Business
Equipment Financing: What It Costs and What to Check
Published September 24, 2026 · Last updated September 26, 2026
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The short answer
Equipment financing helps you buy trucks, machines, computers and other gear. The equipment itself usually backs the loan. That can make it easier to get than other business loans.
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What affects your equipment financing cost
Price range
Rates vary too much by lender, equipment and borrower to list one number. Not a quote, offer or approval. Your rate comes from the lender.
What moves the number
- The equipment. Gear that holds its value is less risky for the lender.
- Your credit and time in business.
- Your down payment.
- The term. It should match how long the equipment will last.
Loan or lease?
- Loan: you own the equipment. You make payments until it's paid off.
- Lease: you use the equipment and make payments. At the end, you may return it, keep leasing, or buy it. Some leases let you buy it for $1. Others make you pay what it's worth then.
What to ask before you choose
- "What's the APR?" It includes interest and fees.
- "What happens at the end of the lease?" Get the buyout price in writing.
- "Can I cancel early, and what does that cost?" Many leases can't be canceled.
- "Do I need to insure the equipment?" Usually yes.
- "Is this a tax deduction for me?" Ask your tax pro about Section 179 and depreciation.
The catch: don't finance equipment for longer than it will last. If you're still paying for a machine after it's worn out, you may need a new loan while you're still paying off the old one.
Related pages
People comparing this often look at Business Loans, Working Capital, Lines of Credit, Business Formation, Merchant Processing.
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