Heavy Equipment Financing

  • APR as low as 7%
  • No collateral needed
  • Quick approval process
  • Funding in as little as 24 hours
  • Borrow up to 100% of equipment value
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Heavy Equipment Financing

Financing for small business owners purchasing new or used heavy equipment.

Secure Equipment Financing to Purchase or Lease Heavy Equipment

Heavy equipment financing, also known as a construction loan, provides capital to buy or lease new or pre-owned heavy equipment.

Large machinery, often used in farming, construction, food production and other industries, are necessary for certain business operations. Construction workers typically use the loan for heavy-duty items that make the job possible, like forklifts, bulldozers, and tractors, for example.

Heavy equipment can come at a steep price. Because of this, many companies choose to take out a loan to cover their heavy equipment purchases. That way, they don’t have to tap into cash reserves.

Small businesses can secure a heavy equipment loan to free up cash flow for other business needs that provide value. Up to 100% of the equipment value can be financed.

At Clarify, we’re passionate about providing heavy equipment financing to help small business owners achieve their goals. When you work with us, we consider you family.

Benefits to Heavy Equipment Financing

Most growing businesses need to upgrade and replace heavy equipment at some point or another. At Clarify, we’ve streamlined our processes to make purchasing new and used equipment as easy as possible. We’re passionate about providing quick approval on heavy equipment financing for qualified business owners.

Competitive APR

When you compare to term loans, equipment loans are generally considered lower risk. Because of this, you can finance used and new heavy machinery for low rates, starting at just 7% APR.

Finance up to 100%

Most banks only provide up to 80% of heavy equipment value, leaving small businesses to cover the difference with their own cash reserves. At Clarify, we provide financing for up to 100% of heavy machinery costs.

No Hidden Fees

Transparency is a fundamental company belief. We never include prepayment penalties or sneaky terms. What you see is what you get.

Get Approved with Any Credit Score

We understand that not everyone has perfect credit. Credit scores of 550 and above can be approved for financing.

Minimal Paperwork for Approval

We strive to make documentation quick and easy. Unlike traditional banking institutions that tend to be paperwork heavy, Clarify only requires your last 3 months of bank statements.

No Collateral Needed

With heavy equipment financing, you don’t have to worry about a personal guarantee or collateral. The equipment you’re buying or leasing can be used as security for the loan.

Eligibility for Heavy Equipment Funding

Because the equipment is considered collateral, approval odds for heavy equipment financing tend to be higher, on average, than that of other funding types.

Below are the main factors we look at:

  • Heavy equipment value
  • Average monthly revenue
  • Time in business
  • Credit rating

Don’t count yourself out if your credit standing is less than stellar. Credit scores are just one part of the equation. They’re not as big of a factor for equipment financing as they are with other types of loans.

How Does Heavy Equipment Financing Work?

The two main ways to fund heavy equipment are to purchase the equipment using financing or to lease the equipment, which involves an extended rental agreement.

Most individuals who choose to purchase the heavy machinery do so by taking out a loan. The lender provides the capital needed in order to buy the heavy machinery. You can finance up to 100% of the cost of the equipment.

The loan borrower makes monthly payments towards their heavy equipment loan until it is paid back. Once the loan is fully paid back, the borrower has complete ownership of the heavy machinery and no longer needs to make payments.

The primary benefit to using a heavy equipment loan to finance is that the borrower is investing in the heavy machinery itself, which is a business asset. After they pay back the loan, they can continue to use the equipment and can pocket any extra cash that would have been used towards payments.

When you lease, you pay to rent the equipment over a predetermined period of time for a fixed, monthly cost. Similar to heavy equipment loans, there is no collateral required for heavy equipment leasing. When the leasing period ends, the lessee can choose to continue to rent the equipment, to purchase the equipment for the remaining value, or to return the equipment.

Individuals might choose to lease heavy equipment if they only need the equipment for a short duration. That way, they do not have to continue to make payments on machinery they are no longer using or in need of.

It can also be advantageous to lease heavy equipment if you expect you will need updated, newer models in the near future. Doing so can save you from continuously purchasing new and upgraded heavy machinery, which can become costly over time.

Frequently Asked Questions about Heavy Equipment Loans

Heavy equipment financing describes a loan or lease used to obtain different types of heavy machinery. Heavy equipment is commonly associated with construction work because construction jobs typically require use of heavy machinery.

The loan or lease is used in order to access and utilize heavy machinery needed to conduct business. Dump trucks and bulldozers, for example, are expensive and heavy pieces of equipment that many choose to finance. By securing financing for heavy machinery, business owners can perform necessary company operations and help their business grow.

There are different financing options available. Each option has unique advantages and disadvantages. Talk to a lender at Clarify to determine which financing option is right for you.

Heavy equipment financing is used to describe a more specific category of equipment than equipment financing. Heavy equipment financing is funding for heavy machinery, in particular. Heavy machinery is commonly used for purposes of construction and building maintenance, for example.

Equipment financing is funding for all types of business equipment. This might include computers for an office building, or a commercial oven for a restaurant, for example. It is used to describe a broader range of equipment than heavy equipment financing.

No, when you take out a loan for heavy equipment financing, the equipment itself serves as the collateral. We will not ask you to provide a personal guarantee.
Yes, individuals with different credit scores can be approved for heavy equipment financing. To increase approval odds, we like to see credit scores of 550 and above. Heavy equipment financing is less competitive than other financing types because the machinery can be used as collateral.
Whether or not you should buy or lease heavy equipment depends on your specific circumstances and business needs. Talk to a lender to learn more about the benefits of each financing option. When you work with a lender at Clarify, we treat you like family and work hard to help you succeed.

Common Purchases with an Equipment Loan

  • check Backhoes
  • check Forklifts
  • check Tower Cranes
  • check Loaders
  • check Excavators
  • check Heavy Vehicles
  • check Pavers
  • check Dump trucks
  • check Bulldozers
  • check Feller Bunchers
  • check Wheel Tractor Scraper
  • check Skid steer
  • check Trenchers
  • check Cement mixers

Approval requirements

  • keyboard_arrow_right Generate at least $10,000 per month in revenue
  • keyboard_arrow_right Can provide last 3 months of bank statements
  • keyboard_arrow_right Have been in business for over 6 months

Lending advisors committed to getting you funded today

When you choose Clarify, we consider you family -- and work with you through the ups and downs of running your small business.Manufacturing Financing Team

keyboard_arrow_right See why companies love Clarify

Heavy equipment business loans

"I applied with Clarify when I had an opportunity to bid on a new construction project that was crucial to our growth. The problem was that I needed a new forklift and bulldozer. Without the working capital provided by Clarify, I would not have been able to buy all the equipment needed to complete the job. I know that I can count of them in the future when I need to borrow money quickly."

Construction Contractor
5-star Trustpilot reviews5-star Trustpilot ratingClarify Capital is rated 10/10 based on 139 reviews on Trustpilot
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