Get funding when you need it

When new equipment is crucial to your business, you need an efficient financing process. That's what you can get when you work with First Citizens Bank Equipment Finance and its network of third-party referral sources. The bank did the heavy lifting, so you don't have to.

Say no to the hassle

Getting a loan can be complicated. With financing through one of First Citizens Bank Equipment Finance's third-party referral sources, you can rest assured that the process will be simple and seamless with one point of contact throughout the journey.

Take advantage of competitive rates and products

Competitive rates and customized terms to fit your specific needs could make financing a better choice for your budget.

Select the best term length for your businessD

As a business owner, the key driver for acquiring new equipment should be to help increase your overall top-line revenue. A cash flow evaluation can help you select your term and monthly payment. A good rule of thumb is to choose a payment at a term that's approximately 25% of expected incremental monthly revenue—which could allow you to generate enough overall cash flow to have the new equipment pay for itself.

Access credit at a glance

While no credit decision can be rendered until your application is reviewed, its third-party referral sources require a minimum 600 FICO Score for business principals or guarantors and at least 2 years in business. Generally, it also requires a minimum finance amount of $5,000 for business essential equipment.

Potentially reap some serious tax benefitsD

If you choose either an equipment finance agreement or a lease with a $1 residual, you may be able to take advantage of Section 179 to accelerate your depreciation expense in a single year. If you choose a lease with a fair market value residual, financed equipment can be deducted as an operating expense in the period in which it's paid, reducing the overall cost. Payments are also treated as expenses on the income sheet, so there's no need to worry about depreciation.

Equipment Financing FAQ
People often ask us

Any business purchasing equipment or a product for a business purpose is eligible to apply. Examples of a business include corporations, LLCs, nonprofits, partnerships and sole proprietorships.

There are several options available when choosing equipment financing through First Citizens' referral network:

  • Application only, up to $350,000
  • Requests up to $6 million with financials
  • Competitive rates and customized terms to fit your specific needs

First Citizens' third-party referral sources offer an equipment finance agreement, or EFA, for most equipment purchases. With an EFA, you own your equipment from the inception of financing and there's no end-of-transaction buyout. The third party that handles the transaction will be listed as lienholder on your title or will file a uniform commercial code, or UCC, based on the serial number of your equipment for nontitled assets.

This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.

Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.

Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website.

Not all applicants will qualify for financing. Products and services offered by third-party referral sources are subject to their approval and terms and conditions, which are independent from those of First Citizens Bank.

Speed and performance are subject to applicant's local connectivity and other factors outside First-Citizens Bank & Trust Company's control.

First Citizens Bank & Trust Company and the parties referred to herein as "partners" are not "partners" of one another and have not entered into a "partnership", whether general or limited, as such term is used in the legal or literal sense.