U.S. companies increased their equipment borrowings by 12.5% in March compared with the same month a year earlier, reaching $10.8 billion, the Equipment Leasing and Finance Association (ELFA) said. The association compiles data from a panel of 25 members that together represent more than $1 trillion in industry volume.
The respondent group includes major financial institutions and manufacturer financing arms such as Bank of America (BAC) and the financing units of Caterpillar (CAT), Dell Technologies (DELL), Siemens (SIEGn), Canon (7751) and Volvo AB (VOLVb), according to ELFA.
Despite the annual gain, activity cooled slightly month-over-month. ELFA reported that new loans, leases and lines in March were down 1.8% from February.
A pronounced decline showed up in small-ticket transactions, which are often viewed as a barometer for broader economic activity. Small-ticket volume fell 17.7% to $3.4 billion in March, placing it below its 12-month average of $3.6 billion.
ELFA President Leigh Lytle noted that the full effects of the Middle East conflict have yet to appear in the association’s data and said she expects demand to soften as the summer approaches. Her comments underline an uncertain near-term outlook for equipment finance demand.
Sentiment among ELFA members weakened in April. The association’s confidence index dropped to 54.6 from 61 in March, marking its lowest reading since May 2025.
Contextual notes - The ELFA survey represents a subset of industry participants and reflects the responses of those 25 reporting members. The data cited above are the association’s reported figures and the accompanying statements from its president.