BB&T Equipment Finance Reviews - Financial Lender Pros & Cons


talia-stern writer
By Talia Stern
Updated May 3, 2021
Editor's Rating
Best Agribusiness Lender
Customer Rating 0 Reviews

Overview

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.

Pros
  • Long terms and affordable interest rates
  • SBA Preferred Lender
  • Variety of loan options
  • Flexible payment options
Cons
  • 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

Services Offered

Following are the details of financing solutions.

Term Loans

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:

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.

SBA Loans

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:

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. 

Commercial Lending

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:

Industries it serves:

Qualification

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:

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. 

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