The Equipment Leasing & Finance Foundation released its November 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 sixth consecutive month. The index was relatively unchanged at 59.9 in November, from 60.1 in October.
November 2025 Survey Results
- Business Conditions: When assessing the next four months, 25% of responding executives believe business conditions will improve (down from 37.5% in October). The majority (62.5%) believe business conditions will remain the same (up from 54.2% the previous month) and 12.5% believe business conditions will worsen (up from 8.3% in October).
- CapEx Demand: For the next four months, 20.8% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase (down from 37.5% in October). Additionally, 62.5% expect demand to remain the same (up from 54.2%), and 16.7% believe demand will decline (up from 8.3% in October).
- Access to Capital: Over the next four months, 29.2% of respondents expect greater access to capital to fund equipment acquisitions, an increase from 25% in October. The majority (70.8%) anticipate the “same” access to capital to fund business, down from 75% the previous month. None expect “less” access to capital, unchanged from October.
- Employment: Regarding employment over the next four months, 33.3% of executives expect to hire more employees, an increase from 25% in October. Also, 58.3% foresee no change in headcount (down from 66.7% last month), and 8.3% expect to hire fewer employees, unchanged from October.
- S. Economy: Of the respondents, 4.2% evaluate the current U.S. economy as “excellent,” up from none in October; 95.8% assess it as “fair,” down from 100% last month; and none evaluate it as “poor,” unchanged from October.
- Economic Outlook: Over the next six months, 37.5% of respondents believe that U.S. economic conditions will “get better,” an increase from 30.4% in October. Another 41.7% expect the U.S. economy to “stay the same,” up from 39.1%; and 20.8% believe economic conditions will worsen, down from 30.4% last month.
- Business Development Spending: Over the next six months, 45.8% of respondents believe their company will increase spending on business development activities, up from 29.2% in October. Those who believe there will be “no change” in business development spending decreased to 54.2% (from 66.7% in October), and none believe there will be a decrease in spending (down from 4.2% last month).
November 2025 MCI-EFI Survey Comments from Industry Executive Leadership
Captive, Small Ticket
“We’re anticipating a nice pickup in Q4 as lower rates, pent-up demand, and 2025’s depreciation advantages drive renewed momentum.” Jim DeFrank, executive vice president and chief operating officer of Isuzu Finance of America, said.
Independent, Middle Ticket
“The equipment finance industry is well positioned for a downturn or an economic boom,” Jeffry Elliott, CLFP, CEO of Elevex Capital and treasurer of ELFA, said. “The sector by nature finances equipment that is new during boom times and used during downturns, so we have a gameplan in either situation. Equipment finance industry participants that have strong asset management capabilities will perform better in the downturns vs others that do not invest in that capability and talent.”
