First American Equipment Financing Review

Anne Miller

Anne Miller

Senior Author

Anne Miller

Senior Author

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First American Equipment Financing ReviewFor businesses to be successful in the modern age, it’s imperative to have high-quality equipment. In some cases, businesses rely on their equipment for the success and meeting of profit-goals daily, weekly, or monthly. With that being said, if your company is using old or damaged equipment, chances are, it’s time for an equipment upgrade. This is where companies like First American Equipment Finance can prove to be of some value. Today, we are going to discuss the benefits and potential downfalls that come with this company, making it easier to decide whether or not its worth your consideration.

PROS

First American Equipment Finance, together with City National Bank, is known to have award-worthy customer service. The team at FAEF has been named one of the Best Small and Medium Companies to work for by Fortune, making it notable company.

CONS

The biggest complaint that surrounds First American Equipment Finance is their lack of transparency and information on their website. While they do offer some resources and tools for clients, the website does not present all of the information in an easy-to-understand manner, causing potential clients to frequently click around until they find the right section. Even then, the information is lacking, in comparison to what other companies offer.

Loan and Lender Information

First American Equipment Finance is a financial institution offering businesses services in the equipment financing and leasing field. The company itself is actually a subsidiary company under City National Bank, which is a respected bank in the United States. What really sets City National Bank and First American Equipment Finance aside from other companies is their dedication to customer service, which in fact has won the company many awards.
First American Equipment Finance offers a wealth of services ranging from leasing and financing, asset management, and even cash reimbursement. So whether you are in the dental, education, or even the healthcare industry, First American Equipment Finance is a feasible option to consider.

Rates and Fees

The First American Equipment Finance website does not offer any information regarding their rates and fees for any of their services. In fact, in our opinion, in comparison to many other equipment financing companies, First American Equipment Finance offers the bare minimal information, making it very difficult for potential clients to understand or know what to expect through partnering with this company.

Application Process

After much time spent on the First American Equipment Finance website, it’s unclear how to formally apply for any of their services. If you are interested in joining the First American Equipment Finance family, we recommend visiting http://www.faef.com/About/Contact and either calling or emailing the company in regards to the next step. This may prove to be a deterrent for business owners as it requires them to take an extra step in order to learn about the service and application process.

Verdict

First American Equipment Finance may be a wonderful company to work for and offer great services for business owners; however, the lack of information and transparency on their website is, what we consider, a red-flag. We would advise any business owner who is interested in enrolling in any of their services to do so with caution and alertness. Do not forget to compare quotes, rates, and fees with other competing companies.

Anne Miller


Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.

 

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