Frequently Asked Questions
FAQs
Get answers to your most common account and equipment financing questions in our FAQs. If you can’t find what you’re looking for, feel free to contact us!
Any business essential equipment.
We provide financing for a variety of business equipment, including yellow iron, manufacturing machinery, office equipment, material handling equipment, entertainment equipment, restaurant trucks, tractors, and trailers.
Equipment financing with Fleet Financial is straightforward and hassle-free. We specialize in matching you with the best funding options tailored to you. Once you apply, we’ll have your options ready to review and discuss in a timely manner.
Our standard equipment loans typically have terms ranging from 36 to 48 months. For larger loans, we may consider extending the term to 60 months.
We understand the challenges that start-up businesses and new owner-operators face. We offer semi-truck and equipment financing options tailored to individual credit and industry experience. Contact us today to explore financing solutions for your new venture.
Fleet Financial does not impose a minimum credit score requirement. Our extensive network of top lenders enables us to assist clients with various credit backgrounds. We are committed to finding the best equipment financing solution for your needs.
To apply for a business equipment loan, simply complete the online credit application. We will request details about both the borrowing business and its principal(s)/owner(s).
Upon approval, we will need proof of identification (a photo of the Driver’s License) and contact information for each personal guarantor on the loan.
Additionally, we’ll require an invoice for the equipment being purchased.
Please include the vendor’s name and address. For private-party sales of titled vehicles, please specify this upfront.
For certain equipment categories, additional documentation may be required:
- OTR Transportation & Car Carriers: Bank statements
- Residential Construction: Bank statements
- Medical Equipment: Medical license
- Food Service Equipment: Bank statements, and if applicable, property lease and/or franchise agreement
The decision-making process takes into account factors such as the length of time the business has been operating, bank and financing references, as well as business and credit bureau ratings. To provide the best products and ensure efficient processing, Fleet Financial uses third-party databases to gather the necessary credit information during the application process.
There’s no minimum credit score required for us to provide you with individualized financing options. We partner with leading lenders nationwide who can help with any credit situation you bring to us. We will provide the best possible financing solution based on your unique situation.
Our rates are determined by factors such as the type of equipment, the loan amount, the term, and your credit profile.
To get an estimate of your monthly payments, use our payment calculator or contact us for a free quote.
Rather than offering a one-size-fits-all solution, we specialize in tailoring financing plans to meet the unique needs of small businesses like yours.
At Fleet Financial, we’re committed to building long-term partnerships that support your business growth.
Requesting an additional personal guarantor on a loan is a precautionary measure we take to help ensure repayment. Here are a few reasons why we might ask for a personal guarantor:
Risk Mitigation: A personal guarantor provides an extra layer of security for the loan. If the business struggles to repay, the guarantor is responsible for the debt, which helps reduce our risk and increases the likelihood of loan approval.
Credit Strength: If the borrowing business has limited credit history, adding a personal guarantor with a stronger financial background can enhance the overall creditworthiness of the loan application, often leading to better loan terms.
Business Stability: For small businesses or startups, a personal guarantor offers reassurance about the financial stability of the business, demonstrating additional support and commitment from someone invested in the company’s success.
In short, requiring a personal guarantor helps us manage risk, improve the credit profile of the loan, and boost the chances of successful repayment.
We want to assure you that our loans do not have hidden upfront costs. Transparency is a core part of our approach, and we make sure all fees and costs are clearly communicated and visible to our customers from the outset.
Closing costs and documentation fees are standard practices for equipment financing companies.
Requiring a Power of Attorney (POA) on a loan is a precautionary step designed to simplify and secure the lending process. Here are a few reasons why we may request a POA:
A POA gives us the authority to manage and control certain aspects of titled equipment, ensuring efficient collateral management. This allows us to take swift action in the event of default or other issues.
While granting a POA involves delegating certain authority, it is done with the goal of facilitating a smoother, more secure lending process, protecting the interests of both you, the borrower, and Fleet Financial as the lender.
You are obligated to maintain insurance throughout the term of the contract. If you already have an insurance provider, you must provide proof of coverage to Fleet Financial. If proof of insurance is not submitted, Fleet Financial will arrange automatic coverage for you through our third-party provider.
Down payments must be in the form of Certified Funds for your convenience and security.
Down payments are collected at the time of purchase to facilitate a smooth transaction process.
In most cases, yes. However, the requirement for a down payment and its amount are determined by the lender on an individual basis. Our team will work with you to find the best semi-truck financing solution that aligns with your financial situation and preferences.
You can anticipate receiving a response within 24 hours of submitting your loan application. Our team works diligently to process applications promptly and provide timely financing solutions to our clients.
Our lenders are experienced in handling such situations and will work with you to determine the best possible terms to fit your needs.
- Visit our website: FleetFinancial.com
- Click the bright green “Make A Payment” button located in the top right corner. This will take you to Fleet’s payment platform.
Accepted forms of payment include: Checking Account, Debit Card, and Credit Cards (Visa, Mastercard, Discover).
If you experience any issues or need assistance, please reach out to our Customer Service Team.
We accept all major credit cards including Visa, MasterCard, and Discover. Processing fees may apply.
Have other questions not covered here? Contact our Customer Service Team at 419-502-1235 or email [email protected].
Still Have a Question?
If your questions were not answered, contact us!