Washington, DC (June 18, 2025) – The Equipment Leasing & Finance Foundation (the Foundation) releases the June 2025 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Overall, confidence in the equipment finance market is 58.2, a return to historically more positive levels after dramatic lows in April and May. The index reports a qualitative assessment of both the prevailing business conditions and future expectations as reported by key executives from the $1.3 trillion equipment finance sector.

When asked about the outlook for the future, MCI-EFI survey respondent Jim DeFrank, EVP and COO, Isuzu Finance of America Inc., said, “As companies are getting a better feel for where tariffs will land, it’s very plausible we’ll see pent-up demand begin to release, backlogged or postponed purchases resurface, and a shift in financing behavior. Leasing in particular could spike, as companies look to preserve cash while still upgrading assets.”

June 2025 Survey Results:

The overall MCI-EFI is 58.2, up from the May index of 44.5.

Business conditions – When asked to assess their business conditions over the next four months, 29.6% of the executives responding said they believe business conditions will improve over the next four months, an increase from 4% in May. 59.3% believe business conditions will remain the same over the next four months, up from 52% the previous month. 11.1% believe business conditions will worsen, down from 44% in May.
Capex demand – 29.6% of the survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase over the next four months, up from 8% in May. 55.6% believe demand will “remain the same” during the same four-month time period, up from 44% the previous month. 14.8% believe demand will decline, a decrease from 48% in May.
Access to capital – 18.5% of the respondents expect more access to capital to fund equipment acquisitions over the next four months, up from 4.2% in May. 81.5% of executives indicate they expect the “same” access to capital to fund business, down from 95.8% the previous month. None expect “less” access to capital, unchanged from May.
Employment – When asked, 33.3% of the executives report they expect to hire more employees over the next four months, an increase from 24% in May. 66.7% expect no change in headcount over the next four months, down from 72% last month. None expect to hire fewer employees, down from 4% in May.
U.S. economy – None of the leadership evaluate the current U.S. economy as “excellent,” unchanged from May. 96.3% evaluate the economy as “fair,” up from 84% the previous month. 3.7% evaluate it as “poor,” down from 16% in May.
Economic outlook – 29.6% of the survey respondents believe that U.S. economic conditions will get “better” over the next six months, up from 12% in May. 51.9% indicate they believe the U.S. economy will “stay the same” over the next six months, up from 44% last month. 18.5% believe economic conditions in the U.S. will worsen over the next six months, a decrease from 44% the previous month.
Business development spending – In June, 18.5% of respondents indicate they believe their company will increase spending on business development activities during the next six months, down from 32% the previous month. 77.8% believe there will be “no change” in business development spending, an increase from 64% in May. 3.7% believe there will be a decrease in spending, relatively unchanged from last month.

June 2025 MCI-EFI Survey Comments from Industry Executive Leadership:

Bank, Small Ticket

“As tariff talks continue to ping pong back and forth, one thing is clear: businesses continue to grow and demand financing. Tired of the “wait and see” approach, many are pulling the trigger and looking forward.”
— Charles Jones, Senior Vice President, 1st Equipment Finance Inc.

“Fundamentals in the market remain positive. 2025 has been a good year for many equipment finance companies and the possibility for incremental improvement is visible. I expect to realize a solid growth year in 2025.”
— David Normandin, CLFP, President and CEO, Wintrust Specialty Finance

Independent, Middle Ticket

“Tariffs and subsequent economic pressures related to supply chain issues and inflation will slow down equipment purchases. However, a slowdown may limit competitive capital in the equipment finance space and allow for more opportunities at higher margins for independent lessors.”
— Jeffry Elliott, CLFP, CEO, Elevex Capital

How may I access the MCI-EFI?

Survey results are posted on the Foundation website. Details about the MCI, including who participates, how it’s designed, and the survey respondent demographics are also available at the link above.

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About the Foundation
The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization with a mission to advance the $1.3 trillion equipment finance sector by producing data-forward research and market outlooks, as well as cultivating the next-generation workforce through Campus to Career programs, including curriculum development and collegiate scholarships. Founded in 1989 and 100% funded through charitable donations, the Foundation drives innovation and career development for the future of the industry.