Equipment Finance Confidence Falls in March After February Peak: ELFA Survey

The March 2026 Monthly Confidence Index for the Equipment Finance Industry (MCI) fell to 61.0, a 6.6-point decrease from February, according to the Equipment Leasing & Finance Association (ELFA). February’s 67.6 figure was the highest MCI since January 2025.

In the next four months, 16.7% of respondents expect business conditions to worsen, up from 4.2% in February. 29.2% believe conditions will improve, a decrease from last month’s 37.5%.

During the same period, half of the executives surveyed expect that demand for leases and loans to fund capital expenditures will remain the same. 37.5% believe demand will increase, and 12.5% believe demand will decline, an increase from 0% in February. Survey participants also reported on access to capital to fund equipment acquisitions:

• 25% expect greater access
• 70.8% expect the same access
• 4.2% expect less access

In the survey comments, Elevex Capital CEO Jeffry Elliott wrote, “I’m optimistic about potential increased capex due to onshoring, but global economic uncertainty halting capex decision-making is a concern.”

All executives surveyed rated the U.S. economy as “fair,” with none assessing it as “excellent” or “poor.” Over the next six months, 25% believe U.S. economic conditions will worsen, up from 8.3% last month. 54.2% expect the economy will stay the same.

Regarding employment in the next four months, 58.3% expect no change in headcount, up from 50% in February, while 37.5% expect to hire more, down from 45.8% last month.

Concerning spending on business development activities over the next six months, respondents said:

• 50% believe their company will increase spending
• 50% believe there will be no change in spending
• 0% believe their company will decrease spending