The Bank's Mission and Background
Ascentium Capital has emerged as one of the most successful entities to provide technology financing solutions and various types of equipment to support businesses. This bank's holistic services include leasing and financing options for various business owners, manufacturers, resellers, distributors, and franchisers. Additionally, this bank contributes to the growth of small, mid-sized, and Fortune 500 companies.
The prime aim of the brand is to help its customers save their time while optimizing their business opportunities by raising capital. Therefore, the bank's financial model includes a variety of features. These include:
- Result-Centric Advice: The bank's skilled finance specialists aid customers in developing an adequate finance program to resonate with their business needs to help them grow and succeed.
- A Streamlined Platform for Financing: The bank offers high limits based on only applications. This goes beyond the industry standards, and through this, the bank gives its credit decisions within a few minutes while offering extended terms of finance.
- Service Solutions: The bank's specialized online tools and technology solutions improve the final customer experience by putting the customers in financial control.
- Innovation: One of the main features of Ascentium Capital Bank is its consistent innovation for its products, services, and processes. The bank strives to offer adequate value to its customers through consistent development, particularly by incorporating technology to make its services convenient and efficient.
Financial Options Offered
Ascentium Capital essentially stands behind the promise of being an equipment financing company offering a range of financing options beyond traditional business loans. They provide customers with various types of loans, which can be used for expenses other than technology or equipment.
Therefore, it offers working capital loans ranging up to $250,000 dollars and financing for equipment ranging from $2 million dollars. All of this is readily available to customers through a simple, one-page application.
This bank offers multiple loan options, no prepayment penalty, and a fast application process adds to its popularity and success as a financial institution. Its business financing solutions comprise of a range of options, including:
- Loans for Small Businesses: Ascentium Capital offers the easy opportunity to fill in a simple one-page application form and, in turn, receive approval for loans ranging up to $250,000 dollars within 2 hours.
- Leasing and Financing Options: This financing institution offers equipment or technology costing up to $2 million dollars. This offer comes with low upfront costs and prolonged-term lengths to repay the loan.
- Equipment Financing Solutions: This is particular to the customer's industry and the type of investment, capital, and finances required.
“This bank contributes to the growth of small, mid-sized, and Fortune 500 companies”
What industries does Ascentium Capital extend its Financing Options to?
Ascentium Capital offers various financing options for different industries to flourish. These industries include the following:
- Industrial and Commercial
- Commercial Vehicles
- C-Store, Gas, and Car Wash
- Medical Care
- Hospitality Industry
- Software and Technology
How does Ascentium Benefit its Customers' Business?
Ascentium Capital offers numerous advantages to its customers' businesses. These include:
- The full potential for prefunding: Customers will be paid in full when purchasing their equipment.
- CreditPlus: This feature informs customers when they have been approved for a larger amount than what was requested.
- iCalc Quoting: Online proposals and quick quotes to aid customers in closing sales quicker.
- MyAscentium: This platform has numerous financial tools, detailed portfolio details, and program reporting.
- Support Material: Materials for sales and marketing to promote customers' business initiatives.
- Financial training: This feature offers customers the incentive to choose their level of involvement in the financial process.
Who Should Apply for Commercial Truck Financing with Ascentium Bank?
Who Are These Financing Options Meant For?
Ascentium Capital offers financing options for those who wish to move forward through commercial vehicles and truck financing. This financial entity offers flexible and quick options, which aid businesses in acquiring used or new commercial vehicles. These include wreckers, flatbeds, trailers, trucks, and much more.
This bank aims to offer its customers the opportunity to finance commercial vehicles to improve their cash flow management as their business grows. Ascentium Capital offers a flexible form of financing through its multiple options of providing used or new vehicles up to 15 years old. These also include titled vehicles. All of these are readily available for distributors, manufacturers, and businesses all over the United States.
There are numerous vehicle options available for leasing or financing. These include commercial trailers, limousines, commercial trucks, delivery vehicles, fleet vehicles, dump trucks, moving trucks, and other new or used vehicles. Therefore, customers have numerous options to choose from because Ascentium Capital aims to appeal to a large audience through its variety of financing options.
What Are the Commercial Truck Financing Options?
Ascentium Capital's innovative financial solutions are tailor-made to support businesses financing various commercial vehicles. Therefore, these include:
- Flexible financing options ranging up to $2.5 million dollars.
- Used or new vehicles up to 15 years old are available.
- Options for leasing, financing, and raising working capital.
- Easy and streamlined application-only process ranging up to $750,000 dollars.
- Quick credit decisions.
- Soft cost financing of titling and taxes.
- Opportunities for pre-approval of financing.
- Options for deferred payments.
“Ascentium Capital offers a flexible form of financing through its multiple options of providing used or new vehicles up to 15 years old”
How Do You Qualify for Ascentium Capital's Commercial Truck Financing?
Applying for Ascentium Capital's financing is a convenient process for its customers. They have to fill in an application form, which consists of various important factors, including legal business name and address, a contact name for the individual taking the lease, the guarantor's information, the estimated cost of equipment or total estimated finance amount, and the location for the equipment.
Other factors they question to gauge their customer's eligibility include:
- The amount of time since the business was established.
- References for banks and financing for past loans.
- Ratings by credit and business bureaus.
Alternative methods of checking if a particular customer qualifies for Ascentium Capital's Commercial Truck Financing are by scrutinizing third-party databases to gather information regarding the credit condition of the business during the application process. Another requirement is that to qualify for the credit, the personal guarantor quoted in the application form should be based on closely held businesses.
Other requirements involve a credible officer of the business to enter an official contract, which obligates the business. Under normal circumstances, authority is provided to an authorized signer of the contract by the board of directors or any governing body of the business, as depicted through the written terms and conditions of the governing body.
Other forms of checks that the bank opts for to qualify its applicant for its loans and financing options are credit checks. Three major bureaus calculate and monitor credit scores. These include TransUnion, Equifax, and Experian. There are two types of credit checks: hard credit pulls, and soft credit pulls.
Hard Credit Pulls
Hard credit pulls are inquiries conducted on customers who apply for a loan application. This is the form of credit check that aids a lender in determining a customer's creditworthiness. This type of inquiry impacts the customer's credit score.
Multiple hard pulls can reflect that a customer is a risky borrower. This might cause them to be offered higher interest rates in the future or even complete denial of the loan. A customer's FICO score takes these inquiries into Account for 45 days for an auto loan, mortgage, or student loan.
Examples of hard pull inquiries include auto loans, student loans, apartment rental contracts or applications, mortgage applications, credit card applications, and personal loans.
Soft Credit Pulls
Soft Credit Checks are a gentler inquiry form to gauge the customer's creditworthiness. These are conducted after acquiring the customer's permission, so it is common for these inquiries reported in their credit report to come off as a surprise. However, these credit checks don't lower or negatively impact the customer's credit score.
According to the Fair and Accurate Credit Transactions Act of 2003, individuals can easily check their credit score through any credit bureau free of charge at least once a year. Alternate credit services such as Credit Karma have been launched with the intent of providing customers the opportunity to remain aware of their credit scores.
These credit checks are common occurrences if a customer has received a pre-approved offer of a loan. Some of the reasons why these soft inquiries are conducted include pre-qualified insurance quotes, pre-qualified credit card offers, conducting background checks, applications for renting apartments, or checking your credit condition.
The significance of these credit checks on the customer's FICO score is important to understand. Some information is extracted from these credit checks to incorporate into the customer's FICO score. This includes:
- The number of accounts opened recently is based on the type, and the number of accounts opened recently as a whole.
- The total number of credit checks conducted recently.
- The amount of time since a recent account was opened by type.
- The amount of time passed since a credit check was conducted.
A high number of credit checks reflects a higher risk for the lender or borrower. Therefore, this plays a role in the customer's approval or disapproval of a particular loan or leasing option. Ascentium Capital makes its financing decisions based on the complete strength of the business. Therefore, its only criteria are not just the customer's credit score but rather their business's overall profile.
Ascentium Capital Loan Application Process
Customers can fill in their loan applications online through the official website or by visiting a branch of the institution. Customers are provided with complete convenience as there is no additional application fee.
The process is simple and requires the customer to fill in important information regarding their business and loan or lease requirements. Upon approval, Ascentium Bank charges a one-time fee for documentation to cater to all expenses generated due to credit reports, UCC filings, etc. Moreover, this fee also acts as a service fee for processing the application.
“Customers are provided with complete convenience as there is no additional application fee”
Ascentium Bank Commercial Truck Financing Interest Rates
Payment Plan and Prorated Payments
The customer's payment obligations are concerned. They begin when the bank pays for the equipment. Therefore, the commencement date of the exchange makes the customer liable for the lease or loan cost. The initial prorated charge applies to the interim period between the day the bank pays for the equipment and the first due date of the customer's billing cycle for the loan.
The pro-rated charge is costed at 1/30th of the normal loan amount scheduled, multiplied by the number of days between the commencement date and the first billing cycle due date. Additionally, payments in advance apply to normal repayments as per the repayment plan schedule rather than the pro-rated charge. Additional information is available for customers in the payment section of their agreement.
Options if a Customer Wishes to Pay Off Their Account Early
In pursuit of paying back for the leasing or financial option, customers are not bound by contract to pre-pay. However, early termination is an option for customers who are not defaulting on their loans. Normally, the payoff amount is calculated using a present value rate to decrease the future payments due under the contract. Moreover, there is no additional fee or penalty.
Other Information Regarding Commercial Equipment Financing
Options for Insurance
Suppose customers are meant to acquire insurance for their vehicle or equipment. In that case, they will receive a letter or an email containing instructions and requirements regarding the required course of action if the customer already has insurance.
Moreover, Ascentium Capital also offers automatic insurance, which helps customers acquire insurance by the entity if they cannot provide their insurance. However, the Ascentium Capital policy states an additional expense for the customer if they offer the insurance.
Availability of Terms
Ascentium Capital normally offers its financing and leasing contracts spread over a term of up to 84 months for amounts ranging up to $2 million dollars. Moreover, this financial entity also offers loans for raising working capital of up to $250,000 dollars, subject to a flexible loan term.
Frequently Asked Questions
Common queries that customers have regarding Ascentium Capital's holistic services and financing options, particularly for equipment and leasing, are listed below:
Q1. What financing options do I have?
Ascentium Capital sources financing for a wide range of used or new equipment and technology for all kinds of uses, particularly for commercial purposes. These come in handy in computer software and hardware for industrial equipment, furniture for offices, commercial vehicles, medical instruments, and much more. The prime aim is to cater to different industries by helping customers expand their existing businesses by easily acquiring different types of equipment through convenient leasing options.
Q2. What terms does Ascentium Capital offer?
This financial entity offers a range of financing and leasing agreements. Their values go up to $2 million dollars with a repayment term of 84 months. Moreover, they also offer loans to raise the business's working capital ranging up to $250,000 dollars spread across variable terms. All in all, Ascentium Capital offers favorable terms for its customers by providing them with ample time to repay their loans.
Q3. Do customers have the option to include soft services and costs?
Customers have the option of financing up to 100% of the soft costs and up to 30% of the total amount required for financing. A range of expenses may come under these soft costs and services, such as installation fees, delivery fees, tax, maintenance and various other expenses.
Q4. What customer information does Ascentium Capital's credit application require?
Information regarding a range of items will be necessary to provide in Ascentium Capital's credit application, including:
- Information regarding the equipment supplier or vendor.
- The customer's business information includes the legal business address and official name.
- The leaser's contact name.
- Information of the guarantor.
- The total estimated cost of equipment or generally total finance cost.
- The location of the equipment.
Therefore, if your business requires equipment, it is beneficial for you to know the details of the complete transaction so that your credit application process is smooth and there are high chances of your application getting approved.
Q5. How does Ascentium Capital determine its customers' credit worth?
Many factors affect this institution's perception of a particular customer's creditworthiness. These include:
- The amount of time has passed since the business was established.
- The customer's financing and bank references.
- Ratings by various credit and business bureaus.
Additionally, customers are subject to screening by third-party databases to gather insight into their credit condition during their application for acquiring financing.
Q6. What is the role of a personal guarantor?
The essential role of a personal guarantor is to aid a customer in qualifying for credit. This is particularly applicable to companies that are closely knitted together.
Q7. What does an authorized signature reflect?
To officially obligate a company, one of its officers must enter an agreement with Ascentium Capital. Any governing body of the company, such as its board of directors, is provided with the authority to become an authorized signer. This is normally reflected in the written document of terms and conditions of the governing body.
Q8. Do customers have the option of paying through their credit card?
Ascentium Capital allows its customers to make their payments through Visa, American Express, and MasterCard. However, processing fees for credit card payments apply to these transactions.
Q9. What is the process of acquiring insurance for the leased equipment?
Ascentium Capital is likely to inform you of your need to sign up for insurance and maintain it through an email or letter containing adequate information regarding how the customer should go about the process or what they can do if they already have insurance. On the contrary, if they don't have insurance, Ascentium Capital offers automatic insurance for its vehicles.
This process leads to the institution's equipment being covered with insurance on its own if the customer fails to provide their insurance. However, the company's policy dictates that this automatic insurance is subject to a certain fee to cater to the expenses.
Q10. What is the generic process for vehicle financing?
The process is simple and helps businesses expand their operations quickly. The process begins with a financial lease, which makes the customer officially use the vehicle as their own, despite not owning it first-hand. To pay back the lease, the customer may be required to pay back the rental cost in the form of monthly installments over a pre-set period of repayment.
This can normally range up to 84 months. Once the lease has run its course, the customer can either purchase it for its complete value and gain complete ownership or return it to its original owner (in this case, Ascentium Capital)
How Can Customers Contact Ascentium Capital
Ascentium Capital actively makes efforts to cater to its customers by offering exceptional customer service. Therefore, various customer service agents are available to cater to customer queries within the scope of their department.
Therefore, if a customer has queries regarding the credit application process, they can contact the Finance Manager by emailing Credit@AscentiumCapital.com. Moreover, the same finance manager can help the customer with queries regarding any finance documents.
If the customer already has an existing financial contract and has queries regarding the agreement, they can call on 866-846-3646 or send a Fax on 866-846-3679. Other options are to contact the Account Butler through the official website or to send an email to Service@AscentiumCapital.com.
To find out information regarding referral or vendor programs, customers have the option of contacting a customer service agent through phone call at 866-846-3635, fax at 281-921-3499 or send an email at Partner@AscentiumCapital.com.
This widely successful financial institution has financing and leasing options for various industries. It consistently strives to offer its customers the best options in the most flexible terms to offer maximum convenience and opportunity for the growth of its businesses.
To keep consistent track of its progress and features, customers can keep up to date with the latest updates by Ascentium Capital through their social media handles on Twitter, Facebook, LinkedIn, and Youtube.