A 1West guide for owners buying or leasing gear
Equipment financing for small business is a loan or lease that pays for a specific piece of equipment, which usually serves as the collateral, so you can use it now and pay over time.
This guide from 1West walks you through business equipment financing from vendor quote to funding: choosing a loan or a lease, financing used equipment, preparing a clean vendor invoice and applying once through ABLE, the 1West Automated Business Lending Engine. 1West lists equipment financing from $10K to $5M with terms of 5 to 60 months, and final terms always come from the lender.
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You pick the equipment, the lender pays for it, and you repay in fixed installments over a set term. Because the equipment secures the deal, lenders can often approve businesses that would not qualify for an unsecured loan, and rates tend to be lower than many other forms of small business funding, as the 1West equipment financing page explains. Once the balance is repaid, the lender releases its claim on the equipment and it is fully yours.
Definition
Equipment financing is a loan or lease used to acquire a specific business asset, such as a truck, an oven, an imaging machine or software, where the asset itself usually secures the financing. In the 1West model, a business applies once through ABLE, reviews offers from lenders whose equipment programs fit its credit, revenue and the asset, and then repays over a fixed term while using the equipment.
It differs from a general business loan because the money is tied to one purchase. That focus is what lets the equipment do double duty: it earns revenue for you and gives the lender security.
Figures as listed on the 1West equipment financing page, as of November 2026. General 1West requirements: at least six months in business, four months of business bank statements, monthly revenue of $20,000 or more and a 600+ FICO score. Rates and terms are set by the lender and are not guaranteed.
Established US small businesses that already earn steady revenue and need a specific machine, vehicle or system to keep growing. If you have been operating for at least six months, deposit $20,000 or more a month and have a FICO score of 600 or higher, you meet the general 1West requirements and can apply with confidence that your file is complete.
Almost any asset your business uses to earn revenue can be financed. 1West names four common categories: construction and heavy equipment, restaurant and food service equipment, medical and dental equipment, and technology including software. One exception is worth knowing early: 1West does not do leasebacks, so you cannot finance equipment your business already owns. Our business equipment financing guide covers eligible categories, lender requirements and whether new businesses fit.
| Path | You own it? | Payments | Best fit |
|---|---|---|---|
| Equipment loan | Yes, once repaid | Fixed over the term | Gear you will keep for years |
| Equipment lease | Not unless you buy at the end | Often lower | Gear you upgrade often |
| Used equipment loan | Yes, once repaid | Fixed, term may be shorter | Proven machines at a lower price |
| Dealer financing | Depends on the program | Set by the dealer | Promotions on new models |
The 1West equipment financing page states that used or new equipment is eligible. Financing used equipment can stretch your budget, but lenders look harder at age, hours, condition and value because the machine is their security. Expect them to ask for a serial number or VIN and sometimes photos or an inspection. Our used equipment financing guide covers used heavy equipment, dealer programs and an inspection checklist, and the loan vs lease comparison helps you decide whether to own it.
Procedure
Ask the vendor or dealer for a written quote or invoice for the equipment, new or used.
Submit one application through ABLE. It matches you with lenders whose equipment programs fit your credit, revenue and the asset.
Review rates, terms and any down payment side by side, and choose what fits your cash flow.
In most cases the lender pays the vendor directly, so you can put the equipment to work.
Make fixed payments over the term. When it is paid off, the lender releases its claim.
Full detail, including a readiness checklist, is on the how to apply through ABLE page.
Market context
According to applications processed by LendingTree's Small Business Concierge team in 2025, the average approved amount of a business loan used for equipment was nearly $38,000 (LendingTree). Fora Financial reports that cash flow remains the top challenge for 55% of business owners (Fora Financial). Spreading an equipment purchase over its working life is one way owners protect that cash. See more on equipment financing by the numbers and costs and monthly payments.
Short answers here. Every question has a fuller home in the equipment financing FAQ.
Equipment loans are often easier to get than unsecured loans because the equipment secures them, as 1West explains. Difficulty still depends on credit, revenue and time in business. Fora Financial notes that online lenders may approve in hours with three months of bank statements, while SBA loans take weeks and require two years of documentation.
Read this answer in the FAQFor most established businesses buying a specific asset, equipment financing is a strong first choice because the equipment secures the deal and payments spread the cost over its working life. An SBA loan may fit when you can wait weeks for long, favorable terms, and a line of credit can fit small, repeat purchases. 1West offers all three.
Read this answer in the FAQIt depends on the rate and term. As a math example only, $50,000 at 7% over 48 months is about $1,197 a month, and over 60 months about $990, before fees. Seven percent is the lowest rate 1West lists for equipment financing, so real offers may be higher. Use the payment estimator on our costs page to test your own numbers.
Read this answer in the FAQIn many cases, yes. US businesses can often depreciate equipment they finance, and Section 179 may allow deducting much of the cost in the year it is placed in service, within annual limits. Interest on a business loan is also generally deductible. Rules depend on your situation, so confirm with IRS Publication 946 or a tax professional.
Read this answer in the FAQYes. The 1West equipment financing page states that used or new equipment is eligible. Lenders look harder at used equipment's age, condition and value because it secures the loan. A clear invoice with the serial number, year, hours or mileage and seller details makes financing used equipment much smoother.
Read this answer in the FAQ1West generally asks applicants to have at least six months in business, four months of business bank statements, monthly revenue of $20,000 or more and a FICO score of 600 or higher. Individual lenders may ask for more, especially for large amounts, and meeting the general requirements does not guarantee approval.
Read this answer in the FAQApply once through ABLE, the 1West Automated Business Lending Engine, any time of day, and compare the offers that come back. Eligibility, rates and final terms depend on the lender.
