What to Expect with Equipment Financing: From Application to Funding

One of the most common questions I get from business owners is:

“How long does equipment financing actually take, and what are they going to ask me for?”

The honest answer is that it depends on the size of the request, the strength of your business credit, and whether underwriting needs to take a closer look at anything.

But if you have a purchase coming up, here’s what the process usually looks like and what documentation tends to be required along the way.

The Typical Timeline

For most equipment purchases, the process moves faster than people expect when everything is lined up.

Application submitted

This usually takes less than an hour, especially if you have your basic information handy.

Underwriting review

Once the application is in, lenders pull business credit and begin reviewing the file. This typically takes 1 to 3 business days for most equipment requests.

Approval and terms

You’ll receive an approval with specific terms such as rate, term length, and any required stipulations. Many approvals come back within 2 to 5 business days.

Documents out for signature

Once you accept the terms, documents are generated, often the same day.

Funding

Many lenders fund the same day documents are signed. Depending on your bank, funds usually hit within 24 to 48 hours.

Financing does not have to be a weeks-long process. When the file is clean, it moves quickly.

When Underwriting Asks for More Documentation

This is normal and it is not necessarily a bad sign.

Usually, it means your request sits right at a threshold. You might be asking for more than the lender is comfortable approving based on credit and bank data alone, or something small in the file triggered a closer look.

Common reasons lenders ask for more documentation:

• Time in business under two years

• Irregular cash flow or recent revenue drops

• Limited business credit history

• Public records such as liens, judgments, or past charge-offs

  
  

If this happens, you may be asked for tax returns or a profit and loss statement. The faster you provide them, the faster the file moves forward.

Documentation by Loan Size

Different lenders have slightly different rules, but this is a reliable general guide based on loan size and credit strength.

Loan Amount	Typical Documentation	Notes
Up to $75,000	Application only	Strong business credit is helpful. Some lenders may review bank data.
$75,000 to $150,000	Application + 4 months business bank statements	Most common range for app plus statements. Credit still plays a big role.
$150,000 to $250,000	Application + 1 year business tax return	Used when statements alone are not enough for the size requested.
Over $250,000	Full financial package: 2 years business and personal tax returns, YTD P&L, balance sheet	Underwriting takes longer, usually 5 to 7 business days.

Why Preparation Matters

If you know you have a large purchase coming up, it helps to think ahead about what level of documentation you are comfortable providing.

Smaller requests can often be handled with an application only and funded in a couple of days.

Larger requests require more paperwork, and that is part of the process. Having those documents ready can cut days off the timeline and prevent unnecessary delays.

The Bottom Line

Equipment financing is usually much faster than people expect. Delays tend to come from missing documents, mismatched information, or surprises in underwriting.

When you understand what lenders are likely to ask for, you can prepare ahead of time and keep the process moving smoothly.

If you are unsure what you would qualify for or what paperwork you might need, it is worth having that conversation before you are up against a delivery date.

Not sure where you fall or what documentation you would need? I am happy to take a look and help you prepare before you apply.

About the Author

   Jared Holmes is the founder of Brilliance Funding Partners, where he helps business owners navigate the commercial lending landscape with confidence. With 9 years of hands-on experience in SBA lending, equipment financing, and working capital solutions, Jared focuses on asking the right questions and delivering financing strategies that make sense for each business. Connect with Jared for a personalized conversation about your options.