When you think of starting a business that requires transportation, the most expensive part of the investment is purchasing the right vehicle. With the help of the right truck, single or a fleet, you can make your business's growth rapid and efficient. However, the cost of commercial trucks shatters many dreams and ruins a lot of plans.
To help you make your plans come true, multiple financing lenders are there to provide loans or leases and help kickstart a business at its initial stage or when they are facing a drawback.
Crest Capital is our vouched for the lender for all sorts of financing services to its clients. Founded in 1989 and based in Atlanta, Georgia, this company offers many small businesses purchasing and leasing opportunities for new or used trucks. The finance range that they provide their customers varies.
Within $5,000 to $50,000 comes along with an easy application process, fast funding and market-competitive rates. It is safe to say that the company checks all the boxes to provide the best services under their platform.
Financing your commercial truck through Crest Capital is a great idea for established businesses that require funds for equipment, software or vehicle in addition to working capital. As Crest Capital is not a bank, it doesn't ask for in-depth account details, tax returns or other financial documents.
Moreover, to ensure that the company always provides its clients with exceptional services and outstanding business, they never compromise on their customer support. Over the years of experience, Crest Capital has satisfied its customers and caters to their needs to the fullest. Due to their services have received an overwhelming response and have been rated A+ by Better Business Bureau ever since 2012. Along with that, it is the only lender endorsed by Section179.org for qualified financing.
Further in this article, we will discuss Crest Capital and commercial truck financing through their platform to better understand how they are the right pick for you in such a saturated sector.
“Rated A+ by Better Business Bureau ever since 2012, it is the only lender endorsed by Section179.org for qualified financing”
List Of Services Offered By Crest Capital
Over the years that Crest Capital has been in business, it has brought various equipment leasing options under its platform to facilitate the desire for ownership or temporary utilization of particular equipment by various businesses. The company is a great alternative to traditional banking as it offers decent rates and easy-to-follow lending processes.
Crest Capital does not believe that your plans or business growth get compromised due to the cash flow. Therefore, the company has taken it upon them to provide businesses with what they need to keep them running.
Being America's #1 lender for small businesses, Crest Capital offers a list of financing services through its platform. A loan of $5,000 to $500,000 can quickly, easily and securely be provided for all the services mentioned below by submitting one simple application with no financial statement requirement if your loan request-id for less than $250,000.
- Equipment Financing: Crest Capital accommodates businesses with a restricted cash flow through their equipment financing program. With new ideas and opportunities, a thriving business is always trying to stay updated with its equipment.
However, we are all aware that with the fast-developing pace of the industry, it can get difficult and costly to manage regular equipment purchases. To help businesses with this speedy pace, Crest Capital offers equipment financing with the cost divided over several months. With this facility, the companies can keep the capital for future investments and additional payroll.
- Vehicle Financing: If you are looking for the best vehicle programs, then Crest Capital is the spot for you. The company has structured its programs, especially for business-related trucks, vans and other work vehicles. It helps small businesses to finance a new or used vehicle if they do not have enough cash flow to invest in their business.
Moreover, if you are not a part of the transportation industry, Crest Capital will walk you through each step and help you finance the vehicle that best suits your requirements without any hassle. The best thing about financing a vehicle through this firm is that, as compared to other lenders, it has no mileage limits or hidden charges that would burden its clients.
- Software Financing: Crest Capital understands the need for the right software to fully use the hardware and considers it a tangible asset for a business. To help small businesses with their initiatives, Crest Capital funds the total technology solution to its clients, inclusive of services, maintenance, and implementation of the invested software. This way, your company will always stay one step ahead of the other in technological terms and compete with them in this tech-driven world.
Since 1989, Crest Capital has provided financing based on your terms. Along with accommodating business users with equipment, vehicles and software, they have a chance for vendors to outshine through their platforms. Vendors are allowed to offer B2B customers facilities and services through Crest Capital.
If you do not wish to finance equipment or service through Crest Capital, you can choose what fits best with you from the seller of your choice and Crest Capital will help you get that with their hassle-free financing platform.
Who Is Crest Capital Best For?
Crest Capital is the best option for various businesses out there. It is a fairly simple platform with a relatively simpler online form which does not mean they would snoop into your credit.
Traditional banks require several years of tax returns, personal and business-related financial documents and a long procedure that would take days to get approval. But Crest Capital is not a bank and does not have strict terms and conditions. Instead of making you wait weeks or months, you can expect a response from Crest Capital within a week.
No one likes additional costs when financing anything. Along with providing 100% financing to its clients, Crest Capital has taken it on to cover the soft costs that can burden the clients. This means that the company will be responsible for delivery, installation and other upfront costs that traditional banks do not take accountability for.
Here at Crest Capital, they do not believe in poking their noses in your personal lives or personal assets. Instead of keeping an eye out for your personal belongings or future savings, Crest Capital finances the required vehicle based on your potential and credit availability without the need for financial statement covenants.
The great thing about commercial truck financing through Crest Capital is that you can always head to a bank for further help in times of need. However, if you finance your vehicle or equipment through a bank, you won't be able to look up to them until you clear off your debts.
Diming you or charging you extra fees is not what Crest Capital strives for. The company provides its clients with a fixed-term loan which helps businesses plan their future spending and investments accordingly. They do not want to revolve their terms similar to traditional banks and cause a nuisance in the business owner's life at any point.
Even if you come across a downside in your business over the term you are financing, Crest Capital will never request you to requalify the loan you already have in progress. Moreover, even with increasing interest rates, the company provides its clients with fixed terms instead of adjustable rates.
Since 1989, Crest Capital has been making lives easier for many business owners. Their goal is to ensure that no client leaves disappointed or unsatisfied with their platform. Therefore, they have an efficient and effective hotline number to answer all your queries and get you onboard. They have an easy-to-use website, with all their policies and criteria to ensure that they are transparent with their clients at all times.
“Crest Capital will be responsible for delivery, installation and other upfront costs that traditional banks do not take accountability for”
Do I Qualify For Commercial Truck Financing Through Crest Capital?
Crest Capital is one of the best lenders in the market, with an easy application process and minimum eligibility criteria. They offer an eligibility tool on their website to determine if you are eligible for the financing. If you get pre-qualified as per that tool, there are high chances that your application will be accepted in a few days. Loans provided by Crest Capital are comparatively approved quicker than other institutes, and the inquiry is not based on your credit.
The eligibility tools based the decision on a series of questions such as what you are looking to finance, how much financing are you looking forward to, the type of business you own, course of time that you have been in business, along with your annual sales, and some other business-related details. Once you have submitted your report, you will get a response within 4 business hours.
The criteria for each type of financing may differ a little due to the cost of the equipment or vehicle that is in regards. The basic criterion to qualify for commercial truck financing through Crest Capital are as follows:
- Time in Business: Crest Capital's financing opportunity is not ideal for startups. The minimum criteria in order to get qualified for commercial truck financing through this platform are that you must be in business for at least 2 years. Businesses with over 24 months are preferred over the others as the time in business ensures the brand reputation and credibility.
- Credit Score: The main motive of Crest Capital is to help small and medium-sized businesses with 2 years of standing experience in the industry. They aim to help them out of their dark phases and provide an opportunity to re-establish themselves through their platform. Therefore, they offer their services and facilities to companies with a credit score as low as 650.
- Revenue: As the truck acts as collateral, there is no certain annual revenue expected by Crest Capital when making a decision. It is preferred that your business has not been bankrupt over the last few years to ensure that you won't face a hard time keeping up with the monthly payments.
In order to get approval for financing over $250,000, Crest Capital requires more than the usual documentation. To apply for funding of a larger amount, make sure to keep documents like your tax returns, loans, leases, financial statements, liabilities, your business letter and the equipment functionalities on hand; you would be required to submit those for your loan approval.
The Procedure Of Getting A Loan With Crest Capital
Once you are clear on the eligibility criteria, let's move on to the procedure followed by Crest Capital for only application submission,
Application and Underwriting Process
The initial stage of commercial truck financing is choosing the exact vehicle you wish to finance and which seller you want to take your business to. Now that you have picked out your truck, you would need to head over to Crest Capital's website and fill out the online application that they have for the financing of $250,000 or less.
The application asks you a little about you, your business and the truck you have picked. Along with that, it would request you to pick the loan or lease structure that would suit you the best. There are 6 options to choose from, which are mentioned below:
- Equipment financing agreement: An EFA offers clients a fixed-rate loan which means that once the client has made all its monthly payments, the truck would be their asset.
- $1 purchase agreement: This a lease option that allows you to possess the truck by paying a nominal fee of $1 after you have made all the monthly payments structured by Crest Capital
- 10% purchase option: This is another lease opportunity with lower monthly payments. Once you are through with the monthly payments, you can pay a sum of 10% of the truck's value to purchase the truck.
- Fair market value: Through this program, you get to pay even lesser monthly payments, and by the end of the leasing term, you can be the truck owner if you pay the fair market value of the truck.
- Guaranteed purchase agreement (PUT lease): With the help of this leasing opportunity, you get to decide the amount you would like to pay at the end of the term to purchase it under your name. The amount you state is inversely proportional to the monthly lease payments.
- First-amendment lease: As per this lease, you can purchase or renew the lease as per your wish and convenience.
Once you have made your decision and submitted the application, you can expect a response within a day, as Crest Capital is known for its fast funding. After doing minor research on your credit and an extensive overview of your application, Crest Capital decides on their own and reaches out to you with an answer. If you're approved, you can further send them an invoice to the truck you are interested in, along with the seller's details.
Once that's done, you will receive the agreement that needs to be reviewed, signed and returned for the funding. Crest Capital will pay the seller and purchase that truck on your behalf at the final stage. During this procedure, an administrative fee of $275 will be charged by Crest Capital as per their policies.
Post Funding Process
Now that Crest Capital has financed your desired truck for you, your post-funding procedure will commence. The post-funding experience depends on the financing structure you picked for yourself at the time of application. Each month you will be required to make a certain payment to Crest Capital for your truck under some terms and conditions.
There are multiple payment options such as Step-Up Plan, Master Plan, Deferred Plan or Seasonal Plan for your ease. Whichever plan you choose for yourself, the monthly payments will be structured for you as per that. The Crest Capital loan terms vary from 24 months to 84 months. The wide range of terms provides flexibility and ease to the client and the clients' business.
Once all is sorted regarding the structure and payments and Crest Capital has purchased the truck for you, a repayment will be made each month through an automatic withdrawal from your bank account without causing you any further troubles.
“Crest Capital is one of the best lenders in the market, with an easy application process and minimum eligibility criteria”
The Interest Rates Procured By Crest Capital
Interest rates play a crucial factor when it comes to commercial truck financing. As Crest Capital offers several financing structures, we can never ensure their clients' exact interest rate. Interest rates presented to a client depend on various factors such as the truck, financing structure, term length you chose, credit score, and much more.
Crest Capital usually offers interest rates lower than 5% to its clients to ensure a reasonable and secure option for both parties over 24 to 84 months. With their simple loan application, you can apply for financing today and get your funds at a competitive market rate. Apart from the interest rate, the only extra charge that Crest Capital charges its client is an administrative fee of about $275, a one-time fee for all the documentation and other services they accommodate its clients with.
Crest Capital cares about its clients and doesn't believe in burdening their pockets with penalties or extra charges. To ensure good customer relations, they offer discounts on your interest if you pay off your loan early and regularly with no drawbacks.
Along with offering 100% financing to its customers, Crest Capital offers Section 179 qualified financing. With the help of Section 179, a large amount of the loan can be deducted, bringing you ease under some circumstances.
All the features, services, flexible agreements, and customized plans make Crest Capital one of the most loved and reviewed finance lenders in the industry today.
There are only a few drawbacks when financing with Crest Capital, including the 650 credit score criteria and 2 years of standing in the business. Due to these requirements, many businesses do not qualify further for finance approval through Crest Capital. The company does not accommodate startups as there is a lot of risk in such a business.
Moreover, commercial truck financing is only available for non-transportation industry companies. Crest Capital does not do business with owner-operator trucks or trucking company fleets.
Overall, it has been a good go-to lender for many businesses that needed a little push with their businesses. You can find videos of multiple business owners on the Crest Capital website who are happy to share their satisfying and easy experiences with the world.
Is Crest Capital The Right Pick For You?
Crest Capital is an ideal lender for companies that have been in business for over two years with a credit score of 650. It offers various faculties that other online lenders or traditional banks don't. Unlike other platforms, it offers its clients the opportunity to pick their seller; private or dealership.
The company provides flexible terms, fast funding and an easy application process. You get to own the truck you wish based on the terms you set. What's better than that?
Well, with Crest Capital, it gets better. Compared to other financial institutions, Crest Capital does not surprise its clients with extra charges or penalties at the end of the lease. Instead, they provide each client with a guaranteed purchase option and seal the deal accordingly. Moreover, financing opportunities for soft costs such as delivery installment, in this case, tire change, are also available at Crest Capital for the clients.
Crest Capital provides easy to work with friendly customer support for all your queries. They make sure to improve your cash flow with their help, so you don't have to stress about anything over the line.
Even though Crest Capital is an amazing financing company, it is always better to further look into other platforms, and compare offers before committing to one.