Wells Fargo Equipment Finance Reviews - Financial Lender Pros & Cons
Wells Fargo is a global banking and financial services portfolio company headquartered in San Francisco and happens to be one of the largest banks, worldwide. It is currently the biggest provider of equipment loans in the U.S.
Wells Fargo provides its customers with financial assistance in acquiring the equipment they need for their businesses and selects the loan which will best fit their unique business requirements. Despite its resounding success across numerous areas overall, Wells Fargo has found it much more difficult to manage its reputation since the 2008 credit crisis.
Wells Fargo offers a host of competitive and innovative financial solutions for small businesses irrespective of where the business is located geographically, what their credit score is, and their business history. Whether the business wants to equip the commercial kitchen of a restaurant, buy work vehicles for the sales team or buy manufacturing equipment, an equipment loan from Wells Fargo can be a very good option to take up.
- Wells Fargo supports different types of industries and equipment types.
- Provides the equipment at a low initial cost.
- Low-interest prices on every financing offer
- Fixed interest rates mean expected monthly payments
- Can buy multiple equipment parts with one loan.
- No application fee or advance refund fee.
- May submit an initial online application.
- The business must have a credit score greater than 600 to be eligible.
- It may be necessary to travel to a Wells Fargo branch to submit the document.
- The material of the equipment can depreciate quickly, which means the business could be caught with outdated material at the end of the term
Wells Fargo offers different types of equipment financing that can be used to serve different industry verticals. The details of various financing options provided by this lender are as follows:
Construction Equipment Financing: Wells Fargo has a team of construction industry specialists that works with customers to help chart out the perfect financial solution that suits the business. Apart from lease offers, the lender offers other finances such as capital loans, sale-leaseback, and financing programs for dealership inventories and rental fleets. They collaborate with entrepreneurs, equipment distributors, manufacturers, and leasing companies and provide them with the best financing solutions.
Healthcare Equipment Financing: At Wells Fargo, a business associated with the healthcare industry can get a custom loan, lease, or line of credit to purchase healthcare equipment, buy the latest technology, or make the necessary improvements for tenants. Wells Fargo works with a variety of health care providers, including hospitals, outpatient surgery centers, oncology clinics, medical groups, and imaging centers.
Commercial Transportation Financing: Wells Fargo offers several rental and lending products to help fleet businesses grow – or get started. The terms of these financing options may vary between 12 and 84 months with a fixed and floating interest rate. There’s a lot of flexibility involved as the businesses can select the payment structure, lease type as well as other terms.
New And Used Trailers For Lease: With Wells Fargo financial solutions, a business can get various kinds of trailers including Great Dane, Wabash, Gooseneck, Utility, and others. The business can also finance or rent professional equipment, including waste carriers, towing and maintenance trucks, tankers, emergency vehicles, ball presses, transfer stations, sortation lines, document shredding trucks, and more.
Small Business Loans: Wells Fargo is a preferred lender of SBA loans and provides competitive rates and loan amounts to businesses. Wells Fargo does require collateral for small business loans which makes it easier for small businesses to get finance and cover up their expenses. These loans can be used to make business purchases related to inventory, equipment, or any other product.
Terms and Rates
Wells Fargo offers equipment financing for small business clients with greater working capital and more relaxed terms and conditions for some industries. But for most small companies, the ‘Equipment Express’ loan provides enough financing to get the job done.
Wells Fargo Small Business Equipment Lending has the following terms and conditions:
- Up to 100% financing for vehicles and equipment is available.
- For a customer to purchase new, used equipment or upgrade existing equipment must have $10,000 to $100,000 loan amounts
- 2 to 6 years of loan duration (up to 6 years for new vehicles; 5 years for new equipment and second-hand vehicles; 4 years for second-hand equipment)
- Fixed rates start from 7% for vehicle loans
- Fixed rates start from 7.5% for other types of equipment
Is Wells Fargo a good bank?
Wells Fargo offers tough competition to other lenders and provides one of the best, most competitive, equipment loans for small businesses. With over 6,000 locations in the United States, Wells Fargo equipment financing is an easily available option to take up for most business owners.Wells Fargo has similar characteristics when it is compared with other big domestic banks as it has a large branch network, low rates, and offers high borrowing amounts. Wells Fargo provides flexible financing solutions with a fast turnaround time. The bank offers significantly good financing solutions as compared to a big number of online lenders.
Is Wells Fargo Equipment Finance The Right Financing Choice For Your Business?
Every business is unique and has different financing requirements, the business will have to weigh up several factors before deciding whether the equipment loan from this lender is the best choice for them, or not!
One of the most convenient ways to grow a business is to use the financial services that will help the business become more efficient and produce more output. Wells Fargo equipment finance options give the customer the flexibility to lease the equipment at an affordable rate and maintain their budget.
Wells Fargo exemplifies the advantages and disadvantages of dealing with a large, venerable lending institution with conventional borrowing standards. The first and most important thing, a business can rely on Wells Fargo for the money and the infrastructure for the equipment needed. On the other hand, these finances are large and impersonal, which can help a business to easily solve the problems that arise. For a new small-scale start-up business, it may be difficult to qualify for their equipment loans but they can look for other online lenders that may offer them alternate solutions.