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.
20 User Reviews
Dec 9, 2020 10:32 PM
Biggest scam company ever!! They not only engage in fraudulent and shady activities but they also do so with shamelessness that is unprecedented. I deal in consumer products business and when the COVID-19 pandemic hit the market, my company was one of the many non-essential companies that took the hit immediately. My business was on the verge of being bankrupt and I was forced to shut it down for a couple of months. I was already undergoing an equipment leasing deal with CIT and on seeing that my company got shut down like that, they offered me a deferral that would last for the 4 to 5 months that my company would remain closed. I must admit I was relieved and felt so grateful to CIT for accommodating me this much. Had I known, they were doing so to rob me more, I would have refused the deferral and managed the repayments somehow. So anyway, I accepted the deferral and asked them if there would be any fee for it and they told me there would be but just a small fee. I took their words literally and did not double check what they were charging me. I was already grateful to them for the deferral. But after 7 months, my loan repayment went up to a point where it was over $100 per month. I immediate contact these people and asked them why it was so and they told me after the deferral, my repayment installments would be higher. I was shocked! My equipment financing loan still had some 13 months left and I could, in no way, bear such ridiculous costs for the rest of the repayment schedule. My business had already taken the hit by the pandemic and they were sucking the blood out of my company more and more. I felt betrayed! They cheated in the worst possible way and at the most crucial time when I was already in need of support. This company is a fraud and should not be trusted! I have filed a law suite against this lender and I will keep fighting these robbers until I get compensated for the financial and emotional damage they have caused me in the most adverse circumstances. PLEASE DO NOT TRUST CIT! THEY WILL ROB YOU BY MISLEADING YOU AND CHARGING YOU HIDDEN AND EXTRA FEES!!!!Reply
Dec 31, 2020 10:32 PM
I was fooled into believing that CIT was offering the best and most affordable market rates on equipment financing. I was looking to buy a couple of Apple iMac machines for my photography and videography company in Las Vegas. The deal also included the purchase of some editing software programs and other hardware equipment. Everything, I was purchasing from an Apple merchant in the city. Everything was decided and a deal was finalized. It seemed like a pretty good deal until they charged me some $6640 more. I don't know why they did that. I refused to pay them a single penny more because a deal is a deal and they were just not respecting that for whatever reasons. If they had mentioned this amount to me prior to the deal, I would have not minded paying them but now when everything was decided and the equipment loan was almost complete, they come up like this, trying to steal from me! I am definitely taking these thieves to court. I would rather spend the money in court than waste it on these thieves! I am highly disappointed. I tried talking to their customer service before taking this extreme action. But just like their lending service, their customer service is awful or even worse. I talked to a bunch of different reps every time and they did not take me seriously. I ended up deciding taking these a-holes to the court!Reply
Jan 2, 2021 10:34 PM
I am shocked after reading your comment for I had a pretty smooth and great experience with CIT! I own a software house in California and I was looking for a similar deal, a couple of software programs and some computers and hardware equipment but I had a different merchant and brand I was aiming at. So, anyway I applied for the equipment financing loan and in a matter of days, the application was complete and approved too. The merchant was paid and the equipment arrived in no time and I got into operational mode instantly. Excellent service. The interest rate was great, probably the best I could ask for on an online business loan. My own local credit company would not be able to offer me that. So, I am grateful. Of course, there were some issues too but they were related to taxation. Other than that, it has been a smooth ride.Reply
Jan 14, 2021 10:35 PM
I am shocked too after reading your comment and getting to know that they could be this good. You mind if I ask if your equipment financing deal is complete? I mean, have you completed the repayments?Reply
Jan 28, 2021 10:36 PM
Nope! I am still paying them back. It's been 10 months. Still have 8 months of repayments to go. Looking forward to that!Reply
Feb 4, 2021 10:38 PM
Huh, my friend, don't just look forward. I'd suggest you look out too. They gave me ridiculous bill at the end of the deal out of the blue. I'm sure they'd do that to you too. Just wait and watch!Reply
Mar 4, 2021 10:39 PM
It was a great, great experience working with CIT. My wholesale company in Washington owes a great deal to the merchant cash advance product of CIT. It was extended to me within a week. The application process, documentation and approval, everything took less than a week and then I received the financing as well. The interest rate I got was 6.5%, which is a pretty good deal, imo! Best lending service, hands down!Reply
Mar 18, 2021 10:41 PM
I totally second you on everything that you have said in the review. I run a home-based food delivery business and after being 3 years in business, I have been able to expand it to another location and hire a small staff as well. Business is going great but I never had a great lending experience with these banks and other local lenders as well. But after CIT, I can say, it has been an honor working with these people. Highly professional and honest in their dealings. The only problem I faced was they charged me a high interest rate, up to 11%! It's almost double of what you got. I am not sure what's the reason but I would also have appreciated something under 10%. But oh well, the equipment leasing program will be complete in 4 months and I cannot complain much about that now. I hope I can get a better deal next time!Reply
Mar 25, 2021 10:41 PM
I get it. You are absolutely right. You are right to feel so after knowing that but if it makes it easy for you, it's not as simple as that. The interest rate depends on your credit health as well. You mentioned, you didn't have the most pleasant experience with lenders and banks before. You mind my asking why was that so? Any bad loans that could have impacted your credit score? Because that could be the case, in my limited knowledge. As for me, I have a rather exceptional credit score of 775. And I consider that is one of the reasons I got the business loan at such a great interest rate. And also, for me it was a business line of credit and for you, it's equipment financing. That changes things a little as well. I hope I was able to make you understand!Reply
Apr 8, 2021 10:43 PM
Ahh.. You are right! My credit score is indeed not great, thanks to some hard inquires I had to put up with when I was just starting to build my credit. It's getting better now. But, it's definitely no where close to yours which I must admit is quite astonishing! Way to go! And yes, thanks for the explanation! It helped!Reply
Apr 30, 2021 10:44 PM
I'm glad I was of help! Don't worry about your credit score. You'd build it and make it better eventually! Good luck!Reply
Mekhi Stoltenberg DDS
May 5, 2021 10:45 PM
Great lender. Upfront fees and customer service is excellent. Got the business loan in no time! The interest rate seemed like a lot at 9%, given I have a pretty reasonable credit score and a good business revenue health. But the service is prompt and there is not much headache involved so I am grateful!Reply
May 27, 2021 10:45 PM
Excellent service! This is my second loan with CIT. It was a merchant cash advance the first time. I used that to expand my financial services company, managed payroll and hiring operations after the expansion and whatnot. And now, I'm looking at an equipment financing deal. They have offered me a higher interest rate this time, which is a little disappointing but given it's been more than 6 years since my first loan and market situation has changed drastically ever since, I'm quite okay with the deal. And also because this time I looking for equipment leasing. Looking forward to having a long-term cooperation with CIT!Reply
Jun 24, 2021 10:45 PM
Great company! I would recommend it if you have a good credit score because they have some really great interest rate deals on business loans for you! Do try!Reply
Jul 8, 2021 10:45 PM
CIT has got the best machinery loan deals, without a doubt! The application process is easy and smooth! The interest rates you might find a little high if you compare them to their business loan product! But overall, the service is great. They provide immediately and without much hassle! Great lender!Reply
Aug 19, 2021 10:45 PM
CIT is great! Helped me lease a couple of forklifts at zero down for my wholesale and distribution business in Minnesota. The financing came a little later than they had promised but it did come eventually and I'm thankful!Reply
Sep 5, 2021 10:45 PM
I would recommend CIT. Good company for business loan. Interest rate could have been lower but over all, good people!Reply
Sep 23, 2021 10:45 PM
Not the best lender! Charging ridiculously too much if you have a less than exceptional credit score!Reply
Sep 28, 2021 10:45 PM
I got their merchant cash advance for my technology firm in Tulsa and the cash came to me just instantly! Took them less than 4 days to complete the whole application process and than credit my business account with the capital! EXCELLENT SERVICE!!Reply
Oct 1, 2021 10:45 PM
CIT is a good lending service, not the best in many aspects like they ask for a stellar credit score to get to the lower side of the interest rate. There are lenders that offer you better rates but they are definitely someone you can count on if you are looking for an immediate business loan deal.Reply