Frequently Asked Questions
Equipment Financing FAQs: You Have Questions. We Have Answers.
Crest Capital finances business equipment, vehicles, and software from $10,000 to $500,000, with same-day decisions and no financial statements needed up to $250,000. Below are straight answers to the questions business owners ask us most, from credit requirements and rates to paperwork, approval speed, and Section 179.
Crest Capital makes equipment financing easy, but that doesn’t mean you don’t have questions. Here are the answers to our most Frequently Asked Questions.
Qualifying and Credit Questions
Who we work with, and what happens to your credit when you apply.
What Are Crest Capital’s Credit Requirements?
Our typical business customers are established companies, 2 or more years under current ownership, with good credit. A credit score of 650 is the minimum most equipment financing lenders typically require. Crest Capital’s credit requirements for equipment financing approval are based on many factors including the age of the business, credit history of the business and owners, current utilization of debt, collateral, industry, and numerous other factors. You can check your company’s eligibility in seconds, with no personal-credit inquiry. For a plain-English look at what we consider, see Do You Qualify?
Will Crest Capital hit my personal credit with an inquiry when I apply?
Nope. Checking your eligibility involves no personal-credit inquiry, and if you move forward with a full application, we use a soft credit pull, which never places an inquiry on your credit report. Never a hard pull. We can make a decision without an inquiry showing up on your credit report, which is another example of Crest being a very customer-friendly equipment financing company.
What about startup financing? Or bad credit financing?
These we don’t do. Sorry. Crest Capital works best with established businesses with good credit; see Do You Qualify? for what we look for.
Do you work with small businesses?
Sure, we love working with small businesses. Our customer base is filled with companies that have between 5 and 75 employees.
Rates, Terms, and How We Compare to a Bank
Fixed-rate financing, plain terms, and none of the strings banks attach.
What are your finance rates?
The finance rates we offer are competitive with a typical bank business loan. Rates are fixed for the full term and never adjust. For a payment estimate in seconds, use the payment calculator.
Do you have the restrictions that a bank has, like blanket liens and similar?
No, we do not. Our fixed-rate loans and leases require no blanket liens, and we also do not require a compensating bank balance. Nor do you have to re-qualify for the loan annually. Assuming you make your payments, we’ll leave you alone.
What type of equipment leases does Crest Capital offer?
Crest Capital offers a wide variety of business equipment leases and loans. From straight EFAs to $1 purchase options to Operating Leases to others, we’re sure to meet your lending needs.
Do you provide titled leases?
Yes, we do, with a guaranteed purchase option.
Can I pay off my equipment financing early, and are there any penalties?
Yes, early payoff is allowed, and Crest Capital typically has minimal or no prepayment penalties. One candid note: because the financing cost is fixed at signing, there is no advantage in paying off early.
What happens at the end of the equipment financing term?
With equipment financing, you own the asset outright once the final payment is made. With a lease, the end of the term typically brings a buyout or renewal option instead of automatic ownership.
Transaction Sizes and What We Finance
Transaction sizes, asset types, and how much of the purchase we cover.
What transaction sizes do you finance?
From $10,000 to $500,000, with larger transactions available by arrangement.
Do you finance (insert type of equipment)?
Yes, we will finance almost any type of equipment, vehicle and software a business needs to conduct operations. From machinery to office furniture to electronic equipment to… pretty much everything else.
I assume you finance vehicles too. Is that true?
Indeed it is. We finance new and used commercial vehicles and trailers. This means everything from delivery trucks and vans to work vehicles to heavy equipment. We even finance vehicles like paving trucks, cranes, ambulances, and similar. The only types of vehicles we don’t finance are passenger cars (with one exception: our Company Cars & SUVs program finances business-use cars and SUVs in your company name), and transportation company / owner-operator trucks (that said, we do finance individual 18-wheelers for companies not involved in the transportation industry).
Does Crest Capital Finance Software?
Yes, Crest Capital provides Software Financing. In fact, we’re proud to be one of the only equipment financing companies to do this.
Do you provide financing for the entire transaction?
Yes, we provide 100% financing, and then some.
What do you mean “and then some”?
We will not only finance the entire transaction, but if you wish, we will also finance the soft costs, like tax, delivery, installation, etc. A full 25% of the loan amount can be soft costs.
Can I add to a lease / finance agreement? For example, we finance computers through you one year, and next year, we need more.
Yes, we will work with you there.
Need more than $500,000? Larger transactions are available by arrangement.
Applying and Approval Speed
What you need to apply, and how fast you hear back.
What about applying? Do I need boxes of tax returns and other forms?
Nope. If your transaction size is under $250,000, then all you need to do is fill out our quick and easy online application. No financial statements or tax returns needed.
Once we apply, how fast is your approval process?
It’s usually a matter of hours. Is later today good? Seriously, most applications receive a decision the same business day.
How do I get started?
Use our quick and easy online application. Or start by checking your eligibility. It takes about 2 minutes, involves no personal-credit inquiry, and gives you an instant answer.
Section 179 and Tax Questions
How our financing works with the Section 179 deduction.
Is your financing Section 179-friendly?
Yes, we offer Section 179 financing that allows you to take advantage of this generous business equipment tax deduction. Use it, your accountant will be very pleased. For the full rules and current-year details, see Section179.org.
Ready When You Are
See What Your Business Qualifies For
Answers first, paperwork later. Checking takes about 2 minutes and involves no personal-credit inquiry.
About 2 minutesNo personal-credit inquiryInstant answer
Beyond the FAQs
Talk to a Real Person
If your question is not covered here, the fastest answer is to check your eligibility. It takes about 2 minutes, involves no personal-credit inquiry, and gives you an instant answer. Prefer to talk? Call us at (800) 245-1213. You can also see how our process works from application to funding, review what we look for, or hear from customers on our ratings and reviews page.