Fast Capital 360 is the ultimate financial entity that extends its customers the promise of helping their business expand and flourish by matching them with reliable lenders. Their unique selling point continues to be the speed with which they provide their customers access to financing options.
The process of acquiring finance from this institution is fairly simple. They offer their customers insightful advice about their business and financing strategies and then connect them to potential lenders to further aid their growing business.
This company offers a wide network of lenders who offer competitive rates and flexible terms so that its customers can take advantage of the right financing option for their particular business. Since so many lenders are available in the network, customers have numerous options to choose from and, therefore, wind up with the best.
Fast Capital 360 has one of the best websites in the market with complete information regarding its holistic services. The website features calculators for each type of financing, which aids customers in knowing their exact needs and aligning them with their financial capabilities of paying back a particular loan or lease.
Main Services Offered By Fast Capital 360
Among its services are various types of financing to aid small businesses' growth and offer them a platform to expand their services. This platform offers its customers access to funds for all types of needs: whether they wish to raise working capital, want to buy out business partners, or are looking to expand their company. Its main services include:
Business Term Loans
This type of financing includes a lump sum of capital provided to the business. The business owner then returns this amount, with interest, in installments over a set period. These installments must be equal.
The term duration for these types of loans can range from short to medium hence from 3 months to 25 years. Business term loans are ideal for long-term investments for a particular business, such as equipment purchases, building construction or business growth.
Business Lines Of Credit
This form of financing offers borrowers access to a pool of funds they can acquire as needed. The amount taken out is what the borrower has to pay interest for. There are two types of business lines of credit: fixed and revolving.
Revolving credit lines are restocked once a borrower repays the balance. Business lines of credit are ideal for catering to cash flow gaps, emergencies, or short-term projects.
These are exclusively for small business owners and are offered by various lenders and banks. A partial guarantor for this type of financing is the Small Business Administration. Therefore, there is reduced risk for the lender and more encouragement to work with owners of small businesses. The best part about this form of financing is that the interest rates have a maximum limit.
Therefore, it is the most reasonable form of financing and light on small businesses' pocket as well. SBA loans are ideal for capital-intensive projects and are particularly offered to owners of businesses with good credit scores.
This is one of the most beneficial forms of financing for businesses. Equipment leases and loans come under the category of asset-based financing. This means that the business owner's item to lease or purchase acts as the collateral.
This form of financing can be acquired from specialized online providers or various alternative conventional lenders. It is ideal for leasing or purchasing business equipment such as machinery and vehicles, including commercial trucks.
Merchant Cash Advances
This form of financing requires the business owner to borrow against the business's future profits. Merchant Cash Advances are aimed short-term, with their general maturity of 12 months or less. These payments are taken out regularly: daily, weekly, or monthly.
Merchant Cash Advances are the type of financing that can quickly gain access because they are quick and have a low barrier. Various online lenders offer this type of funds to owners of businesses. These are ideal for temporary cash-flow gaps or business owners who seek to fix their credit condition.
This type of financing requires a business to sell its accounts receivable balance to a particular lender. Therefore, the collateral for this type of financing is the business's accounts receivable balance. The process calls for the lender to issue an advance of up to 80% of the invoice's face value. Once the customer pays the invoice, the lender offers the remaining balance for the invoice after subtracting their fee.
Therefore, the total fees depend on how long it takes the customers to pay their invoices. This form of financing is made accessible through various online lenders and directed towards businesses with unpaid accounts receivables.
“Purchase, lease it, or go for a sale-and-buyback approach. There is an opportunity cost to all three options”
Who Should Apply For Commercial Truck Financing With Fast Capital 360?
If a particular business owner is hoping to finance commercial trucks, they can use equipment financing to cater to their particular business needs. This type of financing is particularly aimed at businesses that intend to lease or purchase equipment to operate their businesses. These include commercial trucks, vehicles, computer systems, and various other equipment.
Some cases offer business owners the incentive of gaining access to various funds to cover the total purchase cost. This occurs because this type of financing keeps the equipment itself as collateral. Therefore, if you fail to repay the lease or loan for the equipment, the lender can seize your equipment.
There are three ways of managing equipment financing. You can either purchase the equipment, lease it, or go for a sale-and-buyback approach. If you purchase the equipment, there is a high upfront cost, but you become the official owner of the equipment right off the bat. If you opt to lease it, you have to make monthly rental payments for the equipment while having access to it to carry out your business operations.
Lastly, if you choose to sell and leaseback, you are initially the rightful owner who sells it to a temporary lender and then leases it back from him. This way, you gain access to the equipment and are liable to pay back the monthly lease amounts. Moreover, you get access to cash from selling the equipment, which you can use for the business. At the end of the term, you can either buy back the equipment from the lender or return it.
Purchasing the equipment has its advantages of providing you complete ownership and overall lower costs than leasing it, but it may cause you to get stuck with outdated equipment. Therefore, leasing equipment ensures that you can upgrade once your lease term ends. However, the overall cost is higher if you've leased the equipment. Therefore, there is an opportunity cost to all three options.
If you wish to acquire equipment financing, it can range between $5,000 to $500,000. Regardless, it is ideal for owners of small businesses who need equipment to operate their business. Fast Capital 360 offers this form of financing at competitive interest rates and flexible loan terms.
The Difference Between Equipment Leasing And Equipment Financing
Equipment leasing allows the business owner to use the equipment bought by a lender by paying a rental fee. This is the ideal form of equipment financing for businesses that frequently need to upgrade their equipment or for those who do not have adequate funds to pay the down payment of an equipment loan to purchase it.
Moreover, most leases offer buyout at the end of their term. While this form of equipment financing is more expensive than purchasing the equipment, your business can have this lease become deductible from tax. However, it would help to have a consultation to ensure that this write-off applies to your situation.
On the other hand, an equipment loan allows the business owner to purchase equipment by paying equal monthly installments and interest payments. This option ensures that the owner can secure up to 100% of the equipment's value. However, some lenders require a down payment of 10% to 20% of the equipment cost.
The collateral for this type of loan is the equipment itself. Therefore, if the owner fails to repay the loan, the lender can seize the equipment. This form of loan can also carry other business assets. Therefore, if the owner defaults on loan, the lender may be allowed to acquire any personal or business assets to secure the loan financing.
Choosing Between A Lease And An Equipment Loan
When you're looking to decide between an equipment loan and an equipment lease, there are factors to consider. Therefore, the following three questions will help you make the right decision:
What Is The Business Owner's Affordability?
Fast Capital 360 offers an equipment financing calculator to aid in finding the principal payments, interest rate, total loan amount, and loan term for the amount required by the business owner.
However, even before using the calculator for estimations, it is important to be aware of your level of affordability. The monthly payments for a lease may be lower than for a loan. However, the owner is likely to spend more and, therefore, need more if they plan on purchasing the equipment at the end of the lease term.
Beyond monthly payments, the business owner should also know of their budget regarding the down payment for the equipment. If they can offer 20% of the total equipment cost as a down payment, opting for an equipment loan may be a better option. However, the long-term plan for the equipment plays an important role too.
What Is The Requirement Of Equipment Usage?
The long-term plan for equipment usage plays an important role in determining the route you need to take. Therefore, if you wish to use a commercial truck for more than 3 years, it is best to opt for an equipment loan due to the long-term investment nature.
On the contrary, if your usage of the commercial truck is temporary and you feel that you may need to upgrade sometime in the future, opting for an equipment lease may be the better option because you will be able to upgrade to another truck after the lease term ends. Moreover, this form of financing requires lower short-term costs.
What Is The Shelf Life Of The Equipment?
The equipment financing tool plays an important factor regardless of the shelf life of the equipment. If the owner chooses to lease necessary equipment that will be outdated soon, they may be able to get the most out of it without worrying about the long-term depreciation costs. However, it is important to ensure that the leased equipment is in good condition till the end of the lease term so that you are not bound to pay for something which is not usable.
On the contrary, if the equipment you need has a long shelf life and will sustain its value in the long run, opting for an equipment loan and owning it may be a better option. This type of financing offers business owners the chance to own machinery and vehicles of high value.
How Do You Qualify for Fast Capital 360 Commercial Truck Financing?
Certain factors are integral when applying for equipment financing or any business loan. This type of financing varies from lender to lender, and each has a different set of requirements to qualify for approval. However, there is a general formula to qualify for commercial truck or equipment financing:
When a business owner applies for a loan or leasing option for a small business, most lenders choose to determine the eligibility by looking at the business or personal credit scores. If the business does not have a high credit score, the lender will check the owner's credit score.
If the credit score falls in the good to the excellent category of 670 to 800, customers are likely to qualify for some of the best types of equipment financing. However, those with relatively lower credit scores also have options.
Time Since The Business Was Established
The number of years the particular business has been functioning plays a huge role in whether it can be qualified for equipment financing. Generally speaking, banks or other conventional lenders opt to offer to finance small businesses that have been up and running for at least 2 years.
Other business leaders, particularly online lenders, offer a more flexible type of financing and are not too strict when it comes to the time in business. Therefore, this type of lender may offer access to funding if the business has been in operation for at least 6 months. Fast Capital 360 is an example of this.
Lenders also tend to scrutinize a business's monthly sales and yearly revenue. This gives them an idea about the business's growth and capability to repay the loan or lease. Therefore, the total loan amount is also dependent on this factor.
Fast Capital 360 Qualification Requirements
Fast Capital 360 has the following minimum qualification criteria for equipment financing:
- The business should be operating for at least 2 years.
- Yearly revenue of 160,000.
- A FICO score of 620+
Therefore, Fast Capital 360 offers flexible loan qualification requirements and extends its financing to all types of small businesses.
Loan Application Process
The loan application process differs from lender to lender and across different types of financing. However, there is a general rule book that you can follow as the owner of the business in terms of the information that you should be prepared to offer the lender. This includes:
- Information about the business and the business owner
- Tax returns and bank statements
- Information about the equipment that the owner wishes to finance
As a customer, you should seek to know the following information:
- Condition of the equipment, e.g., new vs. used.
- The number of miles the equipment has been in operation.
- Information of the seller or lender.
The application process may take as little as a day to as much as several months, depending on the customer's eligibility and the lender's offer. Since Fast Capital 360 is an online lender, the application process is easy and fast.
Moreover, customers are likely to receive their financing approval in a short period. This company normally takes a few hours to approve or disapprove of a loan or lease. Since small business owners have less time on their hands and need quick access to funds, Fast Capital 360 is the best option.
Fast Capital 360 has a simple online loan application evaluated by its professional loan advisors, who offer guidance regarding the type of financing that is the best for your business.
Fast Capital 360 Commercial Truck Financing Interest Rates
Fast Capital 360's equipment financing covers a wide range of loan amounts. Customers have the option of up to 100% of the equipment value through Fast Capital 360's commercial truck financing. The repayment term varies between 1 to 5 years, depending on the business owner's requirements and financial eligibility. The interest rate for commercial truck financing starts at 8% of the total loan amount. This type of financing is made accessible within 2 days.
Commercial Truck Financing is necessary when you need to lease out or purchase a truck for your business. This form of financing allows you to secure this equipment without spending excessive money at once. With competitive interest rates of as low as 8%, you are likely to get a good deal for your truck.
Frequently Asked Questions (FAQs)
How can business owners use their equipment financing?
This type of financing can be used for technology or machinery specific to the industry that the business operates in. Fast Capital 360 offers a variety of equipment that caters to numerous industries, including construction companies, farms, restaurants, and gyms. This company offers two main categories of equipment financing, including heavy equipment financing and commercial equipment financing.
Heavy equipment financing includes the following:
- Farm equipment financing
- Gym equipment financing
- Drilling equipment financing
- Construction equipment financing
- Automotive equipment financing
- Truck equipment financing
Commercial equipment financing includes the following:
- Restaurant equipment financing
- Packaging equipment financing
- Car wash equipment financing
- Laundry equipment financing
- Medical equipment financing
- Dental equipment financing
How does equipment financing operate?
This type of financing allows business owners to purchase a piece of furniture, machinery, vehicle or other business sources ranging from commercial ovens to construction vehicles to tractors and trucks. This financing has the following characteristics:
- The Opportunity To Receive 100% Of The Equipment's Value
Business equipment financing offers business owners the opportunity to gain up to 100% of the value of the equipment. However, some lenders require a down payment of 10% to 20% of the total equipment, particularly for fast-depreciating and risky investments.
Overall, the amount of funding the business receives depends on its qualification and the equipment's price. Most types of equipment financing keeps the equipment as collateral. Therefore, it is easier to acquire equipment financing even if you have a low credit score.
- Flexible Terms And Rates
Fast Capital 360's lenders offer competitive rates starting from 8% to 30% interest rates. The loan terms also vary between 1 to 5 years. The length of the agreement depends on the useful life of the equipment item acquired.
For example, the business owner can expect to get a longer term for commercial equipment such as a truck or piece of construction machinery instead of a computer that may become outdated after some years. The payments can be made daily, weekly, or monthly, depending on the agreement between the lender and the business owner.
What is equipment financing?
Ans. Business equipment financing is a type of financing which aids you in the purchase or lease of equipment that you need to continue the operations of your business. The piece of equipment you seek to acquire acts as collateral for this type of financing. Therefore, if you fail to make payments on time, the lender can seize the equipment and keep you from using it further.
Contact Fast Capital 360
Customers can easily contact the Fast Capital 360 customer representative team by calling 1-866-548-3464. Customers can reach out to servers from 9:00 AM to 6:00 PM from Mondays to Thursdays and from 9:00 AM to 5:00 PM on Fridays.
Otherwise, they can fill in the online contact form available on the official website. The company is operating 5 days a week from Monday to Friday.
In addition to that, they can also visit the branch at 41 University Drive, Suite 400, Newtown, PA 18940.