Last reviewed by:
Joshira Maduro
October 22, 2021
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Commercial Fleet Financing Inc. (CFF) is a Texas-based company that has over 25 years of experience in equipment financing, primarily for commercial trucks, trailers and transportation equipment. In contrast to a traditional bank, CFF offers credit approvals in as little as two hours, while funding may be available as quickly as 24 hours. To qualify, Commercial Fleet Financing, Inc. looks for good business and personal credit.
Table of contents:
Commercial Fleet Financing offers commercial equipment loans, commercial equipment leases, and auction lines of credit.
| Commercial Fleet Financing Programs: At a Glance | |||||
| Amount | Terms | Starting rate | Fees | Min. credit score | |
| Commercial equipment loan | From $10,000 | From 36 to 108-month terms depending on the type of equipment | Not disclosed | No hidden fees | 640+ for the typical client |
| Commercial equipment lease | From $10,000 | From 36 to 108-month terms depending on the type of equipment | Not disclosed | No hidden fees | 640+ for the typical client |
| Auction line of credit | From $10,000 | From 36 to 108-month terms depending on the type of equipment | Not disclosed | No hidden fees | 640+ for the typical client |
If your business will need to use a certain type of commercial vehicle or equipment for a long time, then a commercial equipment loan could be the right fit. With a commercial equipment loan, you can build equity in the equipment as you make monthly payments until you own the vehicle or equipment free and clear. In addition to providing equity in the asset, a commercial equipment loan offers lower insurance rates and would allow you to write off the depreciation expense on your taxes.
Commercial equipment loan
While a commercial equipment loan gives you full ownership of the vehicle at the end of the loan term, a commercial equipment lease allows you to use the equipment for a set period in exchange for a set of payments. A lease may offer lower monthly payments or have lower credit requirements for approval, which may save you money upfront. However, a common feature of equipment leases is the option to purchase the equipment at the end of the term. If you’re looking to use a commercial fleet or piece of equipment for three years or less, the commercial equipment lease could be a good fit.
A key benefit of a commercial equipment lease compared to a loan is that you don’t need to worry about the vehicle or equipment becoming obsolete. CFF also offers commercial vehicle leases with no mileage restrictions. The downside, however, is that you will need to watch the wear and tear of your vehicle or equipment.
CFF Commercial equipment lease
If you want to purchase commercial equipment through an auction, then the Commercial Fleet Financing’s Auction line of credit could be the right fit. A business line of credit allows you to withdraw money up to a set amount instead of borrowing a lump sum. An auction line of credit works similarly, allowing you to bid up to your approved amount, and you would not need to make payments until you’ve withdrawn the money. It provides a flexible financing option for your business.
CFF Auction line of credit
To be eligible for Commercial Fleet Financing’s equipment loan, lease, or auction line of credit, you need strong credit and positive cash flow, and your business needs to have been operational for at least two years. CFF will still consider applications that do not meet these criteria, but they may ask you for additional information or require you to put in a 10% to 20% down payment.
The typical business borrower will fit the following criteria:
Additionally, CFF financing options are currently only available to the following industries:
The application process for CFF’s financing options is quick and straightforward. To get started, you would need to provide the following information on the online application:
From there, you would be asked to fill out a credit application, which requires the following:
Finally, when the term is decided, a CFF loan consultant will require the following:
For financing amounts under $150,000, you would not be required to provide tax returns.
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Commercial Fleet Financing offers a fast and convenient alternative to traditional banks in commercial equipment financing, with a time to fund as quick as 24 hours after approval. Their lease and auction line of credit gives you flexibility to address your short term needs, while the commercial equipment loan can help with your longer-term equipment purchases. In addition, CFF offers financing to startup businesses, though they may be required to put a 10% to 20% down payment.
Commercial Fleet Financing is limited to four main industries: trucking, towing, construction and moving. Their typical client has a minimum credit score of 640, so if your credit score is low, you may need to work on improving your credit to qualify.
While Commercial Fleet Financing offers fast, convenient financing options, it is wise to shop around and see how they measure up to other commercial equipment financing products.
CFF offers financing to only trucking, construction and commercial transportation industries — so if you need equipment financing for other industries, then peer-to-peer lender Funding Circle might be right for you. With term loans up to $500,000 and repayment up to 10 years, Funding Circle can the needed funds with more flexibility in industry. However, Funding Circle requires a FICO Score of 660 and may take up to five business days to receive funds.
Businesses outside of trucking and transportation industries would benefit from vehicle financing with Crest Capital, as they only finance trucks for non-transportation companies. For equipment financing under $250,000, Crest Capital may offer same-day approval and terms of 24 to 72 months, and would not require tax returns or financial statements. Crest Capital offers fixed-rate equipment loans and the option to purchase at the end of an equipment lease term.
Compared to Commercial Fleet Financing, CIT offers equipment financing to more industries. Financing goes up to $500,000 with rates as low as 5.49%, but the loan and lease terms are shorter than CFF, extending up to 72 months, while CFF allows the option to go as long as 108 months, or nine years. Still, like CFF, CIT also offers the option to purchase equipment at the end of your lease financing.