or lease. But Taycor Financial is an ally for startup businesses, offering funding for companies that have been in business for less than two years.It also offers loan amounts as low as $500. What’s especially noteworthy is their leniency on credit profiles, accepting credit scores as low as 550. They also offer quick business loans on financing requests up to $150,000, and no tax return requirements on loans up to $400,000.
Read our Taycor Financial review.
| Loan amounts | $10,000 to $1,000,000 |
| Starting interest rate | Not disclosed |
| Term length (months) | 60 |
| Minimum credit score | 640 |
| Minimum time in business | Not disclosed |
Doesn’t publicly disclose interest rates
Borrowers with past credit problems will need to come up with a down payment
May require copies of bank statements, tax returns, and equipment order
Commercial Fleet Financing is known for offering semi-truck and trailer financing, but also offers construction equipment financing. With loans ranging from $10,000 to $1,000,000 and generous term lengths of up to nine years, they can tailor funding to the unique demands of the construction industry. They understand the challenges business owners face in this sector, as even those with prior liens, judgments, and bankruptcies may qualify for financing. However, a down payment may be required in these situations.
Read our Commercial Fleet Financing review.
| Loan amounts | Up to $5,500,000 |
| Starting interest rate | Varies by month and loan term |
| Term length (months) | 120, 240 or 300 |
| Minimum credit score | N/A |
| Minimum time in business | Two years |
Only available through Certified Development Companies (CDCs) — not directly from the SBA
You have to meet the SBA’s size standards
CDCs or the SBA may charge fees that increase the total cost of borrowing
Construction and heavy equipment loans help businesses get the machinery and construction equipment they need.
Unlike traditional business loans, these are tailored to address the unique challenges and requirements of the construction sector.
Since heavy machinery — including cranes, bulldozers, and excavators — is so expensive, it’s often impractical, if not impossible, to purchase equipment outright.
Construction and heavy equipment financing helps your business to lease or buy equipment, converting a significant capital expenditure into manageable monthly payments.
On this page
Here’s how to get a business loan for construction or equipment:
Heavy equipment financing allows businesses to purchase essential equipment without bearing the full cost upfront. The business gets a loan to buy the equipment and agrees to a structured repayment plan — typically involving monthly installments.
The credit score needed to finance a heavy equipment purchase varies based on the lender and the specific financing program. Generally, a higher credit score increases the likelihood of securing favorable loan terms and lower interest rates. Many lenders prefer borrowers to have a credit score of at least 640. However, even if you have a lower credit score, some lenders offer equipment loans for bad credit. If you have poor credit, lenders may be more open to considering your application if you make a down payment.
The length of time for a construction and heavy equipment loan varies depending on the lender. Many lenders offer loan terms of up to five years. However, the SBA’s 504 loan program provides loans for 10, 20 or 25 years.
Whether you should finance construction and heavy equipment depends on your business’s financial situation, operational needs and long-term goals. Financing can be a good choice for businesses that want to preserve cash flow and acquire state-of-the-art equipment without large upfront costs. On the flip side, financing can result in higher total costs after factoring in interest and potential fees. So, it’s essential to weigh the benefits of owning the equipment sooner against the commitment and costs associated with a financing agreement.