Equipment finance industry confidence steady at year end
The index, which provides a qualitative assessment from key executives in the $1.3 trillion sector, was 58.3 in December, easing from 59.9 in November.
The Equipment Leasing & Finance Foundation recently released its December 2025 Monthly Confidence Index for the Equipment Finance Industry (MCI), revealing confidence in the equipment finance market remains steady at year end, and at a heightened level for the seventh consecutive month.
December 2025 survey results:
- Business conditions – When assessing the next four months, 12.5 percent of responding executives believe business conditions will improve, down from 25 percent in November. The majority (75 percent) believe business conditions will remain the same (up from 62.5 percent the previous month) and 12.5 percent believe business conditions will worsen, unchanged from November.
- Capex demand – For the next four months, 20.8 percent of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase (unchanged from November). Additionally, 75 percent expect demand to remain the same (up from 62.5 percent), and 4.2 percent believe demand will decline (down from 16.7 percent in November).
- Access to capital – Over the next four months, 25 percent of respondents expect greater access to capital to fund equipment acquisitions, a decrease from 29.2 percent in November. The majority (70.8 percent) anticipate the same access to capital to fund business, unchanged from the previous month. Those expecting less access to capital increased to 4.2 percent, up from none in November.
- Employment – Regarding employment over the next four months, 50 percent of executives expect to hire more employees, an increase from 33.3 percent in November. Also, 45.8 percent foresee no change in headcount (down from 58.3 percent last month), and 4.2 percent expect to hire fewer employees, down from 8.3 percent from November.
- U.S. economy – None of the respondents evaluate the current U.S. economy as excellent, down from 4.2 percent in November; 100 percent assess it as fair, up from 95.8 percent last month; and none evaluate it as poor, unchanged from November.
- Economic outlook – Over the next six months, 12.5 percent of respondents believe that U.S. economic conditions will get better, a decrease from 37.5 percent in November. Another 58.3 percent expect the U.S. economy to stay the same, up from 41.7 percent; and 29.2 percent believe economic conditions will worsen, up from 20.8 percent last month.
- Business development spending – Over the next six months, 37.5 percent of respondents believe their company will increase spending on business development activities, down from 45.8 percent in November. Those who believe there will be no change in business development spending increased to 58.3 percent (from 54.2 percent in November), and 4.2 percent believe there will be a decrease in spending (up from none last month).
December 2025 MCI-EFI survey comments from industry executive leadership:
Bank, small ticket
“The commercial equipment leasing and financing marketplace is dynamic and provides opportunity for organizations that are nimble and can solve customer problems. I think we are in a transition and that change will create opportunity for some and leave others wondering what happened. Wintrust Specialty Finance is a nimble organization that is always looking for the opportunity in the market so I feel that we are poised to have a solid finish to 2025 and a good start to 2026,” says David Normandin, president and CEO, Wintrust Specialty Finance.
Independent, small ticket
“There are some areas in the economy that are booming, some areas that are depressed, and most of the market appears to be just flat. Home sales continue to be soft and a lot of the economic cycle feeds off of homes sales activity,” says James D. Jenks, CEO, Global Finance and Leasing Services, LLC.
Independent, middle ticket
“The mixed economic environment will enable entrepreneurial equipment finance companies to thrive. I’m concerned about stagflation—inflation with a recession can be very troubling for any business or individual,”says Jeffry Elliott, CEO of Elevex Capital and Equipment Leasing & Finance Association Treasurer.
To access more details and read the full survey results, visit the MCI web page.
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