Three established equipment finance specialists compared. Pure-play standard equipment, bank-owned multi-product, and specialty/used equipment expertise — the right one depends on what you're financing.
Equipment financing is a more structured product than working capital MCA — the equipment itself serves as collateral, allowing deeper paper-grade access (most equipment lenders accept 600 FICO; some 580 with strong equipment) and APR pricing rather than factor rates. Pricing varies widely (6-25% APR depending on equipment type, credit profile, and structure).
Three established equipment specialists dominate:
Crest Capital — pure-play equipment finance since 1989. Atlanta-based. $10K-$1M loans + leases. 650 FICO floor. A-paper APR pricing from 6%. The cleanest standard-equipment specialist in the category.
Balboa Capital — multi-product lender since 1988. Costa Mesa, CA. Acquired by Ameris Bancorp 2020. $5K-$500K equipment + working capital. 620 FICO floor. Bank-subsidiary status provides regulated-lender oversight.
North Mill Equipment Finance — the longest-operating equipment specialist in the US, founded 1962 in Norwalk, CT. $10K-$5M loans + leases. 600 FICO floor. Specialty equipment expertise (used trucks, salvage, older industrial) is structurally unmatched.
The dimensions that drive the decision, side by side. Where a column reads "N/A" for one lender, that capability isn't part of that lender's product.
| Dimension | Crest Capital | Balboa Capital | North Mill Equipment Finance |
|---|---|---|---|
| Elite Funders Score | 8.5 / 10 | 8.4 / 10 | 8.6 / 10 |
| Founded | 1989 | 1988 | 1962 |
| Operating History | 35+ years | 35+ years (bank-owned) | 60+ years |
| FICO Floor | 650 | 620 | 600 |
| TIB Minimum | 24 months | 12 months | 24 months |
| Loan Range | $10K-$1M | $5K-$500K | $10K-$5M |
| Pricing (APR) | 6%-19% | 6.5%-25% | 7%-22% |
| Funding Speed | 24-72 hours | 24-48 hours | 48-72 hours |
| Specialty Equipment | Limited | Limited | Deep expertise |
| Used Equipment | Standard only | Standard only | Yes, specialty |
| Working Capital | No | Yes | No |
| Multiple Lease Structures | Yes ($1, FMV, etc.) | Yes | Yes |
If you can describe your situation in one sentence, you can find the right lender. The matrix maps common scenarios to a recommended lender from this comparison, with the reasoning.
| If this describes your situation… | Best fit | Why |
|---|---|---|
| You're financing standard new commercial equipment | Crest Capital | Pure-play depth on standard equipment |
| You need both equipment financing and working capital from one lender | Balboa Capital | Multi-product capability |
| You're financing used trucks, salvage equipment, or older industrial machinery | North Mill Equipment Finance | Specialty equipment underwriting depth |
| Your credit is 600-619 FICO | North Mill Equipment Finance | Lowest FICO floor at 600 |
| Your credit is 620-649 FICO | Balboa Capital | Floor at 620 |
| Your credit is 650+ FICO | Crest Capital | Best A-paper APR pricing in category |
| You're financing $1M-$5M equipment | North Mill Equipment Finance | Highest capacity in category |
| You want bank-regulated oversight | Balboa Capital | Ameris Bancorp subsidiary |
| You want optimized tax structure (true lease vs. $1 buyout vs. FMV) | Crest Capital | Multiple structure options |
Equipment financing is a loan secured by the equipment — you own the equipment from day one with a lien. Equipment leases come in multiple flavors: $1 buyout (functionally a loan with $1 final purchase), FMV lease (fair-market-value purchase option at lease end), true lease (rental, equipment returns at lease end). Tax treatment differs: equipment loans depreciate the equipment + deduct interest; leases typically deduct lease payments as operating expense. Choose the structure that fits your tax situation. All three lenders offer multiple structures.
Equipment-secured underwriting allows deeper paper-grade access than working capital because the equipment itself serves as collateral. North Mill specifically built its 60+ year practice on paper that other lenders decline. Used and specialty equipment recovery values are also a North Mill specialty — if a deal defaults, they know how to recover and re-deploy the equipment.
Crest is structurally a pure-play equipment finance company. The advantage of the pure-play focus is depth of underwriting on equipment specifically (depreciation curves, secondary market values, sector-specific equipment knowledge). The trade-off is borrowers needing both equipment + working capital must apply with two lenders. Balboa solves that problem with multi-product capability under one application.
Generally yes — equipment loans are secured by the equipment, not your operating cash flow, so existing MCAs aren't a categorical disqualifier. However, daily MCA debits affecting your bank deposit consistency can affect approval for the underwriting cash flow analysis. Strong revenue with reasonable existing MCA position is typically fine; over-leveraged stack-heavy files won't qualify.
Equipment financing: typically 0-20% down on standard commercial equipment with strong credit. Specialty/used equipment: 20-30% down. New equipment with weaker credit: 10-30% down. All three lenders evaluate down payment as part of the deal structure rather than as a fixed requirement.
Yes — called a "sale-leaseback." You sell the equipment to the lender for cash, then lease it back. Available at all three. Useful for unlocking working capital from owned equipment. Pricing is typically 1-2% higher than purchase financing because of additional underwriting on equipment condition and value.
Standard new commercial equipment (trucks, trailers, restaurant, manufacturing, IT): Crest. Used equipment, specialty, older models: North Mill. Equipment + working capital combo: Balboa. Within $1M and standard equipment, the three are competitive on pricing; structure matters more than lender choice.
Elite Funders does not arrange equipment financing — for an equipment purchase, apply with the lenders above directly. For working capital, one application gets you reviewed by multiple direct funders in our network. No cost, no obligation, no hard credit pull.