Frequently asked questions

Plain answers about how Equipment Funding Network works: what it costs (nothing), the soft credit pull, how we pick the lender for your deal, and what equipment we cover.

About EFN

Is EFN a lender, broker, or marketplace?
EFN is a matching service. We are not a lender and do not make credit decisions. You tell us about the equipment and your business once, we find the lender that does deals like yours (a bank, credit union, or equipment finance company), and you work with that lender directly. If a deal is brokered by EFN, that relationship is disclosed before your file goes to anyone.

What does EFN actually do?
We do the lender shopping for you, so you are not spending days calling around. You fill out one short application: the equipment, your business, a credit range, and your state. A person compares it with what each lender says it will finance and picks the best fit. Your credit isn't shopped around to a dozen banks: your deal goes to one lender at a time, and nothing is sent automatically.

What makes this different from other financing sites?
Most equipment financing sites either send your information to every lender they can, or show you a rate table that needs a full application with a hard credit pull. EFN finds the lender most likely to want your deal before your information goes anywhere, and EFN itself only runs a soft credit pull.

What does this cost me as a borrower?
Nothing. EFN's service is free to you: no fee to apply, no fee to be matched, and no fee if a deal funds. EFN will never charge or invoice a borrower. You get a broker's know-how without paying a broker's fee, and you can walk away at any point. Your financing terms are set entirely by the lender, not by EFN. Every lender sets its own pricing, so always review the rate, fees, and total cost on the lender's documents directly before you sign anything.

How many lenders are in the network?
We don't publish a lender count. The lenders EFN works with are banks, credit unions, and equipment finance companies, and each one tells us what it will and won't finance. Whether one fits depends on your equipment, your state, your credit, and the deal size. If none does, we'll tell you straight.

Soft pulls & credit

Does applying through EFN trigger a hard credit pull?
No. EFN runs a soft credit pull only, which does not affect your credit score.

What's the difference between a soft pull and a hard pull?
A soft pull retrieves a limited credit overview and does not appear on your credit report or affect your score. A hard pull (also called a hard inquiry) is initiated when you formally apply for credit and can temporarily lower your score. EFN runs a soft credit pull only.

What credit score do I need?
It depends on the lender and the deal. Across equipment lenders, minimum scores commonly run from about 620 to 720+, depending on the lender, the equipment, and the deal size. Some lenders will look at scores below 620 case by case, especially with solid equipment, a bigger down payment, or years in business.

Does a low credit score disqualify me?
Not automatically. Some lenders will look at deals below 680 based on the whole picture: time in business, down payment, the equipment, and how you've paid past equipment loans (PayNet). EFN looks at your whole profile and only sends it where there's a real chance of a fit.

What is a PayNet score and does it matter?
PayNet is a business credit bureau for equipment and fleet financing. It tracks how businesses have paid back commercial loans and leases. Some lenders use PayNet scores when they decide, especially on trucking and heavy equipment deals. A strong PayNet history can sometimes make up for a lower personal score.

For borrowers

Do borrowers get guaranteed approval?
No. EFN does not guarantee approval, financing terms, or lender acceptance. Sending us your application starts a review. It is not a credit application with any lender and does not commit you to anything.

Is my information sold or shared broadly?
No. Your information is never sold, and it's never sent to a list of lenders. It goes to one lender at a time, and only after a person has checked that the lender is a real fit and has an agreement with EFN in place.

What happens after I apply?
A person checks your deal against what each lender says it will finance and picks the best fit. We may reach out if we need anything else. Expect a first response within 1–3 business days, though complex deals can take longer. Your consent covers EFN sending your file to one matched lender after that review. Your status link shows when it's sent, and if you kept email updates on, we email you when that lender says it's interested — who it is and how they'll reach you. From there you work with the lender directly.

What if EFN can't find a match?
Not every deal has a match. If we can't find a fit, we'll tell you honestly, and we won't send your file to lenders that aren't a fit just to look busy. We may also suggest other paths, or information that would make a match more likely.

Are startups eligible?
Some lenders work with startups, usually asking for strong personal credit (680+), home ownership, and a real down payment (10–20%). It depends a lot on the equipment: trucking and construction startups tend to have more options than medical or restaurant startups with no track record.

What down payment might be required?
Down payment requirements depend on the lender, credit tier, and equipment type. Some lenders offer 100% financing on strong credit profiles with established businesses. For challenged credit or startups, 10–20% is commonly required. Some specialty lenders may require 20–25% for higher-risk profiles.

Equipment & collateral

What equipment types does EFN work with?
EFN covers a broad range of commercial equipment including: Class 8 trucks and OTR sleepers, day cabs and medium duty trucks, dump trucks, dry van trailers, refrigerated/reefer trailers, flatbed and specialty trailers, vocational trucks, excavators and earthmoving equipment, cranes and lifting equipment, bulldozers and graders, construction equipment (general), agricultural tractors and combines, ag implements, logging equipment, forklifts and material handling, CNC and machine tools, manufacturing equipment, medical equipment, dental equipment, restaurant and food service equipment, automotive repair equipment, commercial lawn and turf, and office/technology equipment.

Can I finance used equipment?
Yes. Most equipment lenders finance used equipment. Many have age limits, commonly 10–15 years for heavy equipment and 5–12 years for trucks, though this varies by lender. Older equipment may need more paperwork or a larger down payment. Some lenders specialize in older and high-mileage units, and EFN looks for those when your deal needs one.

What about private party or auction purchases?
Some lenders accept private party and auction purchases; others only finance dealer sales. Each lender tells us which it does, and we use that when we pick. If you're buying from a private seller or at auction, say so on the application. It narrows the list of lenders but does not rule you out.

Are there mileage limits on trucks?
Yes, many truck lenders have mileage caps, typically ranging from 500,000 to 1,000,000 miles depending on the lender and credit tier. High-mileage trucks may require a larger down payment or higher credit to qualify. Very high-mileage sleepers (over 1M miles) are significantly harder to place and may be considered specialty/secondary market.

Can I finance equipment located in a different state than my business?
In most cases yes, though some lenders are licensed in specific states and can only service borrowers, or collateral, in their coverage area. Providing both your business state and the equipment's location helps EFN identify lenders who can serve both.

For lenders

Do lenders pay to join?
Participation is free. Lenders define their appetite criteria at no cost. If a referred deal funds, compensation is handled under a documented referral agreement established before leads are routed.

What information do lenders provide when joining?
Lenders provide: geographic coverage (states served), equipment categories accepted and avoided, credit box parameters (min FICO, PayNet requirements, home ownership requirement, startup appetite, time in business), deal size range and app-only threshold, documentation requirements, collateral rules (equipment age limit, mileage caps, private party acceptance, auction acceptance), industries to avoid, and commercial arrangement preferences.

Will lenders receive leads automatically?
No. EFN does not automatically send leads to lenders. Every routing decision involves a human review step. Leads are only shared with a funding source when the match has been reviewed and there is a documented compensation arrangement, or the routing is a manually approved strategic introduction.

What is required before a lead can be sent to a lender?
A lender must have a signed referral agreement with EFN, or the routing must be manually approved by an admin as a strategic introduction. Leads are never automatically forwarded without compensation terms in place.

Can lenders update their appetite criteria over time?
Yes. EFN maintains lender appetite profiles and expects them to evolve. Lenders can contact EFN to update their criteria, add or remove equipment categories, adjust credit box parameters, or change geographic coverage. Accurate profiles improve match quality for everyone. Speed is measured too: until three of a lender's deals have been timed, matching uses the speed on its profile; after that, how long its deals really took.

Still have questions?

Reach out and we'll get back to you within one business day. info@equipmentfundingnetwork.com

Equipment Funding Network is not a lender and does not make credit decisions. Submitting a profile does not guarantee approval, financing terms, or lender acceptance. Final approval, terms, rates, and documentation requirements are determined by the lender.