To learn more about Amur Equipment Finance and decide if it’s right for your needs, please continue reading:
Acquiring needed equipment is often one of the most essential but costly expenses for businesses. Companies like Amur Equipment Finance seek to help businesses get the necessary equipment on credit.
The company offers an Equipment Finance Agreement and several lease options. However, it might not be the right fit for every small business equipment need. Amounts only go up to $350k, and it doesn’t publish interest rate ranges.
This review can help you decide if Amur is suitable for your equipment financing needs by covering the benefits, drawbacks, and application process. Specifically, we’ll answer these questions and more:
Amur Equipment Finance is a leading provider of equipment finance solutions that serves clients across the United States. With a strong presence in the equipment finance market, the company offers a wide range of financing services tailored to various industries.
Amur is one of the largest independent equipment finance companies in the country. It is active in small-ticket and middle-market financing, originating transactions from $20,000 to $5 million.
These include agriculture financing, commercial financing, energy financing, fitness equipment financing, automotive tools financing, medical financing, media financing, and technology financing. Amur Equipment Finance is committed to providing excellent customer service and support to its clients, helping them achieve their business goals efficiently and effectively. The company’s dedication to service excellence ensures that businesses in equipment-intensive industries, such as construction, manufacturing, and transportation, can secure the necessary funding to thrive and grow.
It provides dedicated service for the following industries:
Amur Equipment Finance is headquartered in Grand Island, NE. It also has offices in California, New Hampshire, South Dakota, Texas, and New York. The company was founded in 1995.
The company offers equipment financing with the following features:
Small business owners can apply for the company’s lease products or equipment finance agreement.
The company offers a finance lease, also called a Capital lease product for equipment. The leasing company holds the title during the lease term. At the end of the term, you can purchase the equipment for $1 or another pre-agreed price. For instance, Jayde helped a customer resolve an issue related to this process, showcasing the company’s commitment to customer support.
Finance leases don’t allow businesses to expense monthly payments like they can with operating leases. However, business owners can take advantage of depreciation allowances under Section 179 Tax Deduction.
The company’s EFA is a straight financing program. The business holds the title to the equipment, but it’s still the collateral for the loan.
EFAs are an alternative to bank financing. Since the business owner holds the title, there is no buyout at the end of the term.
It provides all the benefits of ownership, including eligibility for a Section 179 tax deduction. Check with your accountant or tax professional to confirm your business’s eligibility.
Amur Equipment Finance offers different payment options to help small businesses afford the equipment. Here are the available programs.
Step Payment Plan: This plan offers lower payments at the beginning of the term to free up cash flow. The payments gradually increase over time.
Deferred Payment Plan: Defer payments until the equipment begins to generate revenue.
Seasonal Payment Plan: Offers seasonal businesses lower payments during the off-season. The business would make higher payments during the busy season.
Balloon Payment Plan: Lowers the monthly payment during the finance term to help companies obtain more expensive equipment than they could afford with a level payment plan. Requires a balloon payment at the end of the term to pay off the difference.
Amur doesn’t list minimum qualifications for its financing products. It determines creditworthiness on the following factors:
However, it doesn’t list ranges for any of those factors. The company reviews credit profiles for the business and personal credit of the business owner(s).
At Amur Equipment Finance, customer service is a top priority. The company’s customer service team is dedicated to providing excellent service and support to its clients, ensuring that their needs are met throughout the entire process. Amur is also a certified Great Place to Work® and is dedicated to ensuring that its customers and employees are equipped to grow and succeed. Additionally, Amur has been recognized as one of Monitor’s Best Companies in Equipment Finance for Leadership.
From the initial contact to the final payment, the customer service team is available to answer questions, provide guidance, and resolve any issues that may arise. This commitment to excellent customer service has earned Amur Equipment Finance a reputation as a trusted and reliable partner in the equipment finance industry. Its proactive approach and willingness to go the extra mile for its customers set it apart from many competitors. For instance, Kira was praised for being pleasant and explaining everything very well, demonstrating the team’s dedication to clear communication.
It doesn’t list interest rates. That makes it challenging to compare costs with other equipment financing companies.
The company states it can provide funding for any essential business equipment. There are no application fees.
However, some fees are related to servicing the financing agreements. Examples include titling, documentation, and inspection fees. The entire customer service fee schedule is on the company’s website.
Borrowers must also carry insurance for the equipment during the finance agreement. You can submit proof of insurance if you have your own policy. Amur will assign an insurance policy through a third-party provider if you do not provide proof of insurance.
Amur Equipment Finance handles errors promptly and efficiently, ensuring clear communication and quick resolution. They also express gratitude for kind words from customers, showcasing their commitment to excellent customer service.
You can include soft costs in the funding amount. A down payment is required, but the company doesn’t state what percentage. Amur has several community engagement programs.
Amur offers a business loan affiliate program for vendor origination partners. ISOs, equipment vendors, and business loan brokers can register to offer the company’s equipment financing products.
Follow these steps to apply to Amur Equipment Finance.
The company provides a convenient online application on its website. You’ll enter information about yourself and your company. The application requires you to describe the equipment and the reason for purchase. Amur indicates the application process takes about 5-10 minutes to complete.
Amur provides a quick turnaround on decisions. It aims for same-day credit decisions. If approved, you’ll receive an offer with the borrowing amount, rates, and terms.
You can receive the equipment as soon as 48 hours after signing the financing agreement.
Borrowers are required to create an account when they receive financing. You can sign into the account to pay bills.
Amur indicates that you might be able to get an early payment discount if your account is in good standing, but you must contact them to discuss this. Otherwise, there are early termination fees if you pay off the contract beforehand.
Customers can contact Amur to find out their payoff balance. You also must contact them if you don’t have the ability to make the payment.
Amur offers a quick and convenient online application with a fast turnaround time on approval and funding. It states it can finance any essential business equipment. Additionally, Amur provides fast-track financing up to $500K with no bank statements required for specialty vehicles and trailers.
It doesn’t charge application fees, and you can include soft costs in the financing amount. It offers several equipment lease options to meet your financial needs.
You could potentially get an early contract termination with a written request.
The company doesn’t publish interest rates, making it impossible to compare costs to similar equipment finance providers. Its customer service fees can be steep.
Borrowing amounts cap out at $350,000. For comparison, some equipment finance options provide up to $5 million per piece of equipment.
Pros:
Cons:
Yes, Amur Equipment Finance is a legitimate equipment financing provider. The company has been accredited by the Better Business Bureau (BBB) since 1999 and has an A+ rating on the watchdog site.
Amur has primarily positive reviews, but there are also some negative ones. It has a 4.8 out of 5 rating on over 2,100 Trustpilot reviews and a 3.1 out of 5 rating on Google Reviews.
The positive reviews broadly discuss the knowledge and expertise of the Amur team. When praising the company, several reviews mentioned the Amur representative or person by name. For example, one customer noted, “Amber was a great help today with my questions.” Another customer highlighted, “Shellie was very friendly and helpful,” and “Jacqueline clearly conveyed answers to my questions,” further emphasizing the team’s dedication to excellent service.
Other positive reviews talked about how easy the process was to apply. Some customers also mentioned that the company was willing to work with them when they experienced a downturn. One customer highlighted, “The whole Amur team has been fantastic every time I have a question or concern.” Additionally, Jayde was noted as being really friendly and helpful, further reflecting the company’s customer-focused approach.
Most of the negative reviews discussed the costs involved. A few customers stated they were charged hidden fees that racked up costs. Others mentioned the payoff amount being higher than they quoted.
We should note that Amur actively responds to negative customer reviews. In many situations, they stated the cost information was disclosed when the loan offer was sent.
The company doesn’t disclose minimum eligibility requirements. You could be denied because of issues with credit, time in business, or revenue.
If you are declined, the denial letter should explain why. If you need more information, you can contact them.
Fortunately, there are many lenders available if Amur Equipment Finance doesn’t work out for you. Many online lenders can provide fast funding for equipment financing.
You might also be interested in these small business loans:
Amur Equipment Finance is best suited for small business owners seeking fast funding for equipment up to $350k. It doesn’t publish interest rates, so it’s also well-suited for potential borrowers who are comfortable with not being able to compare costs before receiving a quote.
Established businesses with excellent credit and high annual revenue can likely qualify for more advantageous funding. If you want to compare costs before applying, you should also seek a different lender.
Based on the available information and user reviews, we rate Amur Equipment Finance 4 out of 5. It’s a well-established and reputable company with excellent equipment financing options. However, its lack of transparency on interest rates keeps it from a higher score.
Disclaimer: The Amur Equipment Finance trademark is owned by Amur Equipment Finance, Inc., and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from Amur Equipment Finance, Inc.
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