The Equipment Leasing & Finance Foundation released its October 2025 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI), revealing confidence in the equipment finance market is at a heightened level for the fifth consecutive month. The index, which provides a qualitative assessment from key executives in the $1.3 trillion sector, was relatively unchanged at 60.1 in October, from 59.9 in September.
October 2025 Survey Results
- Business Conditions: When assessing the next four months, 37.5% of responding executives believe business conditions will improve (up from 30.4% in September). The majority (54.2%) believe business conditions will remain the same (up from 52.2% in September) and 8.3% believe business conditions will worsen (down sharply from 17.4% in September).
- Capex Demand: For the next four months, 37.5% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase (down from 39.1% in September). Additionally, 54.2% expect demand to remain the same (up from 39.1%), and 8.3% believe demand will decline (down from 21.7% in September).
- Access to Capital: Over the next four months, 25% of respondents expect greater access to capital to fund equipment acquisitions, an increase from 21.7% in September. The majority (75%) anticipate the “same” access to capital to fund business, down from 78.3% the previous month. None expect “less” access to capital, unchanged from September.
- Employment: Regarding employment over the next four months, 25% of executives expect to hire more employees, a decrease from 36.4% in September. Also, 66.7% foresee no change in headcount (up from 54.6% last month), and 8.3% expect to hire fewer employees, down from 9.1% in September.
- S. Economy: Of the respondents, none evaluate the current U.S. economy as “excellent,” down from 8.7% in September; 100% assess it as “fair,” up from 91.3% last month; and none evaluate it as “poor,” unchanged from September.
- Economic Outlook: Over the next six months, 30.4% of respondents believe that U.S. economic conditions will “get better,” a decrease from 39.1% in September. Another 39.1% expect the U.S. economy to “stay the same” (up from 30.4%), and 30.4% believe economic conditions will worsen, unchanged from last month.
- Business Development Spending: Over the next six months, 29.2% of respondents believe their company will increase spending on business development activities, down from 34.8% in September. Those who believe there will be “no change” in business development spending increased to 66.7% (from 65.2% in September), and 4.2% believe there will be a decrease in spending (up from none last month).
October 2025 MCI-EFI Survey Comments from Industry Executive Leadership
Bank, Small Ticket
“This has been a solid year in terms of strong new business volume and book growth. Combined with incremental improvements in portfolio performance, this has made 2025 a great year so far. Net interest margin has been the one opportunity throughout 2025, yet we continue to meet our targets. As we move into the fourth quarter, we expect solid new business volume and continued portfolio performance,” David Normandin, CLFP, president and CEO of Wintrust Specialty Finance, said.
Independent, Small Ticket
“The equipment finance industry is well established. There are certain equipment segments that might contract in the short term and some might expand. Because of federal regulations and sometimes because of creativity, financing offerings change from time to time. We believe the industry will continue to experience change and continue to grow,” James D. Jenks, CEO of Global Finance and Leasing Services, said.
Independent, Middle Ticket
“Built up demand due to tariffs confusion will make Q4 a big quarter,” Jeffry Elliott, CLFP, CEO of Elevex Capital and treasurer of the Equipment Leasing & Finance Association, said.
Independent, Large Ticket
“It appears that the changes to tax laws, potentially decreasing rate environment and perhaps some pent-up demand will add new tail winds to capital equipment investment,” Jonathan Albin, chief operating officer at Nexseer Capital, said.
