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Commercial Fleet Financing: 2023 Review
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Pros and cons of Commercial Fleet Financing
| Pros | Cons |
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Quick application with limited documentation requirements Funding may be available in as quick as 24 hours May be able to finance 100% of the cost of a vehicle | Not upfront with their rates May need a 640 credit score to qualify for the best rates and no down payments May require down payments for borrowers with poor credit |
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Commercial Fleet Financing review
Founded in 1995, Commercial Fleet Financing (CFF) is a business lender that specializes in commercial transportation equipment financing options. The company highlights its fast turnaround to funding, as well as its short application.
Who is Commercial Fleet Financing for?
- Business owners with lower personal credit scores. Although the typical credit score for an approved customer is 640 or above, Commercial Fleet Financing (CFF) will consider lower personal credit scores if your business has steady revenue.
- Businesses in need of funding fast. CFF can give preapprovals in as little time as two hours, and may be able to deliver funding in as soon as one business day.
- Businesses needing commercial vehicles and trailers. From light to heavy vehicles, CFF specializes in financing transportation equipment and vehicles for businesses.
Commercial Fleet Financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Equipment financing | $10,000 up to $1,000,000 | Not disclosed | Not disclosed | Not disclosed; states no “hidden fees” |
| Equipment leasing | $10,000 up to $1,000,000 | Not disclosed | Not disclosed | Not disclosed; states no “hidden fees” |
| Auction lines of credit | $10,000 up to $1,000,000 | Not disclosed | Not disclosed | Not disclosed; states no “hidden fees” |
Equipment financing
As above, CFF offers a wide range of loan amounts for various pieces of commercial equipment. Its one-page application can usually be approved within two hours and financing can be acquired in as little as 24 hours from then.
Equipment leasing
In addition to offering equipment loans for purchasing commercial vehicles, Commercial Fleet Financing also offers equipment leasing. While equipment leasing may offer lower monthly payments than equipment financing, the major difference is that you won’t own the equipment outright at the end of the term. Commercial Fleet Financing’s process for equipment leasing is comparable to its equipment financing: With strong credit, no down payment is necessary and funding can be acquired within 24 hours.
Auction lines of credit
An auction line of credit can be used if you’re trying to buy commercial vehicles or equipment through an auction. If you’re approved for an auction line of credit, Commercial Fleet Financing will issue your business an auction line of credit letter which would allow you to bid up to that credit limit on the equipment. After purchasing, you’ll need to send the bill of sale to CFF and it’ll fund the auction company directly.
Commercial Fleet Financing borrower requirements
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| Minimum annual revenue | Not disclosed |
| Minimum time in business | Not disclosed |
| Minimum credit score | 640 or higher is preferred |
The application process to get a loan from Commercial Fleet Financing involves a one-page credit application. You’ll need to provide a bill of sale for the vehicle you’re looking to finance, but for loans, leases or credit lines of $150,000 or less, you won’t need to provide tax returns. Preapproval — which may be granted in as few as two hours — only involves a soft credit pull, meaning it wouldn’t appear on your credit report.
Down payment requirements for CFF loan products vary depending on your credit profile. Borrowers with poor credit may need to make a down payment of 20%, but if your score is good, you may be able to make no down payment. After approval, financing can be set in as little as 24 hours.
Alternatives to Commercial Fleet Financing
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| Commercial Fleet Financing | CIT | Bank of America | |
|---|---|---|---|
| Minimum credit score | 640 | Not disclosed | Not disclosed |
| Loan products offered |
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| Time to funding | As little as 24 hours | As little as one day | Not disclosed |
| Starting APR | Not disclosed | 5.49% for equipment financing | 6.25% for equipment financing |
| Maximum loan size | $1,000,000 | Up to $500,000 | Not disclosed |
| Minimum annual revenue | Not disclosed | Not disclosed | Differs by product, but at least $50,000 |
Commercial Fleet Financing vs. CIT
Both Commercial Fleet Financing and CIT offer financing for commercial equipment with quick approval — however, CIT only offers loans up to $500,000, while Commercial Fleet Financing reports that it has provided loans of twice that amount. CFF doesn’t publish its loan terms or rates; CIT, in contrast, is more transparent, offering terms of 6 to 72 months with rates for equipment financing starting at 5.49%.
Commercial Fleet Financing vs. Bank of America
In comparison to a traditional bank like Bank of America, Commercial Fleet Financing doesn’t offer as many loan options for small businesses. Notably, Bank of America doesn’t publish as much of their loan information upfront, although you can anticipate equipment financing rates to start at 6.25%. CFF claims to be competitive with banks like BoA, but because CFF doesn’t publish its rates upfront, it is hard to compare.