Read below to see the answers to our most Frequently Asked Questions!
- How do I apply?
- Do you finance start-up businesses?
- How long does it take to get funded?
- Can I finance used equipment?
- How long does it take to get approved?
- What are the different types of financing programs you offer?
- Do I need to provide proof of income or provide tax returns to qualify?
- Why should I lease equipment when I can use my cash?
- What if I have bad credit? Can I still obtain financing for my business?
- What type of equipment can I finance for my business?
- What types of rates do you offer?
- What types of equipment financing do you offer?
- What is a lease?
- What is an EFA (equipment finance agreement)?
How do I apply?
There are several ways you can apply:
- You can do your application over the phone with one of our advisors. Just call 888-825-1699.
- You can download our credit applications HERE.
- You can submit your contact information online using our form. Then the next available advisor will reach out to you.
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Do you finance start-up businesses?
Yes! We have a wide variety of programs that are specifically for startups!Back to Index
How long does it take to get funded?
Depending on the type of equipment, and dollar amount, transactions can fund in as little as 24 hours. Again, this will depend if you and the equipment qualifies.Back to Index
Can I finance used equipment?
Yes, we do offer financing for used equipment. Keep in mind there are different guidelines for all programs and it’ll also depend on if the seller of the equipment is a dealer or private party.Back to Index
How long does it take to get approved?
Typical turn-around times are 24 hours, or sometimes even quicker than that!
In very rare cases, it may take longer due to the time of the year and volume of applications we are working on.Back to Index
What are the different types of financing programs you offer?
We offer a wide variety of financing programs for business owners.
The most popular is our equipment financing programs: Equipment Leasing & Equipment Finance Agreements.
We also offer Factoring (also known as “accounts receivable financing”) and working capital loans.Back to Index
Do I need to provide proof of income or provide tax returns to qualify?
The majority of our programs are called “Application Only”, and that means no proof of income is necessary. Depending on the credit, time in business, type of equipment, industry, and the amount you’re seeking to finance we may need to see income. Proof of income can be as simple as your last three months’ bank statements.Back to Index
Why should I lease equipment when I can use my cash?
One of the greatest advantages with leasing equipment, is the ability to obtain the necessary equipment with little to no money down.
It allows the business owner to preserve their cash, and to obtain new or used equipment by making monthly payments anywhere from 12 to 72 months.Back to Index
What if I have bad credit? Can I still obtain financing for my business?
We have a wide variety of programs that is suited for business owners who have challenging credit. Like any other program, there are guidelines and there are too many variables to go into it here. The best is to have a conversation with one of our advisors to see what you may qualify for.Back to Index
What type of equipment can I finance for my business?
If the equipment is essential for your business, we can finance it!
For example, if you own a medical practice, we wouldn’t be able to finance a bulldozer for that type of business. But we can finance commercial vehicles, restaurant equipment, medical equipment, software, yellow iron, just about anything!
There are some instances where we wouldn’t be able to finance a specific type of piece of equipment, but it’s always best to call and speak to one of our advisors first.Back to Index
What types of rates do you offer?
Our finance rates are very competitive within our industry, and we’ll always strive to find the best suited program with the best terms.Back to Index
What types of equipment financing do you offer?
The following are the type of leases First Capital Business Finance offers:
- Equipment Finance Agreement (EFA)
- Fair Market Value (FMV)
- 10-20% Purchase Option
- Dollar buyout ($1 out)
- Term Residual (TR)
- Sale-Leaseback (SLB)
Learn more by calling us at 888-825-1669!Back to Index
What is a lease?
A lease is a contractual arrangement where one person/business (lessee), the lender/owner(lessor), owns an asset and provides possession and use of the asset to another person, the lessee, for a fixed term.
The lessor is the legal owner of the asset/equipment and the lessee has the legal right to use the asset/equipment in exchange for rental payments.Back to Index
What is an EFA (equipment finance agreement)?
An equipment finance agreement is an alternative to the traditional lease, and it is very similar to a loan.
- Fixed monthly payments
- Terms ranging from 12 to 72 months
The EFA terms and conditions is similar to a lease, but it is not a lease.
At the conclusion of the equipment finance agreement, you have no future financial obligations to the lender.
Unlike a lease, an EFA will not have a buyout at the end of the term; whereas, with a lease, there will usually be a buyout to own the equipment.Back to Index