BB&T Equipment Finance Reviews - Financial Lender Pros & Cons
BB&T Equipment Finance started its journey as a small bank in 1872 and today it is one of the largest financial service lenders in the United States. BB&T Equipment Finance is ranked as the nation’s 14th largest financial holding company with assets worth $230.0 billion. BB&T Equipment Finance is active in 15 states and has more than 1700 branches. BB&T Equipment Finance is an expert in commercial equipment leasing and has served more than 15,000 customers. It deals with multiple financing options such as leasing, loans, lines of credit, insurance banking, and other financing solutions to small and large businesses.
- Long terms and affordable interest rates
- SBA Preferred Lender
- Variety of loan options
- Flexible payment options
- Limited information is available on the website
- No online application facility
- Business needs a high credit score to qualify
- Serves a limited range of industries
Following are the details of financing solutions.
BB&T Equipment Finance provides both collateralized and unsecured term loans that can be used to fund start-up costs of business, maintain cash flow, make business improvements, and a variety of other business expenses.
These loans are paid by the customer in low monthly payments that can have fixed or variable interest rates according to the convenience of the customer. The customer can chose secured and unsecured loans and also have the option to decide the length of the term loan at the beginning of the process.
BB&T Equipment Finance does not provide information on the rate and borrowing amounts.
Lines of Credit
BB&T Equipment Finance operates lines of credit for small corporate clients. The firm has not provided much information related to the service, the available information is as follows:
- Revolving lines of credit give businesses access to the funds when needed
- Monthly payments are adjusted based on the company’s balance
- Eligible uses of the line of credit include working capital, hedging cash spreads, consideration of unplanned opportunities, and covering operational costs.
Line of credit is a good option for small businesses as it does not require any monthly service fee, the interest rate is adjustable and it is more flexible than commercial loans. This financing option fills up the business requirement for short-term funds and helps meet day-to-day working capital expenses.
BB&T Equipment Finance is a prime SBA lender and offers loans with an accelerated lending process. BB&TEquipment Finance provides the benefit of lower down payment, offers flexible terms, and the customer has access to competitive pricing. SBA loans can be used for a variety of business purposes, including:
- Starting a business
- Buying an existing business
- Funding working capital
- Purchasing land or business
- Making renovations
- Constructing owner-occupied buildings
- Purchasing equipment or inventory
- Refinancing debt
BB&T Equipment Finance does not specify the types of SBA loans it offers on its website, at a minimum, they do offer SBA 7(a) loans because they are on the list of the 100 most active SBA 7(a) lenders.
As mentioned earlier, in addition to these BB&T Equipment Finance commercial loans, it offers distinct commercial loan options that can be used to serve different business expenses.
In general, BB&T's commercial loan services include:
- Commercial Term Loans: These loans can be used by businesses for buying real estate property, equipment, or inventory
- Working Capital Solutions: These funds can be used to expand the business, serve customer needs, or can be invested in products or services.
- Commercial Real Estate Financing: Loans, lines of credit, and other options are available to finance commercial and residential construction, land acquiring, and more. A business can use this financing option to get favorable financing rates, improve the cash flow cycle, and manage growth with flexibility.
- Equipment Financing: These services include capital leases, loans, equipment financing agreements, terminal lease adjusters, and operations and fair market values. This option helps businesses to increase their working capital, frees up other lines of credit, and provides tax benefits.
- Export financing: This service provides financing and assurance to businesses that conduct international transactions.
- Industry-specific financing solutions: Funding available for healthcare solutions, agro-food business loans, government financing, and other industries.
Industries it serves:
- Material handling
- Energy Sectors
BB&T Equipment Finance has outlined certain terms that a business needs to get qualified. Some of the qualifications for the financial services are listed below:
- The business must have an excellent personal credit score that is more than 700.
- The company must have proof of its strong annual revenue
- The business must be in the market for two or more years
- The rate of Collateral will be depending on the loan, its type and the amount to be borrowed
However, for any BB&T SBA loan, it is important to note that the business will have to meet the SBA loan requirements and all the general lending requirements established by BB&T Equipment Finance.
Terms and Conditions
BB&T Equipment Finance has not provided any information related to interest rates or the duration of any financing option. If a customer wants to avail of any BB&T Equipment Finance service he can get all the relevant information by visiting their bank.
The Final Verdict
No doubt BB&T Equipment Finance has quite a range of good financing options that can help businesses in different ways. The company provides multiple types of financing services that can fit every industry requirement. The company understands the complexity of the equipment finance market and tends to provide customers with tailored solutions that will meet their specific tax, accounting, or asset management issues.
It is difficult for small businesses to qualify for commercial lending by BB&T Equipment Finance as it requires a high credit score. However, other lender options must also be considered by the customer because the interest rates and down payment information is not provided by the company.