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 |
|---|---|---|---|
| Editorial 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.
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