The ABCs of Equipment Financing at CCG

Posted January 07, 2022

Commercial Credit Group is a different kind of equipment finance company. We’re an independent lender and do things our own way. Our business model is relationship driven and we evaluate credit differently than banks and other lenders.

Read through our list of ABCs and find out how differently we think and why you should consider financing your equipment with us.

A – Auctions are a great way to find used equipment at reasonable prices. Make sure you are adequately prepared before you bid. Download our Auction Checklist to ensure you are ready.

B – Be upfront and honest about any past financial hiccups or issues. Oftentimes these can be overcome by explaining them or clearing up former concerns.

C – Credit score doesn’t really matter at CCG – Character, collateral and cash flow are what’s important to us.

D – Down payment can make a big impact on your monthly loan payments. The higher your down payment, the lower your monthly payment.

E – Equity in your existing equipment can be used to get working capital. Get your free equity assessment to determine how much equity you may already have.

F – Flexibility can be very important when financing equipment and because CCG is an independent lender, we are very flexible with credit analysis and loan structures.

G – Growing your business means you need access to capital - capital to buy equipment, hire employees and fund operations. There are many options. Talk to us to determine which is best for your situation.

H – Help is just a phone call away. Whether you need assistance with financing a purchase, refinancing existing obligations, or improving cash flow. Simply pick up the phone and call. Communication goes a long way in helping us understand your situation.

I – Interest rate isn’t the most important factor in an equipment loan. Down payment and length of term also help determine monthly payment.

J – Just because you have enough cash to pay for an equipment purchase, doesn’t mean you should pay cash. Paying cash is a good option, but if you deplete your cash reserves to buy equipment, you may not have enough cash left for operating expenses, opportunities or emergencies.

K – Know why you are buying the equipment. There are many reasons to add equipment to your fleet and being able to articulate the reasons can help us understand and evaluate your request. It demonstrates that you’ve carefully considered the purchase and understand the business goals you are trying to accomplish.

L – Lengthening your loan term is just one way to save on your monthly debt service.

M – Maintenance of equipment can have a profound impact on the equipment value and the amount of equity available when refinancing.

N – Needs vary, and your financing options vary as well. Options include term loans, lines of credit, real estate loans, equipment loans, equipment leases, working capital loans and invoice financing. Your financial advisor can help determine which is best for your needs and business goals.

O – Open and honest communication during and after the financing process is critical. If you need help understanding the terms of your loan contract or need to alert us of difficulties making payments, just let us know.

P – Payments can be structured in a variety of ways. We can include seasonal skip payments in your loan terms to help get you through the business lulls. Tell us your situation and we’ll make it work for you.

Q – Quick approvals and fast funding can be crucial when buying equipment to fulfill a contract or needing to move quickly on an opportunistic purchase. We can quickly review your loan package, evaluate your equipment and get you the funding you need.

R – Refinancing equipment is a great way to save money and/or obtain working capital.

S – Section 179 and Bonus Depreciation can be used to reduce your tax burden, saving thousands of dollars on your tax bill.

T – Tax liens are not the kiss of death for a loan approval at CCG. Refinancing can often help payoff tax liens.

U – Undisclosed past financial issues can quickly derail a loan approval. By being up front we can help you overcome issues that deter other lenders.

V – Valuation of equipment is something we can help with. Our credit analysts have extensive equipment and industry knowledge and can quickly determine the value of a piece of equipment, leading to faster loan turnarounds, especially for refinances or used equipment purchases.

W – Working capital loans are a great way to pay for accessories or soft assets.

X – Xpertise matters. CCG specializes in four main business segments – construction, manufacturing, transportation, and waste. Our industry expertise and equipment knowledge make the borrowing experience easier and faster for our customers.

Y – Your business and your story are important to us. We finance equipment to help you grow your business and take on new clients and contracts, and eventually buy more equipment. In fact, two-thirds of the transactions we finance are with our existing customers.

Z – Zero. The number of times CCG has denied credit strictly due to a low personal credit score. We consider character, collateral and cash flow to be much more important than credit scores. 

Want the CCG experience? Let us know what equipment you need and we’ll figure out how to help you get it.

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