Equipment Finance · Issue 01 · Q3 2026
The Captive Finance Scoreboard
Kubota, Deere, Caterpillar and CNH file the same kind of lien. Their portfolios look nothing alike.
September 30, 2026 · 5 min read · View as flipbook
Every equipment loan or lease a lender wants to protect ends up as a UCC-1 financing statement on public record. Read in bulk, those filings show more than who lends: they show what kind of borrower each lender serves. We compared six equipment lenders across 427,950 filings in the UCCContacts network.
Volume: the top three are close
John Deere Financial leads the group with 14,809 filings, followed by Snap-on Credit (14,461) and Kubota Credit (13,554). The rest trail by a wide margin: Cat Financial (6,520), DLL Finance (4,090), CNH Industrial Capital (3,238).
- John Deere Financial14,809
- Snap-on Credit14,461
- Kubota Credit13,554
- Cat Financial6,520
- DLL Finance4,090
- CNH Industrial Capital3,238
Fleet lenders and single-machine lenders
The more interesting split is in who files repeatedly on the same borrower. Cat Financial has flagged 46% of its filings as repeat debtors, the highest in the group and about 4 times Kubota Credit. A contractor financing a second, third, or tenth excavator generates exactly this pattern. Kubota's low share fits its core customer: a landowner or small operator buying one tractor. John Deere Financial ranks second at 26%, between Cat's fleet-heavy book and the single-unit lenders.
- Cat Financial46%
- John Deere Financial26%
- Snap-on Credit19%
- CNH Industrial Capital19%
- DLL Finance13%
- Kubota Credit12%
National reach versus regional focus
Footprint separates the widest programs from the narrowest. Kubota Credit has filings in 48 states, Cat Financial in 45, and John Deere Financial in 44: national programs that follow their dealer networks. DLL Finance and CNH Industrial Capital each reach 41 and 39 states, while Snap-on Credit is the narrowest at 32.
- Kubota Credit48
- Cat Financial45
- John Deere Financial44
- DLL Finance41
- CNH Industrial Capital39
- Snap-on Credit32
Where they file
Florida, Georgia, North Carolina, and Pennsylvania recur across most lenders' top-five lists. Cat Financial is the one with California in its top three. CNH Industrial Capital skews toward Arkansas, Ohio, and Nebraska.
| Lender | States | Top five states |
|---|---|---|
| Kubota Credit | 48 | AL 1,611 · FL 1,599 · GA 1,591 · NC 1,148 · PA 957 |
| John Deere Financial | 44 | GA 1,464 · FL 1,271 · AR 1,175 · NE 1,169 · AL 1,043 |
| Cat Financial | 45 | NC 626 · GA 595 · CA 540 · FL 452 · VA 395 |
| CNH Industrial Capital | 39 | AR 393 · OH 254 · NE 253 · PA 237 · NY 205 |
| Snap-on Credit | 32 | FL 1,857 · PA 1,823 · OH 1,441 · NC 1,405 · GA 1,322 |
| DLL Finance | 41 | FL 509 · PA 364 · AR 342 · OH 290 · NC 284 |
What it means
- Lenders and brokers: a high repeat-debtor share marks a portfolio of fleet borrowers with recurring financing needs. That is where add-on and refinance conversations start.
- Dealers and vendors: filings clustered in a state show where a brand's financed installed base sits, a natural list for service, parts, and upgrade offers.
- Competing lenders: a filing shows a borrower already has a secured lender on specific collateral, which points to other assets, a refinance, or a working-capital offer.
- Risk teams: several filings against one debtor by different lenders indicate stacked obligations worth a second look.
See the filings behind the story
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