Crest Capital Review 2020 – business.com
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Pricing: rates and conditions
Because Crest is an equipment financier, the terms and rates largely depend on your specific lending situation. The first thing to keep in mind is that the prices and terms change when you borrow more than $ 250,000. This amount is used as a benchmark to separate quick loans from larger and more complex loans. For example, all you need to do is submit a simple online application to get funding under $ 250,000.
Depending on the amount you are looking for, the terms range from 24 to 84 months. Individual rates vary widely depending on the equipment or vehicle and your company’s financial history.
Crest lets you choose between equipment lending and leasing. The difference between the two has to do with the structure of the deal and whether you end up owning the vehicle at the end of the term. There are several types of agreement:
- Equipment financing contract: It is a fixed rate loan with a monthly payment structure. You pay the principal and interest each month, and then you own the equipment at the end of the term.
- Guaranteed purchase contract: This payment structure gives you the option of purchasing the equipment for a fixed, guaranteed purchase price at the end of the term. This gives you the option of paying a little each month and then spending a certain amount at the end of the quarter to own the equipment.
- $ 1 purchase contract: This lease includes a fixed monthly payment and the option to own the equipment at the end of the term for a nominal amount, such as $ 1.
- First amendment of the lease: This lease defined purchase deadlines throughout the lease. If you decide not to buy it at one of the predefined times, you must renew the lease. There are other aspects and stipulations of this agreement, which you can learn more about. here.
- 10% purchase: This agreement involves a fixed monthly fee and an option to purchase at the end of the term for 10% of the original cost of the equipment. If you do not wish to purchase the equipment at 10%, you can renew the lease or return the equipment to Crest. There is also an option to upgrade the equipment.
- Fair market value: This option has the lowest fixed monthly payment of all plans. At the end of the lease, you can purchase the equipment at fair market value, renew the lease, or return the equipment to Crest.
- Simple rental: This lease is available for equipment with a high secondary market value and meeting criteria established by the Financial Accounting Standards Board.
In addition to the many different agreement structures, Crest provides other useful plan and pricing features. The framework agreement, for example, can function as a line of credit for future equipment purchases. Progressive plans allow you to schedule lower payments earlier in the futures contract. A seasonal plan is an option where seasonal businesses don’t have to pay during slow months. Deferred plans allow you to defer any payment for up to six months after signing the agreement.
If you decide to pay the full loan amount up front, there is no prepayment penalty. In fact, you can get a discount on the remaining interest. All of these different deal plans and structures make Crest one of the most flexible alternative lenders we have reviewed.
Characteristics of Crest Capital
The overall lending process may take a little longer than with some of the other lenders we’ve reviewed, but Crest Capital provides larger amounts of funding than some of these companies. Crest wants to make sure your business is eligible and can repay the loan it issues.
You can complete an application with Crest Capital online, over the phone, or by printing and faxing it to the company. The company will not ask you for financial statements unless you are asking for more than $ 250,000, but make sure you have your company name, website, address, phone number, email , your social security number, the name of the bank, the account number and the phone number of the bank on hand. You will also need to provide information about the equipment vendor you are partnering with, including name, phone number, estimated cost of the equipment, and the condition of the equipment.
Depending on the amount you request, your term will be 24 to 84 months. This is a fairly wide range – with some lenders you will only find short or long term options.
To qualify for a loan with Crest, you must have been in business for two years and have a credit score of at least 650. You cannot have any past due payments or a history of non-payment to other lenders. . You will need to provide a written overview of your organization, a description of the purpose of the equipment, your last two year-end financial statements, income tax returns for the past two years, current financial statements, and a list of your loans or leases in progress. . Crest will conduct a flexible credit investigation, so that your credit score is not affected by applying for a loan from the company. That’s a lot of documentation and requirements compared to some competitors, but it verifies Crest as a legitimate and reputable alternative loan company.
Crest loans are secured by the equipment, vehicles or software financed. No further warranty is necessary.
Time before filing
After submitting your application, you will receive a decision within hours. Once you’ve been approved, you can complete the transaction within days. Having all of your documentation ready can speed up the process.
Crest requires more documentation than any lender we’ve reviewed. For loans over $ 250,000, the company wants to see your financial statements, tax returns, a list of your loans and leases, a written overview of your business, and a description of how you will use the equipment.
These may seem like strict qualifications, but it shows that Crest is a reputable company looking to provide business loans that meet high standards. By providing this information, you can partner with a company that has some of the most flexible loan terms and plans of any of the lenders we’ve reviewed. The level of documentation that you need to provide varies depending on the loan amount.
Crest Capital Pros
Crest gives businesses of all types quick and easy financing options. They have reasonable loan terms and can work with your business to make sure you get the financing you need. There are several types of agreements to choose from, such as the 10% purchase option and the $ 1 purchase agreement. This wide variety of loan types sets Crest Capital apart from its competitors.
Crest is a good financial alternative to invest in new construction equipment, vehicles or business software. It has a fast application and approval process.
Crest Capital Cons
One downside we found in Crest’s service is the amount of documentation required, although it depends on how much you request. Many lenders only need a few simple financial details. This is, however, a minor drawback when you consider the flexibility that Crest offers in its tuning.
Crest also has very high credit score requirements – at least 700 – and time in business. These standards mean it doesn’t work with start-ups.
Reputation and customer service
Crest Capital is a reputable company that was established almost 30 years ago. It mainly works with small businesses with 5 to 75 employees and has a good reputation online. As of May 2020, it had an A + with the Better Business Bureau and 5 out of 5 stars in customer ratings. Crest is one of the only companies in our review to have this high rating on the BBB site. It has over 70 positive reviews with no negative reviews or complaints. Other review websites reflect this level of customer satisfaction.
When we called the Crest sales agents they gave us all the information we needed. The representatives we spoke to were friendly and concise. They took the time to understand what our business needed and offered us several options. They let us ask any questions we wanted, were extremely patient and didn’t push us to provide any information about our business or sign up for the service. After the call, the representative followed up with us by sending us a company brochure. This level of attention was almost unmatched in our review process.
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