CIT Group Reviews - Financial Lender Pros & Cons
CIT Group Inc. is a U.S. based financial and banking company. It’s incorporated in the city of Delaware and has its headquarters in New York. The CIT bank, which is a subsidiary company of CIT banking, is based in Pasadena, California. The name CIT derives from its former name which was Commercial Investment Trust. CIT Group is one of the leading national financing institutes that is dedicated to empowering companies as well as individuals with financial options to navigate their objectives. The group possesses more than a hundred years of experience as a major bank subsidiary. The company's commercial and business financing includes commercial financing, equipment financing, SBA loans, and more.
- Large financing amount.
- Working capital supplementation.
- Impressive customer support.
- Flexible payment schedules.
- Additional charges may apply on small business loans.
- High-interest rate on large amounts.
- Information on the website may be outdated.
- Serves a limited number of industries.
CIT Group offers various kinds of business financing options like business equipment financing, working capital loans, SBA loans, franchise financing, and supply chain financing. Here are the details of various services CIT group offers:
Business Equipment Financing
The CIT Group’s equipment financing solutions can help businesses acquire new as well as pre-owned equipment or technology for their small business needs. Companies may require financial support in order to enhance equipment or do technology infrastructure upgrades which help propel their businesses and enable them to serve their clients better. CIT Group provides equipment financing loans to small businesses at a lightning quick turnaround time! Some loans can be provided as quickly as in one day to help them secure the assets that will enable their business to grow. The businesses can file a loan application for up to $500,000, or up to $1 million and select from various different loan or rental options available. CIT Group offers flexible loan time durations and refund options. They also offer dedicated customer support service to ensure an outstanding fundraising experience.
Working Capital Business Loan
Regardless of the individual requirements a business may have, a working capital loan can help the business manage its costs. For small business owners, cash flow is critical to sustaining a business. A working capital loan can finance the company in many ways such as it can help in managing the cash flow, spend money on renovation, advertising, or any other key business expense that needs some capital.
With SBA lending, businesses now have access to establish ongoing working capital, consolidate their debt, and fund owner-occupied CREs. CIT Group is an SBA prime lender.
CIT Group offers 3 types of SBA lending: SBA 7(a), SBA 504, and owner-occupied commercial property loans for the purchase or refinances of owner-occupied commercial property, capital financing, acquisitions, business expansion, and working capital.
SBA financing services
- SBA 504 small business loans can be used by small businesses to finance the owner-occupied, commercial property, to purchase equipment with a CDC and SBA.
- Owner-occupied commercial mortgages can be used to purchase owner-occupied commercial real estate or refinance an existing building.
- SBA 7(a) Loans can be used to overtake a business, expand the existing business, or create permanent working capital.
CIT Group franchise financing solutions are backed by years of working experience with American franchisors and franchisees.
CIT Group has a lot of experience working with US based franchisors and franchisees. Their franchise financing solutions are fast and cater remodels, opening new stores as well as equipment upgrades. The CIT Group offers non-SBA loans between $2,000 to $3 million.
Supply Chain Finance
CIT Group helps buyers and suppliers in freeing up their working capital and reduces the risk involved with not having enough liquidity. Supply chain funding helps businesses optimize working capital while providing a liquid reserve on-demand to their suppliers. Using the supply chain financing program, the suppliers have the capability to sell their purchaser-approved receivables to the CIT Group before maturity at discounted rates. By matching the needs of buyers and sellers, it is a "win-win" opportunity and minimizes risks throughout the supply chain.
Industries it Serves:
CIT Group serves the following industries:.
- Commercial Vehicles
- Material Handling
- Office Imaging
- Print & Specialty Graphics
Terms and Conditions
There are certain terms and rates for all the financing services CIT Group offers.
Business Equipment Financing
- A user can borrow an amount up to $500,000 and has to submit an application.
- The term length of business equipment financing is 6 – 72 months.
- The interest rate is 5.49%.
- The finance is transferred within a single day.
Working Capital Business Loan
Working capital loan rates vary depending on the terms of the loan application and the credit review.
SBA 7(a) Loans
- The transaction for SBA 7(a) loans are for California only
- Loan amounts start from $5 million.
- Loan terms can have a duration of 25 years for buying or refinancing the property. For business equipment and working capital, the duration is up to 10 years
- These services are ideal to grow your business by buying new commercial buildings, refinancing commercial buildings, buying hardware, and accessing working capital.
SBA 504 Loans
- SBA 504 Loans are available in all non-judicial states
- Loan amounts can be from $250,000 to $13.75 million.
- Loan terms can be extended up to 25 years in case of buying owner-occupied commercial real estate.
- Ideal for Purchasing or refinancing owner-occupied commercial assets.
Conventional Owner-Occupied CRE
- These transactions are for California only.
- Loan amounts start from $250,000 to up to $10 million.
- Loan terms can have a duration of 10 years for buying or refinancing owner-occupied commercial real estate.
- Ideal for purchasing or refinancing non-current assets.
The Final Verdict
CIT Group is a 100+ year old lender that has digital technology expertise and an excellent understanding of the industries it serves which enable them to offer very good financing programs for business equipment. It is a leading national company that has a proud history as well as a clear vision of the future. The CIT Group helps enhance the financial capacity of companies and investors to help them achieve their objectives. It provides small, medium, and large enterprises with the financing they need for acquiring critical commercial equipment. It also raises finance for customers and distributes loans and other borrowing and equity products to investors.