FAQs
Why should I finance my equipment with CEFI?
We are tenured equipment financing experts that provide quick lending decisions with a strong focus on customer service. Our values are ingrained in our day-to-day operations:
- Commitment to our clients, community and CEFI family
- Excellent product, industry and collateral knowledge
- Financial strength, ample lending capacity and asset diversification
- Integrity, professionalism, honesty, reliability
How does CEFI determine interest rate?
- Automatic ACH Debits (fill out ACH form)
- Send copy of check via e-mail [email protected]
- Deliver or send check via mail: 650 Ave. Luis Muñoz Rivera, Suite 400, San Juan, PR 00918
What interest rate does CEFI lend at?
Our rates are competitive and in line with the industry. Rates are contingent upon the financing terms, equipment, equipment cost, applicant’s corporate financial situation and personal credit of the company owner(s).
Does CEFI charge any fees at contract closing?
Yes, depending on the transaction size we can charge a 1% closing fee. Other lenders can charge a closing fee of up to 2.5%.
Does CEFI require a down payment on equipment purchases?
Depending on the equipment, CEFI requires a 5%-20% down payment; traditional banking institutions may require a 20%-25% down payment.
Would my application be automatically declined if my company does not meet all the criteria?
No. As specialized and experienced equipment lenders, we strive to find alternatives to help applicants obtain the equipment financing they need.
What does CEFI look for during the credit approval stage?
Some factors we review and seek are that the business generates sufficient revenues to make scheduled loan/lease payments, that it maintains a satisfactory payment history, has substantial work on hand and that the owner shows satisfactory payment history.
Does CEFI finance used equipment?
Yes, depending on the equipment type, CEFI finance used equipment 7 years old or less.
What financing terms are offered?
Terms range from 24 months up to 72 months.
What are the minimum and maximum that CEFI finances?
The minimum amount financed is $15,000 and the maximum is $2,000,000, but could be greater depending on the equipment type.
Does CEFI charge an application fee?
No, CEFI does not charge an application fee.
What information is required to apply for an equipment loan?
- Credit Application Completed
- Equipment Invoice
- Last 6 Bank Statement
- Last 2 Tax Returns
- Personal Financial Statement
- Valid Picture ID
How long does the financing process take?
As a specialized and experienced equipment financing company, we pride ourselves on our efficient
financing process, which typically takes 1 to 2 business days (once we have received required client
documents).
What are the steps to obtain an equipment loan or lease?
- Fill out our Application and submit required documents
- Credit evaluation
- Credit decision
- Contract signing (closing)
- Fund transaction
What equipment financing options does CEFI provides?
- Two Party Loan and Security Agreement
- Capital Leases
- Operating Leases
- Sale Leasebacks