First Capital Business Finance
Read below to see the answers to our most Frequently Asked Questions!
Welcome to our FAQ page, dedicated to answering your queries about our specialized hard money lending and brokerage services. We focus on providing financing and leasing solutions for all types of heavy equipment and Semi Truck Financing.
Yes! We have a wide variety of programs that are specifically for startups!
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.
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.
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.
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.
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.
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.
Our finance rates are very competitive within our industry, and we’ll always strive to find the best suited program with the best terms.
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 888-565-6692!
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.
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.