US Bancorp Business Equipment Financing Review
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Are you a small or large business seeking a financial company to help purchase or lease new equipment? As you might know, this market is extremely competitive as there are dozens upon dozens of different companies touting that they are the best in the country. To better help you out, we are offering reviews of all different equipment financing companies to figure out which companies are worth it. Today, we are going to examine a division of U.S. Bancorp’s, US Bank Equipment Finance, and learn whether or not it’s worth your consideration.
The benefit of partnering with U.S Bank Equipment Finance and utilizing their financial services is that you are joining one of the largest banks in the entire country. On top of this, this company is known for their excellence in customer service.
In our opinion, U.S. Bank Equipment Finance’s website is relatively confusing, making it difficult to know how to apply, the different equipment financing options, and the rates and fees.
Loan and Lender Information
U.S. Bancorp is a prominent financial institution in the United States, ranking as the 7th largest bank in terms of assets. One of their main branches or divisions is U.S Bank Equipment Finance. This equipment financing company offers some of the best equipment financing services for businesses in the following industries:
- Capital Equipment
- Small Business Equipment
In order to apply for any of their services, you must be seeking a loan between $50,000 and $50 million, unless you are a qualified small business. If you are a small business, you may receive loans ranging from $10,000 to $500,000.
Rates and Fees
When it comes to the rates and fees for U.S. Bank Equipment Finance, it’s unclear what the specific or estimate rates are for any of their service. What we do know is that the interest rate and the annual percentage rate will be based upon the credit application and a few other factors. Now, because these are equipment loans, and equipment can be considered as collateral for the loan, many times, interest rates are lower than anticipated. We do suggest taking the time question a trained professional from U.S. Bank before applying and signing any contracts.
As far as the application process, there are only two ways to apply: one for smaller businesses and one for larger businesses. With that being said, regardless, you will need to contact U.S. Bank directly for information regarding the application process and the proper forms as there is no application forms available online. You may choose to either call the company, use their online contact form, or visit one of their local branches. If you are a larger business, you will want to visit the company’s website to look at the specific equipment financing divisions to ensure you are communicate with the proper division.
In our opinion, one of the biggest selling factors for U.S Bank Equipment Finance services is the name that is attached to this company. US Bancorp is one of the largest financial institutions in the United States. With that being said, through working with such a bank, you can guarantee you are working with a company that understands the market and industry, offering the best possible equipment financing deals.
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.