10 Alternatives to Bank of the West Equipment Finance
Choosing where to finance equipment can be a difficult decision, especially if your company is smaller or you haven’t acquired significant capital yet. Some larger banks may require two years of business under the current ownership or a certain amount of annual revenue, such as Bank of America equipment finance.
Why Traditional Banks Fall Short For Many Businesses
While it might be tempting to use a larger banking institution like Bank of the West, it’s a difficult path to equipment financing for many businesses. The fact is, traditional banks like Bank of the West have high standards for those seeking a loan. They look for candidates with a great credit score, solid revenue and years of experience in the industry. Many small-to-medium-sized businesses are not yet able to meet these requirements.
If you are in a niche industry, gaining equipment financing from Bank of the West can prove difficult. Because traditional banks are risk averse, they are selective about the industries and businesses they extend loans to. As a result, businesses that lack existing capital or have bad credit scores are unlikely to meet the criteria for equipment financing loans.
Another hurdle to obtaining financing from Bank of the West is how long you’ve been in business. If your business is a startup or in its early stages, getting approved for an equipment financing loan will be difficult. Banks like to look at the track record of a company before deciding to provide a loan.
Traditional banks also tend to have lengthy processing times. This means that your business could be waiting months for the money to come into your account. When time is of the essence, you need a loan that can push your business forward. Waiting around can throw a wrench in your growth.
A smaller provider can offer benefits like more personalized financing solutions and approval in plans that would otherwise be denied by a larger bank.
Luckily for you, we’ve researched ten trustworthy Bank of the West alternative equipment financing options. Explore them below!
1. CHARTER CAPITAL
BUSINESS STARTED: 1977
The first alternative to Bank of the West Equipment Finance Services is Charter Capital. Since 1977, Charter Capital has delivered a smarter approach to equipment financing. We customize our equipment financing programs to match your unique business needs. We don’t discriminate based on industry or company size. We’ve been in the business long enough to be able to work with any type of business.
We analyze your credit — and sometimes your financial condition — to best advise you on available financing options. Our high-quality customer service leaves customers happy, educated and satisfied. We hope you consider calling us when you need assistance.
Contact us today at 480-874-5402 or send an email.
2. CREST CAPITAL
BUSINESS STARTED: 1989
Crest Capital offers no-hassle financing. With low rates and flexible terms, their fast approval time and “no paperwork” application offers a speedy and efficient way to purchase equipment for your company. They offer flexible payment plans for transactions between $5,000 to $250,000, making them a speedy alternative to Bank of the West equipment finance.
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3. NATIONAL FUNDING
BUSINESS STARTED: 1999
Since its inception, National Funding has provided $2 billion in loans for over 35,000 small businesses. With their fast approval process and high approval rates, applicants can receive a quick decision within 24 hours. With loans of up to $150,000 for equipment financing and leasing, National Funding is an ally to small business owners everywhere.
LOCATION
They are a national business with no specific location.
4. CIT
BUSINESS STARTED: N/A
If your business needs to upgrade equipment or technology immediately, contact CIT Equipment Finance. With loans from $500,000 to $1,000,000, they work with you to find the best loan options. CIT offers a range of term lengths and interest rates as low as 5.49%. In addition, they offer a variety of financing and repayment plans for your organization’s unique needs, including $1 buyout, Fair Market Value, and different payment intervals.
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5. FUNDERA
BUSINESS STARTED: N/A
Fundera specializes in helping small businesses get the loans they need to finance new or used equipment. This is a great alternative to Bank of the West Equipment Finance. Interest rates vary from 8% to 30%, and the two day approval time means you can receive your desired funds in a timely manner. Fundera’s lending specialists find the best lending options so you can compare multiple options at the same time.
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They are a national business with no specific location.
6. LENDING CLUB
BUSINESS STARTED: 2006
Lending Club started as a personal loan business that matched those in need of a loan with investors willing to provide financing. Since then, Lending Club has expanded into the business loans sector. This Bank of the West equipment finance alternative offers business loans of $5,000 to $500,000. With repayment terms ranging from one to five years and a dedicated advisor to walk you through the process, Lending Club is here to help.
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7. CREDIBLY
BUSINESS STARTED: 2010
If you need a loan and don’t have time to wait, Credibly may be the option for you. This lender offers a range of financing options, including working capital loans, business expansion loans, merchant cash advances and more. You can receive up to a $400,000 loan in as little as 48 hours. However, the rates at Credibly tend to be high, so be sure to read all the terms before agreeing to the loan. For businesses that are still building credit, Credibly’s low credit score requirements make it a great Bank of the West equipment finance alternative.
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Credibly has offices in Michigan, New York, Arizona and Massachusetts.
8. ONDECK
BUSINESS STARTED: 2006
OnDeck is dedicated to simplifying the loan process for small businesses. The company takes into account a wide range of data points when determining whether a business qualifies for a loan. That means they don’t focus so heavily on credit scores and other elements that traditional lenders do. On Deck offers credit lines up to $100,000 with repayment terms of 12 months. The lender also offers loans up to $250,000 with 18-month repayment terms. With a focus on tailored options and fast results, On Deck has helped many small businesses move towards their goals.
LOCATION
OnDeck is a global company with U.S. locations in Colorado, Virginia and New York.
9. KABBAGE
BUSINESS STARTED: 2009
Kabbage’s name may be humorous, but when it comes to helping small businesses, this lender is serious. With an A+ rating from the Better Business Bureau, Kabbage offers options, including industry-specific loans and loans for minority business owners. Plus, businesses that use Kabbage have access to Kabbage Insights™. This helpful tool allows you to view your business’ cash flow patterns and get financial forecasts about where you’re headed.
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Kabbage is headquartered in Georgia and has offices in New York, San Francisco and Colorado.
10. CURRENCY CAPITAL
BUSINESS STARTED: 2001
Currency Capital believes that “buying a bulldozer should be as easy as buying a book.” That’s why they created a platform that connects business owners with equipment loans and leases. Through Currency, businesses can obtain up to $500,000 worth of financing. Terms are flexible, and interest rates range from 6% to 24%. In addition to financing equipment loans and leases, Currency offers working capital loans to qualified businesses.
LOCATION
Currency is headquartered in Los Angeles and has offices across the country.
Interested in talking to an expert on equipment financing or need advice? Schedule a consultation or give us a call today at 480-874-5402.