This company specializes in offering top-notch lending facilities, leasing, and other banking services to small businesses and middle-market firms. Financial professionals lead CIT Bank with ample skills, which contribute to helping businesses and individuals towards their specific financial goals.
CIT Bank also abides by social responsibility rules through its dedication to investing in various communities and promoting sustainability through its practices. Its services are ultimately divided into three core categories: commercial banking, personal banking, and business-related banking.
Its commercial banking services consist of numerous sub-categories and features to further empower its customers. These include:
CIT bank's exclusive industry knowledge and asset-backed professionalism offer differentiated financing options across numerous sectors to empower middle-market businesses. The bank takes pride in performing various transactions to offer tailor-made financing solutions that cater to each customer's needs.
Through its commercial financing feature, CIT bank offers solutions to various areas such as commercial and industrial, consumer goods, communications and technology, aerospace, energy and power, healthcare, media and entertainment, maritime, and homeowner associations.
Banking for Community Association
CIT Bank's community association banking group remains the leader nationwide for offering exclusive service, tailor-made technology, solutions for smart savings, and efficiency for homeowner associations.
This feature includes offering customers the opportunity to operate and reserve accounts, make money market accounts, operate online banking, get their hands on certificates of deposit, enjoy various payment services and multiple HOA loans.
Middle Market Banking
Through this feature, CIT bank offers various financial options to midsize customers through a banking relationship service and provides them with various deposit solutions, treasury and payment services, loans, and other banking products. The team targets numerous business sectors, including professional services, healthcare and non-profit organizations, and education.
Capital for Businesses
CIT Bank's business capital service collaborates with various vendor financing programs to cater to a wide range of leading and equipment loan needs of small and medium-sized businesses. Thus, the aim is to empower customers who aim to expand through digitized solutions. This service also includes lending platforms for business financing options to business entities. These options are easy and operate in real-time for their required customers.
Lending for SBA
CIT Bank offers an array of small business administration loans to aid them in acquiring real estate, purchasing, or leasing equipment, helping in business expansions acquisitions, and injecting working capital to help run their businesses.
The Bank’s financing options also target the rail industry. This feature leads the industry through its numerous rail equipment leasing options for bulk shippers and railroads spread across North America. Since this form of transport or vehicle has numerous end benefits, CIT Bank actively works towards helping these businesses expand.
It does so through extensive industry knowledge, ultimate asset management skills, and the ability to extend support to customers with railcars in high-capacity to cater to higher efficiency transportation.
Payment and Treasury Services
This service comprises various liquidity and treasury management facilities to improve working capital for midsize and small enterprises. These formulate processes by efficiently collecting funds, lowering the risk of fraud, and enhancing the customer's liquidity management. Specific services include:
- ACH and wire transfers.
- Online banking.
- Lockbox collection options.
- Controlled disbursement.
- Merchant services.
- Remote deposit capture.
- Commercially operating credit cards.
Asset Management and Capital Markets
These services offer debt creation, syndication, and underwriting options, which aid in optimizing the financing for sponsor-owned, midsize and small business companies. Furthermore, the Capital Markets feature provides advisory, private placement, hedging of interest rates, and currency hedging services, which collaborate to offer customers efficient and easy financing options.
Additionally, the asset management feature consists of various fund management services contributing to the bank's specialized creation skills and asset professionalism.
"CIT bank's exclusive industry knowledge and asset-backed professionalism offer differentiated financing options across numerous sectors"
Personal or Consumer Banking
The consumer banking services comprise of the following methods of financial options:
CIT Bank's direct bank offers various services to its customers by taking up a convenient and digital approach by offering smart savings options online for the nation. Its financial banking options include the top-notch Savings Builder account, a new banking product i.e., digital checking, an account for the money market, and a wide range of CBD options. This service aims to offer customers maximum help optimizing their savings and eventually achieving their financial goals.
CIT Bank's retail banking service consists of OneWest Bank, the bank's branch network located in Southern California, aside from its other branches throughout the country. This service consists of banking deposit options for individual customers and small businesses and loan options to aid CIT Bank's customers in achieving their financial goals.
Some features of this service include savings and checking bank options, variable and fixed-rate mortgages for customers, and various products for small businesses. Moreover, CIT Bank also offers home loans for customers who wish to purchase a home.
Other Personal Banking Services
Overall, CIT Bank offers a range of services for its customers in the personal banking service department. These include:
- Online Banking
- Mobile Banking
- Money Transfers
- CDs Management
- Online Payments
- Reporting a stolen or lost Debit Card
- Customer Mortgage
- Debit Card Controls
- Custodial and personal checking accounts
Business Banking Services
CIT Bank's business banking services consist of the following features:
CIT Bank offers its customers the opportunity to acquire financing for their small businesses. This is not restricted to loans for capital but also extends to technology, equipment, inventory buys, and much more. CIT Bank offers efficient financing options for customers who wish to kick-start or expand their businesses with quick approval and an easy application process.
Its solutions target a wide range of industries to offer them the opportunity to expand further. These include franchises, industrial businesses, material handling, technology, print and specialty graphics, office imaging, and commercial vehicles or truck financing.
This form of financing caters to customers who need quick access to payment options and other financing options to upgrade their technology or equipment for ongoing businesses. Therefore, CIT Bank also offers same-day approval loans for small business equipment, providing its customers access to up to 500,000 dollars. The bank aids its customers through flexible repayment periods and various options to cater to the customers' specific needs.
CIT Bank offers numerous uses in injecting capital by offering loans for equipment and technology, purchase inventory, marketing, short-term cash flow management, and working capital supplementation.
For CIT Bank's options for equipment financing, there are three options including:
- 1 Dollar Buyout: Available as an Equipment Financing Agreement (EFA) or a lease.
- Fair Market Value: The option to acquire a low lease payment and gain ownership of the equipment at the term-end. Otherwise, the customer can return it.
- Net Terms: Purchase now and pay later with installments spread across 30, 60, or 90 days.
Its loan repayment is fairly flexible because customers can opt for a monthly, seasonal, or deferred payments method to pay back their loan.
If you're running a business, CIT Bank also offers the service of lending them the best service through their simple application process. Your customers are likely to get quick approval if you choose to sign up as a vendor partner or referring source.
All in all, business customers can gain access to the following:
- The convenient application process to lease equipment and take up loans for working capital and other uses.
- Flexible payment options include a 1 dollar buyout and fair market value.
- The ideal service to exclusively fit the customer.
- There are an array of services that are a part of this feature, including:
- Referral guidance and financing process for vendors.
- Exclusive applications so existing customers can sign up as your referral.
- The option to manage the financing system of business customers through the business's personalized dashboard.
- Instant and thorough real-time updates on business customers' application status.
- The option to take up co-branded marketing options to aid in various financing options.
This service is exclusively used to help businesses expand through various features beyond loans, such as co-marketing programs, monthly reporting, expanding sales numbers and revenue through direct help, and the ability to opt for digital or paper financing options.
CIT Bank's services are consistent and also consist of the following:
- Data integration and invoicing
- Merchant services
Its exclusive FlexAbility invoicing platform offers a convenient understanding of the invoice with appearance and content, custom-made for customer requirements.
"CIT Bank offers efficient financing options for customers who wish to kick-start or expand their businesses with quick approval and an easy application process"
Who Should Apply For Commercial Truck Financing With CIT Bank?
If you've read through the numerous services available through CIT Bank, you will realize that the array of features is endless and pertains to all kinds of customers. Therefore, whether you operate a business, are an individual with specific financial needs, or need to opt for any form of commercial financing, CIT Bank is the best option.
For commercial truck financing and loans, CIT Bank has more than 100 years in the market of aiding various companies in acquiring financing for their trucks. It is common for various trucking companies to settle for low-quality trucks in pursuit of saving money.
However, these trucks are subject to quickly breaking down, which ultimately requires the customer to extract cash for replacement or repair. Therefore, the long-term cost of acquiring these trucks ends up increasing. This is where CIT Bank's services play a huge role because they offer finance for mid or large-sized trucking companies.
Moreover, the bank offers access to used and new trucks, depending on your payment options and provides the opportunity to acquire them through commercial truck loans.
CIT Bank offers a variety of trucks along with the option of leasing them to fulfill its customer's truck needs. These include:
- Dump trucks
- Refuse trucks
- Walking floor trailers
- Catering trucks
- Water trucks
- Box trucks
- Van leasing
- Dry Van
Aside from offering various financing options, CIT Bank also directly interacts with each customer to ensure satisfaction with the transaction. Therefore, financial experts are readily available throughout to cater to any customer queries and advise on what financing option may suit them best.
How Do You Qualify For Commercial Truck Financing?
This form of financing offers an array of features, including:
- CIT Bank offers leasing for various types of businesses, thus allowing them to afford the trucks they need.
- This bank opts to work with customers to develop leasing options according to their particular needs. Therefore, the qualification criteria depend on the particular businesses' inflow, the period since its establishment, and the monthly budget.
- Customers can opt for a buyout option after collaboration with the bank.
- CIT Bank's managers are highly skilled in offering adequate advice for financing.
- All loans are cost-sensitive and flexible, allowing customers to afford the expenses that appear monthly easily.
All in all, commercial truck loans and financing are tailor-made according to the business customer's specific requirements. However, their qualification depends on the period spent in the industry, the monthly budget, and the particular needs.
The more suitable these factors are for the repayment of a loan or lease, the higher the chances of qualifying for a loan. CIT Bank promises to offer options to all types of businesses, from small to medium-sized.
"CIT’s array of features is endless and pertains to all kinds of customers"
Loan Application Process
The loan application process is fairly simple because it can easily be accessed online. Therefore, CIT bank offers a convenient solution to the customer's loan needs. There are three easy steps involved in the loan application process.
The customer has to fill in an online form, which takes as little as 3 minutes. This form probes basic information regarding your financial condition, your income, your business's operations and financing, and your monthly budget.
The second step involves signing the required documents electronically. CIT Bank makes the process easier and even more convenient through its quick approval loans and by sending the loan contracts directly your way digitally. Thus, you can receive loan approval, sign the contract, and be eligible to acquire your loan.
The final step is to acquire your financing upon approval and use it to expand your business in whatever way necessary.
If you're looking to lease a particular truck, the online application form caters to all forms of leasing and lending. However, for further information, you can reach out to a customer service agent through a direct visit to one of CIT bank's branches and their contact center.
Another option is to contact them through a phone call on 855-462-2652 (for U.S.-based customers) and 626-535-8964 (for customers outside the U.S.) or fax on 866-914-1578. These representatives are readily available 6 days a week from Monday to Saturday. The available hours are 9 AM to 9 PM on Monday-Friday and 10 AM-6 PM on Saturdays.
Lastly, customers can also opt to submit their forms on the document center after signing into their official CIT Bank account.
Commercial Truck Financing Interest Rates
CIT Bank's truck financing loans range up to $500,000 dollars, with term lengths ranging from as short as 6 months to as much as 72 months. Therefore, business customers have the option of repaying these loans spread across a long period. These are subject to applications only, and the interest rates are quoted annually and can be as low as 5.49% for eligible customers.
Therefore, the better the financial standing and credit history, the lower the interest rate. Therefore, the equipment financing loans are approved and transferred within a day and are quick and convenient. The repayment method for these types of loans is also flexible and may be through monthly, seasonable, or deferred payments.
There are numerous uses for this type of financing, including commercial vehicles, construction equipment, restaurant equipment, POS terminals, computer hardware and software, and capital equipment.
"The application process is fairly simple because it can easily be accessed online. Therefore, a convenient solution to the customer's loan needs"
Details About Other Loan Options
Customers also have access to working capital loans and franchise financing. Working capital loans can range up to $150,000, commonly acquired through a referral source. However, these have a relatively shorter loan term, ranging from 6 to 15 months.
The interest rates vary based on the business's credit review or the requested loan terms. These kinds of loans are also transferred on the same day and are highly efficient. Customers can opt for weekly or daily repayments for this type of loan. Its uses include soft costs like inventory, equipment or technology purchases, payroll and marketing financing, and cash flow management.
The last loan option is franchise financing, which costs up to $500,000 dollars and is available through application only. The term length normally falls in 6 to 84 months, and the interest rates vary by each financing product. This loan type is also made available within a day. The repayment period varies based on the financial product. However, customers have the option to offer seasonal or deferred payments. Common uses of this type of financing include remodels, equipment or technology upgrades, working capital, acquisitions, and shifting to new locations.
Frequently Asked Questions
Q1. How does CIT Bank cater to privacy concerns?
The bank's privacy notice details its customer information-sharing routine. This notice is provided to all customers when they're in the process of opening up their account and yearly if they make any material changes.
Q2. How does the bank gather personal information from customers?
The bank collects personal information using three main methods. These include:
- Directly from the customer when they apply for one of the services of products offered by the bank.
- Various non-financial and financial companies related to the customer through common control or ownership, depending on the customer's relationship with the company or based on the practice's legality.
- Third parties such as credit bureaus are not direct service providers but can vouch for the customer's ability to repay their loans.
- CIT Bank also extracts personal information through an online platform, such as the customer's browser, IP address, device information, or other types of information. This can be extracted by taking note of the following:
- The type of devices customers use for interaction with the bank or to visit the bank's website.
- The customer's device's browsing history.
- Gathering information from various ads or content that the bank or its service provides, commonly viewed, accessed, or clicked on by the customer.
- Tracking the customer's device's location, which is used to visit the bank's website. However, this is subject to the customer's full consent.
Q3. How does the CIT bank use customers' personal information?
The bank uses its customers' personal information for numerous aspects. These include:
- Offering various information, products, or services the customers request. These include account services, full transactions, recognizing and remembering the customer when they visit the bank's site, making the site easier to use and enhancing it, offering notifications for the account, product, or service updates, performing quality checks to maintain service quality, and offering quick responses to customer queries.
- Offering advertising of the bank's services and products by investing in marketing materials such as email notifications, special offers, or other CIT bank products, services, or related news notices. Additionally, the bank offers customized content or tailor-made ads based on your personal information to cater to your location and interests.
- Managing potential risks for security and preventing fraud by detecting security breaches and offering protection against unlawful activities. The bank also debugs in pursuit of identifying and fixing errors that may be reducing the efficiency of certain services, verifies the customer's identity when they apply for a particular service, and analyzes their credit history from past credit reports if the customer is applying for a loan.
- Carrying out various employment-related activities by performing background checks, delivering benefits to employees through the benefits program, and referring back to contact references provided by the customer.
- Performing other lawful activities to conduct thorough research while complying with the law. Moreover, personal information is also used for audit purposes.
If you wish to take advantage of the numerous features offered by the CIT Bank, sign up on its official website or pay a visit to one of its branches to explore your options for commercial truck financing.