CIT Equipment Reviews - Financial Lender Pros & Cons
- Fast funding times
- Large and flexible range of equipment funding options
- Low rates for qualified borrowers
- Borrower requirements are strict
- Terms and fees are opaque and misleading
CIT is a large online banking company based in New Hampshire that has absorbed a number of smaller financial institutions, most recently the Mutual of Omaha bank. It offers a range of financial services for personal banking, commercial, and business banking needs, including working capital, SBA loans, franchise funding, and equipment financing. Apply for equipment financing for new or used equipment, vehicles, or technology, with fast processing for up to $1 million and a more bespoke process for capital equipment financing up to $100 million.
Services Offered (Equipment Financing)
CIT has a broad slate of financial services for small, medium, and large businesses, including direct business loans, working capital loans, equipment financing and capital equipment financing, and franchise financing.
In terms of equipment financing, CIT offers loans of up to $500,000 through a simple online application, and you can up that to $1 million if you're willing to compile financials as well. You can use CIT's equipment financing for a whole range of items, including:
- Computer hardware and software equipment
- POS equipment
- Restaurant items
- Commercial vehicles
- Construction equipment
- Capital equipment
If you need a higher amount for larger equipment acquisitions, you can use CIT's capital equipment financing, which stretches up to $100 million but requires a lot more documentation. Capital equipment financing includes these services:
- Cash flow loads
- Equipment refinancing
- Senior term debt refinancing
- Lease lines of credit
- New and used equipment loans and leases
- Revolving asset-based credit lines
CIT services most industries, but it focuses particularly on:
- Commercial vehicles
- Material handling
- Office imaging
- Print and specialty graphics
You'll also find knowledgeable service for:
- Wholesalers and distributors
- Select financial services
- Consumer products
CIT has pretty stringent borrower qualifications that are almost as tough as traditional banks. You'll need to prove at least 2 years in business, $100,000 in monthly revenue, and a credit score of at least 680, if you want your application to be accepted. Expect to be asked for a personal guarantee, and you'll need to show at least 76% ownership in your business.
Terms & Fees
- Amount: up to $500,000 by application only; $1 million with financials; or $3-$100 million if you work with the capital equipment financing team
- Term length: 7-72 months
- Interest rate: beginning at 5.49%, but depends on the type of agreement and your credit score
- Down payment: unknown
- Buyout agreement: $1 buyout; FMV; net terms buy now, pay 30, 60, or 90 days later
- Additional costs: unspecified
- Effective APR: Unknown
Terms and Fees Summary/considerations:
CIT's rates can be impressively low, but it's important to bear in mind that you're not likely to receive those rates. There's barely any information about application fees or delayed payment penalties.
Applying for equipment financing through CIT is pretty straightforward and fast, although the process varies depending on the amount of funding you need. If you're applying for up to $500,000, you'll just need to complete the online application form, which takes about 5 minutes. You'll need to share your basic personal and business information, like your annual revenue, business structure, etc.
If you need between $500,000 and $1 million, you'll be asked for more financial documents.
CIT sends all the contracts through a secure online portal, and you can sign and return them electronically. All told, it takes around 1 business day for your funding to come through.
For larger amounts through the capital equipment financing program, you'll have to contact an agent to discuss your specific needs and application requirements.
Sales & Advertising Transparency
Like most equipment financing institutions, CIT doesn't make it easy to find all the details you need about key issues like minimum credit score and typical APR. CIT states that the lowest possible interest rates are only available to qualified customers, without any information about what "qualified customers" might mean.
There's no way to find sample fine print from a contract before you apply.
Customer Service & Technical Support
CIT places a lot of focus on delivering high level customer support, and it's safe to say that it succeeds. You can contact customer support agents through email or phone, and there are click-to-call and click-to-email buttons as well as an online support ticket webform.
CIT is also very responsive through social media, inviting customers to send them a direct message over Twitter or Facebook Messenger with their phone number and promising to call back as soon as possible. There's no live chat on the website, but that's ont really needed when the company is so responsive over social media.
CIT has an overall rating of 4.5 stars on TrustPilot but only 1.25 stars on BBB. It's also important to note that CIT isn't accredited by BBB. Bear in mind too that CIT recently changed its name from Direct Capital to CIT.
Negative Reviews & Complaints
Almost all of the negative reviews and complaints about CIT relate to the lack of clarity around their terms and fees. For example, a customer complained that they agreed to a finance deal, but found that it was turned into a lease instead. Another customer was told in advance that there would be no early prepayment penalties, but then received a different answer a year into the lease.
Some complaints related to technical difficulties like automatic billing that didn't end on time, and others complained that they had difficulty reaching the customer support team.
Positive Reviews & Testimonials
CIT also has a large number of positive reviews and testimonials, mostly from customers who appreciated the speed of funding and the high level of customer service. Many happy customers noted that the agents they spoke to were friendly and willing to help, and that the service was fast and efficient.
A lot of reviewers are also grateful for getting their funding through in a day or two instead of having to wait a couple of weeks, which is standard at most banks. A few positive reviews highlighted that they enjoyed the range of financing options that CIT offers.
CIT does work hard to reply to most reviews, even the negative ones, and help the customer out or explain the situation.
It's quick and easy to apply for CIT equipment financing and your funds come through swiftly, especially if your amount lies below $1 million. The flexible funding options mean that CIT can meet most equipment financing situations. Customer support is warm, friendly, and efficient, but the opaque terms and fees make it easy to get caught in the wrong deal.