Navitas Credit Corp Reviews - Financial Lender Pros & Cons
Navitas provides equipment financing to small businesses and offers lending solutions both directly and through referrals with vendors, brokers, and alliance partners.
Navitas - “Let our money make you money”
Navitas, based in Ponte Vedra, FL, was founded in 2008 by CEO Gary Shivers. Navitas is a wholly-owned subsidiary of United Community Bank. The company gives leases and loans to small and medium-sized companies in various industries, allowing businesses to grow and stay competitive. Navitas has been awarded several honors and has been recognized as one of the largest financing companies in the sector.
Navitas Pros and Cons
- Flexible financing for a range of credit profiles and budgets
- Easy application process by phone, online, or app
- Quick credit responses, often within just 2 hours
- Electronic documents and signatures allow closings with just a click
- Financing costs can cost well over the price of merchandise
- Prepayment comes with a penalty
- Lack of clarity to customers regarding loan terms and conditions
- Free financing technology tools
How does Navitas rate?
4 out of 5 stars
- Suitable for a range of credit histories and budgets
- No prepayment allowed
- Interest continues even when a loan is paid off
3.5 out of 5 stars
- Tools help calculate financing costs
- Payment schedule can be unclear to customers
4 out of 5 stars
- Flexible payment structure options
- Receive credit decision within hours
- Many industries served
3.5 out of 5 stars
- Attentive, knowledgeable customer care specialists
- Mixed reviews among customers
Navitas at a Glance
|Loan terms||12-84 months (average term is 48 months)|
|Credit types served||A, B, C, and startups|
|Financing amount||$5,000 to $750,000|
Command more growth with financing from Navitas.
For small and medium-sized businesses, buying new equipment and technology can be cost-prohibitive. But without those necessary upgrades, a company can get stuck in a rut. If the business could acquire updated equipment, it would allow the business to increase its earning potential significantly. Enter Navitas. Navitas knows the needs of small and medium-sized businesses, and understands how valuable it can be to obtain the latest technology, equipment, and supplies.
By taking advantage of Navitas’s financing and leasing programs, businesses can have the cushion they need to move forward, whether it’s increasing order capacity, procuring a more advanced piece of equipment, or having some extra capital to use to grow the business. Navitas’s dedicated experts have insight into the specific subsets of the industry they serve. They’ll guide businesses through the equipment financing and leasing process to develop a workable plan for borrowing and repayment.
Life Cycle Financing
Navitas’s mission is to stand alongside customers throughout the entire lifecycle of the financing process, supporting them as they strive to make their business more successful and profitable. To this end, Navitas offers training in financing for customers who are unfamiliar with how it works. Navitas’s 100% financing plans cover everything, including equipment purchases, shipping, taxes, service, and supplies, all combined into one convenient monthly payment.
Types of Equipment Financed by Navitas:
- Restaurant equipment
- Telecommunication systems
- Technology - Software/Hardware
- Security systems
- Medical equipment
- Test and measurement equipment
- Specialty vehicles and equipment
- Commercial printers
- Office furniture
- Durable medical equipment
- Recreation equipment
- Specialized machinery
- General commercial equipment
Navitas Equipment Financing Programs
Navitas provides tailored solutions that meet the needs of equipment buyers, sellers, and vendor partners. Navitas is both a direct lender and a national syndication originator. Navitas works to design a flexible financial plan that meets any situation. Some of Navitas’s various payment structures include:
Low (or No) Up-front Cost - Businesses sometimes have significant, unanticipated purchasing needs that cause immediate, severe cash flow problems. Navitas is willing to consider no up-front cost transactions to give businesses the help they need to acquire equipment unexpectedly.
Deferred payment programs - The increased income that businesses expect to have based on an equipment purchase can sometimes be delayed. This delayed income boost puts an additional strain on the company to make ends meet. Navitas can reduce payment during the initial months as the equipment ramps up and reaches its full earning potential.
Seasonal programs - Some industries are highly seasonal, leading to unique cash flow and revenue generation needs based on their high and low sales seasons. Navitas offers payment structures that reflect the seasonal highs and lows of these business cycles.
Private sales - In some cases, and with proper documentation, Navitas is willing to fund private sale transactions in which a client acquires equipment from another business.
New business financing - Young businesses or startups can have difficulty getting financing due to short or limited credit histories. Navitas offers businesses from six months to two years up to $50,000 in financing depending on their creditworthiness, a spouse’s personal guarantee, and a 20% down payment.
Navitas for Business Owners
If you’re a small or mid-sized company, working with Navitas can allow you to acquire the supplies and equipment you need now to continue growing despite having a limited budget. Equipment leasing and loan financing are a welcome solution to all kinds of business challenges that small and medium-sized companies face.
Navitas simplifies the process of getting additional financing or leasing new equipment so companies can concentrate their efforts on successfully running their business. Leases and loans are a way for companies to stay competitive and protect their cash flow while sticking to a manageable payment schedule.
Here are some of the advantages Navitas offers to business owners:
- Navitas increases your purchasing power to allow your business to grow. Through Navitas, you will be able to purchase software, services, and equipment that will enable your business to scale up.
- Leasing and financing let you preserve some of your capital rather than tying it all up in purchasing costs. Business capital can instead be used for more essential purposes.
- Navitas will work within a business’s budget and match where the company is in its growth cycle. Companies can choose a type of loan or lease that fits their needs and select a length of lease term that they can handle.
- Businesses can complete “Credit Express,” Navitas’s hassle-free one-page online prequalification form, to learn whether they qualify for financing or leasing. This soft credit check will not impact a business’s credit score.
- Credit decisions are returned very quickly - usually in a matter of hours.
- Fixed monthly payments make it simpler to plan your business budget and stay on top of expenses.
- Payments can be tax deductible business expenses, saving additional money. In some cases, as much as 100% of the payments can be tax deductible.
Navitas for Equipment Sellers
Equipment Sellers served by Navitas include dealers, equipment manufacturers, healthcare equipment providers, and specialty vehicle suppliers.
Today’s equipment sellers can find it difficult to use traditional methods for delivering pricing and credit. Credit parameters have become more specialized, and along with the single rate card strategy, the ability of customers to acquire the equipment they need has been curtailed.
The Navitas Dealer Services Division provides a solution to these equipment seller pain points. Navitas has created credit offerings and pricing that allow sellers to offer financing alternatives to their customers at higher closing rates. Navitas makes it easier than ever for the customers of equipment sellers to finance their purchases.
Navitas allows equipment sellers to command more sales in the following ways:
- The Price to Win pricing strategy gives capital to companies ranging from startups to Fortune 100 companies. Each company is assessed based on what stage it is at in its lifecycle. Customized financing solutions are provided depending on the amount of capital a company needs as well as its credit profile. Navitas makes it possible for equipment sellers to work with companies who have challenged credit in addition to companies who already have a proven record of success.
- Hands-free financing means that a Navitas Financial Specialist takes care of the entire equipment financing process, from quoting to funding. Sellers can rely on Navitas to keep the customer engaged throughout the timeline using trained resources. This frees up an equipment seller’s time and energy to focus on selling equipment and helping customers achieve their goals.
- Navitas helps equipment sellers by offering point-of-sale technologies that streamline the selling process. They know that even minor delays could cause prospective customers to abandon a purchase. Navitas’s rapid response technology allows sellers to close deals with just a few mouse clicks. In doing so, Navitas goes the extra mile towards ensuring that shoppers complete their purchases.
Manufacturers and distributors of business equipment can also utilize Navitas to improve the way they sell products. Here’s what Navitas can offer equipment manufacturers:
- Navitas has the experience of having built and deployed over 100 national financing programs across a broad range of industries.
- Navitas has a track record of leadership and marketing expertise that motivates sales channels.
- Whether a manufacturer sells directly to customers or indirectly through independent sales channels, Navitas can provide appropriate sales solutions.
For direct sales, Navitas helps sellers target a range of customer credit profiles and provide a compelling value proposition to help edge out the competition. Even customers with complicated credit histories can be served with Navitas behind sellers.
When it comes to indirect sales, Navitas can help sellers design a sales and marketing strategy that suits their needs. Whether for equipment distributors, independent resellers, or a branch network, Navitas offers sales support through its existing, customizable financing approach. Navitas has the experience to help companies with marketing, telesales, product launches, promotions, and more. Navitas welcomes equipment sellers to request a no-obligation consultation to learn more about their offerings.
Navitas Healthcare Division
Navitas has a dedicated healthcare division that serves the equipment financing needs of healthcare professionals and providers in all kinds of medical practice types. The Navitas healthcare equipment financing catalog includes equipment for dental, cosmetic, ophthalmic, and veterinary care, as well as CAT scan systems and practice management software. Navitas has Healthcare Financing Professionals who are experts in the field and will provide customers with a consultation to build a suitable plan for their short and long-term needs.
Navitas partners with buyers and sellers of healthcare-related equipment to offer competitive financing rates, technology, and real time access to capital. With the click of a button, Navitas partners have access to competitive pricing, cutting-edge technology, and product flexibility, making them a top choice for healthcare financing.
Specialty vehicles and equipment
Navitas has a dedicated division that offers financing for specialty vehicles such as new and used trucks, trailers, and construction equipment. The specialty vehicle division of Navitas is extensive. It is managed by industry experts who have credit and sales expertise regarding a vast array of vehicle types, be they titled, non-titled, or commercial. Customers can apply online for equipment financing and get the vehicles they need to jump-start their business. Navitas will run a prequalification, or soft credit check, which won’t impact a customer’s credit score.
Products featured in this division include vehicles and equipment for trucking, tree service, paving, construction, liquid waste, landscaping, auto transport, refuse, as well as towing and recovery.
Navitas for Vendor Partners
Vendors, dealers, and loan originators may wish to work with Navitas. The Dealer Services Division offers equipment and software dealers the financing tools and support they need at the point of sale to allow their customers to achieve growth goals. Navitas offers products and services that can maximize closing rates for equipment and credit needs.
Navitas has asset-based and credit-based lending teams available to work with partners, while remaining beneficial to borrowers and profitable for brokers. Partners can receive funding for valuable collateral and soft or no-value collateral, from between $5,000 to over $750,000 and from A to B credit types.
The asset-based credit lending team uses collateral expertise along with an understanding of end users to assess credit risk profiles. The team underwrites transactions based on the value and quality of an asset for a broad range of equipment types, such as construction, industrial, and car wash equipment for specialty titled vehicles.
The credit-based lending team evaluates transactions financing “soft assets,” or collateral with limited or no collateral value. This covers industries such as software providers, medical, HOA, restaurants, and energy retrofitters. Regardless of its collateral value, almost all kinds of equipment can be financed for established businesses. Credit decisions are based on time in business, debt servicing history, and reasonable credit quality.
Navitas’s Online tools
Navitas tries to make the equipment financing process as simple as possible for both buyers and sellers. Whenever possible, the process has been made paperless, with short, simple online applications, electronic documents and signatures, and rapid response technology that makes applying for financing as easy as clicking a computer mouse. The Instant Quotes tool allows customers to get a preliminary picture of the rates they can get with Navitas.
In its online Client Center, Navitas directs customers to telephone, email, or online applications, emphasizing that clients can get the credit they need today with no financial statements required. Customers can make an online request for financing to acquire equipment and software. Sellers can request a demo of how Navitas financing specialists can create custom financing solutions that will allow them to sell more equipment.
Navitas provides an online glossary of important terms related to equipment financing to educate customers about the process. Navitas also features an online scheduling system in which customers can make their own appointments by choosing a date and a time slot. This tool can be used to apply for credit, to request a payment quote, or to obtain a product and services review.
What customers are saying about Navitas
Navitas had mixed reviews from the past year on the Better Business Bureau website. A significant number of reviewers felt misled by Navitas, particularly regarding the company’s interest structure and prepayment options.
A positive review stated that “Navitas helped me make it through the 2020 [COVID pandemic] disaster with the payment relief program. I’ve always kept my payments on time.”
One customer reports that they were told there would not be prepayment penalties when in reality, even with prepayment, customers are charged the full interest fee until the end of the loan contract. Another customer said that Navitas changed his monthly installment amount without notice. Although he wished to pay off the loan after just 14 days, he was to be charged interest for the loan’s duration.
A customer stated that Navitas calculated the full amount of interest owed on the loan directly into the payments so that prepayment could not benefit the borrower. Other customers said they were on the hook for more than double the cost of the merchandise. A customer shared that she requested to know the buy-out amount required to close her loan and was told she would be charged $50 to learn the amount.
The bottom line
Navitas provides equipment financing and leasing solutions for small and medium-sized businesses of all kinds. The company also provides a framework of support for equipment sellers, manufacturers, dealers, and other vendor partners. Navitas works with customers with mixed credit histories and offers flexible payment options to suit a range of business needs. Several reviews indicated that customers were not satisfied with Navitas’s interest and prepayment terms. As with any financing or leasing agreement, customers should research the options available, ask clarification questions, and get things in writing.