Frequently Asked Questions
How EFN works: credit pulls, lender matching, equipment coverage, and what happens to your information.
About EFN
Is EFN a lender, broker, or marketplace?
Equipment Funding Network is a match and routing service. We are not a lender and do not make credit decisions. We help identify potential financing paths based on your equipment, business profile, and lender appetite criteria. If a deal is brokered by EFN, that relationship is disclosed before any lead is routed.
What does EFN actually do?
EFN collects structured information from borrowers (equipment type, business profile, credit range, location) and compares it against lender appetite profiles. When there appears to be a fit, a human reviewer evaluates the match before anything is routed. No automated blasting. Every submission gets human eyes before it moves.
What makes this different from other financing sites?
Most equipment financing sites either blast your information to every lender in their network, or show you a rate table that requires a full hard-pull application. EFN is built around fit first, identifying which lenders are likely to want the deal before your information goes anywhere. We also use soft pulls only at the intake stage.
What does this cost me as a borrower?
EFN's service is free to you. There is no fee to submit a match profile, no fee to be matched, and no fee if a deal funds. EFN will never charge or invoice a borrower. You get the personalized attention of a broker without paying a broker fee. Your financing terms are set entirely by the lender, not by EFN. Every lender prices its own paper and accounts for its own costs of doing business, 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?
The EFN network spans banks, credit unions, captive finance companies, and specialty lenders covering trucking, construction, agriculture, medical, manufacturing, restaurant, and more. Every routing decision is made against a lender's stated appetite criteria, and coverage varies by deal type, geography, and credit profile.
Soft Pulls & Credit
Does EFN do a hard or soft credit pull?
Soft pull only. Completing a match profile with EFN does not trigger a hard credit inquiry and will not affect your credit score. A soft pull is used only for preliminary qualification purposes during the EFN intake process. Any formal credit review (hard pull) would be initiated by a funding source, with your awareness, as part of a separate financing application.
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's intake process uses soft pulls only. Lenders initiate hard pulls only if and when a formal application is submitted directly with them.
Will the lender do a hard pull if they review my file?
Yes, lenders typically initiate a hard pull when you formally apply for financing with them. Your match-request consent covers EFN introducing your file to a matched funding source after human review, and you're notified by email the moment that happens. Any hard credit inquiry only occurs later, if you choose to formally apply with that lender.
What credit score do I need?
Requirements vary by lender and deal type. In the EFN network, minimum FICO scores generally range from 620 to 720+ depending on the lender tier, equipment type, and deal size. Some lenders have appetite for challenged credit (below 620) on a case-by-case basis, particularly for strong collateral, larger down payments, or significant time in business.
Does a low credit score disqualify me?
Not automatically. Several lenders in the network will consider deals below 680 depending on the full picture: time in business, down payment, equipment type, and comparable debt history (PayNet). EFN will evaluate your profile holistically and only route it if there's a credible potential fit.
What is a PayNet score and does it matter?
PayNet is a commercial credit bureau specifically for business equipment and fleet financing. It tracks how businesses have historically repaid commercial loans and leases. Some lenders in the EFN network use PayNet scores as part of their underwriting, particularly for trucking and heavy equipment deals. Strong PayNet history can sometimes offset a lower FICO.
For borrowers
Do borrowers get guaranteed approval?
No. EFN does not guarantee approval, financing terms, or lender acceptance. Submitting a match profile begins a review process. It is not an application for credit and does not create any financing obligation.
Is my information sold or shared broadly?
No. Borrower information is used to evaluate potential financing paths and is not sold to third parties or distributed to unrelated lenders. Your file is only shared with a specific lender when a human reviewer has identified a credible match and there is a documented routing relationship in place.
What happens after I submit a match profile?
EFN reviews your request and compares it against lender appetite profiles. If potential matches are identified, a human reviewer evaluates them before any routing occurs. You may be contacted to discuss your request and next steps. Timeline is typically 1–3 business days for an initial response, though complex deals may take longer.
What if EFN can't find a match?
Not every deal will have an identified match in the current network. If no fit is found, we'll let you know honestly, without routing your file to lenders who aren't a fit just to create activity. We may also suggest alternative paths or additional information that could improve matchability.
Are startups eligible?
Some lenders in the network have startup programs, typically requiring strong personal credit (680+), home ownership, and a meaningful down payment (10–20%). Startup appetite varies significantly by equipment type. Trucking and construction startups are more likely to have 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 lenders in the network will finance used equipment. However, many have equipment age restrictions, commonly 10–15 years for heavy equipment and 5–12 years for trucks, though this varies by lender. Older equipment may require additional documentation or a larger down payment.
What about private party or auction purchases?
Some lenders accept private party and auction purchases; others only fund dealer sales. This is one of the key criteria captured in lender profiles, and EFN uses it when evaluating fit. If your purchase is from a private party or auction, be sure to note it. It narrows the lender pool but does not eliminate options.
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 broker or 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 or broker 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.
Equipment Funding Network is a match and routing service, not a lender. EFN does not make credit decisions and does not set your financing terms — the funding source does.