Equipment loan rates are quoted everywhere and combined nowhere: one page cuts them by credit score, another by lender, a third by industry. This page combines all three cuts — with the monthly payment each tier actually produces — so you can locate your likely rate in one reading. Rates below are typical ranges as of October 2026 from the lender/market sources cited; your quote depends on your file, and the ranges are wide because equipment lending prices the machine as well as the borrower.
General information, not a loan offer. Ranges synthesised from the published sources named below; verify with live quotes before deciding.
| Credit profile | Typical APR | Typical terms |
|---|---|---|
| A-tier: 720+ | 7–9% | Up to 84 months, 0–10% down |
| Mid: 640–719 | 10–14% | 36–72 months, 10–20% down |
| Below 640 | 15–22% | 24–60 months, 20–30% down |
| On a $100,000 loan over 48 months (Bay Street’s worked column format), that is roughly $2,441/month at 8%, $2,633 at 12%, and $2,938 at 18% — the tier you land in is worth ~$500/month between best and worst on a mid-size machine. |
| Lender | Typical APR | Notes |
|---|---|---|
| Captive / manufacturer finance | 0–12% | Promotional rates on new machines from the maker’s finance arm |
| Banks | 6–14% | Slowest, cheapest, strictest |
| SBA 504 (heavy equipment/fixed assets) | ~5.8–6.9% on the CDC portion | Fixed, long terms — see 504 rates |
| SBA 7(a) | Prime + spread (caps apply) | See 7(a) rates |
| Online / alternative lenders | 7.99–35% | Fast approvals, widest band |
| Marketplaces (e.g., Kapitus “starting at”) | From ~7.5% | Starting-at figures are best-tier teasers |
NerdWallet’s summary of the whole market: rates span roughly 4% to 45% APR depending on lender, credit, and equipment life. The 4% floor is promotional/captive or SBA-adjacent money for pristine borrowers; the 45% ceiling is last-resort online credit for challenged files. Most established small businesses land in the 7–15% corridor of Cut 1.
What is the average equipment loan rate? There is no single average worth using — NerdWallet spans the market at 4%–45% APR. The usable averages are the tier bands: ~7–9% for 720+ credit, ~10–14% mid-tier, 15–22% below 640.
How does my credit score change the rate I get? Through the tier tables above (Axiant and Bay Street both organise the market this way): each tier step on a $100k/48-month loan is worth roughly $190–300/month. Time in business and revenue can offset a tier; nothing offsets them entirely.
Are rates different for new vs used equipment? Yes — Liminal’s published comparison: new 6–18% APR with 0–20% down; used 8–25% with 10–30% down. Age caps and appraisals come with the used premium (used calculator).
Which lender type offers the lowest equipment rates? Captive/manufacturer finance on promotions (0–12%), then SBA structures and banks (Liminal’s by-source table). The trade is speed and strictness: the cheapest channels are the slowest and most document-hungry.
Do SBA loans give lower equipment rates? For eligible purchases, yes — Liminal lists SBA 504 heavy-equipment money around 5.8–6.85% (CDC portion) against 6–14% bank conventional. The full structures are on the 504 rates and 7(a) rates pages.
General information, not a loan offer. Sources: NerdWallet equipment financing rates guidance; Axiant Partners credit-tier table; Liminal Lending lender/category tables; Bay Street Lending worked examples; Kapitus product page (questions/ranges as published, October 2026). Reviewed 2026-10-22.