Capex Finance Index April 2026: Demand Eased, But Is Still On Pace For A Record Year

Demand is cooling from a high level. Total NBV was $10.6 billion in April, a contraction of 1.1% from the previous month. The total new volume series tracks the amount of new activity added by banks, independents, and captives in a given month. While the total new volume series declined for a third consecutive month, April activity was still above the average monthly pace of $10.3 billion in the second half of last year. Equipment demand is still on pace for its strongest year ever in 2026.

Small ticket volume growth tracks broader economic conditions and is an important barometer of aggregate demand for equipment. Small ticket deals grew by $3.6 billion, up 8.7% from March. Year to date, small ticket deal activity is up 39.8% from the same period in 2025.

Activity at banks rose by $5.4 billion, one of the highest single months on record. Activity at captives and independents were up 5.3% and 5.9%, respectively.

Credit approvals remained healthy. The industry-wide average edged down to 77.1% in April, a 0.1 percentage-point decline. The average small ticket approval rate rose by 1.3 percentage points to 81.1%. The cumulative increase in small ticket approvals over the last two months offset a sharp February decline. The rate at banks and independents dropped by 0.2 and 2.7 percentage points, respectively, while the rate at captives rose 2.7 percentage points.

Overall delinquency and loss rates fell. The overall delinquency rate dropped to 1.8% in April, matching its low over the last two years. The rate at banks dropped by 0.54 percentage points, while the rate at captives and independents both rose.

The overall loss rate decreased by 0.09 percentage points to 0.54%. The average loss rate for small ticket deals also dropped by the same amount to 0.84%. The rate at banks and independents both dropped, while the rate at captives edged up modestly.

Industry Confidence
The Monthly Confidence Index

Dominic Janney, President of Canon Financial Services, a wholly-owned subsidiary of Canon U.S.A., Inc.

Technical Note
New business volume data are concurrently seasonally adjusted each month to capture the latest seasonal patterns. Data in previous months and years may change due to updated seasonal factors.

About ELFA
The Equipment Leasing & Finance Association (ELFA) represents financial services companies and manufacturers in the $1.3 trillion U.S. equipment finance sector. ELFA's over 600 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses' success, U.S. economic growth, manufacturing and jobs at .
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