What are the requirements to get equipment financing with prime credit (720+)?

With a prime personal credit score of 720 or higher, you sit in the top tier for equipment financing and the requirements get noticeably lighter. Most lenders will approve you on an application-only basis up to $250,000 — no tax returns or financial statements — and you should expect the lowest available rates, decisions in hours, and the option of 100% financing with no down payment. The main "requirement" at this tier is simply a clean application, an equipment quote, and a few months of bank statements.

A 720 score puts you firmly in the prime borrower band. Per Experian's borrower risk profiles, a score of 670 or higher is considered prime (subprime is 580–669), and 740 or higher is super-prime, so 720 is solidly prime and treated as low-risk by equipment lenders.

The top-tier terms you should get

Industry benchmarks put prime borrowers (720+) at the front of the queue. Crestmont Capital's approval data lists 720+ applicants with an 80–90% approval rate, access to all lender types, and rates in the 5–9% range — the lowest band on the table, well below the 12–22% fair-credit borrowers face.

Three things define the prime tier:

• Application-only approval to $250,000. Crest Capital advertises "One Simple Application, and No Financial Statements up to $250k," with most applications processed in a day or less. Dimension Funding similarly requires no financial statements up to $250,000 (and up to $500,000 when software is bundled), with approvals in hours and funding typically within 48 hours.
• 100% financing available. Crestmont notes that many lenders offer 100% financing with no down payment required, though it adds that putting 10–20% down can still earn you a lower rate.
• Speed. Same-day or next-day decisions on straightforward deals under $250,000 are the norm at this credit tier.

What prime borrowers should still prepare

Even app-only deals ask for a completed application, a vendor quote or invoice for the equipment (year, make, model, condition, hours/mileage), and often three to six months of business bank statements. Above $250,000, lenders revert to "full financial" underwriting — expect to provide tax returns and a profit-and-loss statement.

What to negotiate

At 720+ you have leverage most contractors don't, so don't accept the first offer:

• Push the rate down. With 5–9% on the table for your tier, get competing quotes and ask lenders to match the lowest — offering a 10–20% down payment can shave the rate further per Crestmont's benchmark guidance.
• Negotiate zero down. If 100% financing is available, you can preserve cash for the job site rather than tying it up in a deposit.
• Watch the fees. Documentation fees, origination charges, and end-of-term buyout options on leases are all negotiable for low-risk borrowers.
• Match the term to the equipment life. Stretching a loan past the useful life of the machine costs you; align the term to how long the asset earns.

If your business is younger than two years, a 720 personal score still carries the file, but lenders may price in a small premium or ask for a larger down payment. For a broader view across score bands, see our equipment financing by credit tier overview, or compare the tier just below at excellent-credit equipment financing.

Sources

• Experian — How to Become a Prime Borrower
• Crestmont Capital — Equipment Financing Approval Rates: Industry Data and Benchmarks
• Crestmont Capital — Equipment Financing Rates and Benchmarks (2026)
• Crest Capital — Equipment Financing
• Dimension Funding — Business Equipment Financing