U.S. Bank Equipment Finance Reviews - Financial Lender Pros & Cons
The U.S. Bank ranks among the top five largest banking institutions in the USA. It was founded in 1929 and is currently headquartered in Minneapolis. U.S. bank Equipment Finance provides services such as lending and deposit services, cash management, currency management, savings accounts, ATM processing, insurance, and investment management. The bank also offers financial services such as mortgages, refinancing, auto loans, boats, and RV loans, credit lines, credit card services, merchant finance, brokerage, and leasing services.
- Pre-Approval option
- Flexible payment options
- One-time payment of funds
- Serves a large range of industries
- Higher interest rates as paid on the full amount
- Till the end of the equipment lease, the customer does not own the equipment
- The bank claims all tax benefits
U.S. Bank Equipment Finance offers flexible and reliable solutions for business. Its financing options are listed as follows:
Business loans by U.S. Bank Equipment Finance are customized for customer’s business needs. These business loans allow the business to borrow a sum of money, which is repaid with interest in fixed monthly installments. U.S. Bank Equipment Finance's business loans can help finance the general needs of a business such as inventory, equipment, or vehicles.
Business Lines Of Credit
U.S. Bank Equipment Finance allows businesses to access working capital to run their business workflow. A business can borrow up to the amount of its working capital. The amount of working capital is calculated by subtracting the company’s current liabilities from its current assets. In the case of a working capital line of credit, interest is charged only on the amount borrowed. A line of credit allows a business to borrow up to a certain amount of money for a short time and charges interest only on the amount borrowed.
Small Business Administration (Sba) Loans
It is important to choose a preferred SBA lender for a business. SBA loans work in the same way as traditional loans, an SBA loan offers business owners the opportunity to take advantage of favorable conditions under the SBA program while eliminating some of the obstacles to traditional funding options.
As a Preferred SBA Lender, U.S. Bank Equipment Finance’s program expedites the lending process and reduces red tape for businesses that have been in business for less than two years. The Bank customizes the SBA loans based on the unique requirements of the business owner. These funds can be used by businesses to purchase and refinance vehicles, purchase equipment, working capital, inventory, and other general operational requirements.
Business Equipment Financing
From manufacturing equipment to office inventory and anything in between, the right equipment can help make the business work efficiently. The Bank works face-to-face with the business to find a credit option that best suits the business requirements. The Bank business financing solution has a simplified payment method for businesses that excludes up to 25% of external costs. These external costs are added into the agreement such as installation, tax, and freight that can be paid by the business later conveniently. The U.S. Bank Equipment Finance has structured payment methods so that the cash flow of the business is not affected. The business is given the option to schedule payments according to its choice and can pay on a monthly, seasonal, or semi-annual basis. Equipment upgrades can improve business productivity and customer service, but also require significant investment as well.
Industries it Serves
The U.S. Bank Equipment Finance provides the right equipment for the business which can help manage its expenses and cash flow cycle.
- Medical, dental, and veterinary
- Fleet business
- Computer hardware and software industry
- Commercial real estate
- Travel and hospitality
- Public sector
Terms and Conditions
The U.S. Bank Equipment Finance has outlined some terms and rates for all of its business financial services. The details of these financing services are as follows:
U.S. Bank Equipment loan:
- Use it to buy 1-4 pieces of safety equipment such as construction, medical and dental equipment.
- Up to $250,000 of finance
- Fixed interest rates
Business Line Of Credit
- Purchase business materials, equipment, or assets.
- Up to $1 million of finance is available
- Flexible interest rates
- Interest-only payment option
SBA 7(a) Business Loan
A government-guaranteed term loan to acquire or expand a small business.
- Loan amounts up to $5 million
- Duration of the loan up to 10 years for business, assets, equipment, or tenant improvement
- Period up to 7 years for working capital and inventory
- Flexible collateral options
SBA 7(a) Business Loan is ideal for
- Business acquisition
- Debt refinance, working capital, and inventory
- Tenant improvement, partner buyout
- For-profit businesses
SBA 7(a) Real Estate Loans
These loans are backed up by the Government for the purchase, refinance, or construction of commercial real estate property.
SBA 7(a) Loans
- Loan amounts up to $5 million
- An additional $2 million can be directly funded by U.S. Bank Equipment Finance under SBA 7(a) Pari Passu loan
- Duration up to 25 years
- Fully amortized, no balloon payments
The Final Verdict
The U.S. Bank Equipment Finance analyzes every financial need of a business and comes up with a flexible financing solution. These financing services are designed with the expertise of U.S. Bank and U.S. Bancorp Investments. The bank will help every business streamline its financial life and achieve its most important goals.
The bank has years of experience in delivering banking services, providing funds for trusts, and estates, and wealth management. The expertise of U.S. Bank Equipment Finance provides businesses with access to experienced leaders and an extensive library of financial market and economic information. If a business is looking for any equipment-related financing, working capital, or small business loans it can opt for U.S. Bank Equipment Finance and get the most flexible financing options.