SunTrust Equipment Finance Reviews - Financial Lender Pros & Cons
SunTrust Equipment Finance was established in 1985 and is currently headquartered in Atlanta. It is one of the country’s largest banks with assets worth $205 billion and $162 billion of total deposits. SunTrust Equipment Finance provides multiple financing services such as deposit, credit card, mortgage finance, asset management, securities brokerage, and capital market services. SunTrust Equipment Finance has 11 branches in the southeast, mid-Atlantic states, and Washington D.C.
- The firm provides funding to start-up businesses as well
- Multiple financing options are available
- Lower rate of interest as compared to other lenders
- Flexible payment options are available
- Services require more paperwork for approval
- Business needs to have a good credit score to apply
- It is difficult for small businesses to qualify for other loans
- Loans require more funding time as compared to online lenders
SunTrust Equipment Finance has a range of financing services such as SBA loans, equipment financing, vehicle leasing, and business credit cards. The financing services are discussed below.
SunTrust Equipment Finance Business Loans: Business Term Loans
A term loan, in general, is an excellent financing option for a variety of different company requirements and can be paid with easy monthly installments. SunTrust Equipment Finance provides these loans specifically to cover business working capital requirements, equipment financing, business development, etc.
SunTrust Equipment Finance provides fixed and variable interest rates to the customer. The company offers small business loans that have a credit rating standard, the rate is determined on the financial stability of the business.
SunTrust Equipment Finance Small Business Loans can be the best financing option for small organizations. SBA loans are for businesses that have less than 500 employees, have an annual income of less than $7.5 million, and must be registered as a for-profit business. SunTrust Equipment Finance offers multiple SBA loan options.
SunTrust Equipment Finance Small Business Loans: 7(a) Loans
SunTrust Equipment Finance Small Business Loans can be obtained through the SBA Loan Program 7(a). The 7(a) program is the SBA's most widespread and popular lending program.
SunTrust Equipment Finance offers loans SBA 7(a) with a maximum amount of $5 million for all general long-term financing requirements. If the business uses this loan for working capital, it can be repaid within 5 to 7 years. If a business uses an SBA 7(a) loan to purchase fixed assets or equipment, the loan can be repaid in 10 years.
SunTrust Equipment Finance Small Business Loans: 504 Loans
SBA 504-loans are made specifically for financing small companies needs. The business must have a net worth of $15 million, these loans are designed for small businesses who want to grow their market share. A business may require these loans to buy commercial real estate, construct a new business, or renovate existing business sites.
SunTrust Equipment Finance Small Business Loans: Express Loan and Line of Credit
Although SBA loans are easier to obtain than conventional bank loans, there is one thing it has in common: These loans take a long time to approve. It can even take a few weeks or sometimes take a long time of months. If a business needs quick funding, then most SBA loans will not be an ideal option. SBA Express loan takes almost 36 hours for approval, so it takes less time for processing as compared to other SBA loans.
Small Business Loans: SBA Export Express Loans
The latest SBA program offered through SunTrust Equipment Finance is unique, the SBA Export Express program.
If a business is operating in foreign markets, SBA Export Express loans will be an excellent financing option. The Export Express program is primarily designed for companies that need to finance exports or develop markets outside the US.
The Export Express program allows businesses to obtain amounts up to $500,000 with flexible payment options. The business will have the benefit of an accelerated application process, but to become eligible, the business must have a sole proprietorship, must fulfill SBA guidelines, and the business must be in the market for more than a year.
Equipment and Vehicle Leasing
Buying the latest equipment can be costly for a business. If a business does not have enough finance to pay for the equipment, it can use SunTrust Equipment Finance equipment and vehicle financing services. These equipment finance options offer amounts ranging from $250,000 to $50 million. The interest rate will be determined by the type and cost of equipment the business leases. After the lease agreement ends the business can own the equipment without paying any additional charges.
SunTrust Equipment Finance small businesses loans are approved on a case review basis. Every business case is reviewed, the firm looks at financial statements, credit score, credit history and determines if the business is eligible for the loan or not. SBA lending has fairly strict qualification standards.
Terms and Rates
SunTrust Equipment Finance has not disclosed any accurate information related to its financing services. However, it is mentioned that the lease interest rates will be on the basis of equipment cost, its type, and business type. More information about the financing services can be known by visiting a branch.
The Bottom Line
SunTrust Equipment Finance has a range of business loans and lease plans and can fit any business requirement. If a business has solid financial statements and a first-rate credit note, then some of the SunTrust Equipment Finance small business loans could be easier to obtain. However, with eligibility determined on a case-by-case basis, it is difficult to determine the criteria the company prefers to qualify.
Small businesses have the best chance to get an SBA loan from SunTrust Equipment Finance. SunTrust Equipment Finance Bank is currently ranked 11th out of 100 most active SBA lenders. The company has not provided any information regarding other financing options so businesses must consider alternative lenders in case they do not get qualified. SunTrust Equipment Finance has branches only in 10 states of southeastern states and Washington D.C so the customer should verify if there is any branch of the company in his state.