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 is an equipment finance provider for small businesses. The finance company states it can offer financing for any essential business equipment.
It provides dedicated service for the following industries:
Amur Equipment Finance is headquartered in Grand Island, NE. It also has offices in CA, NH, SD, TX, and NY. 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.
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 is eligible.
Amur Equipment Finance offers different payment options to help small businesses afford the equipment. Here are the available programs.
Step Payment 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).
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, there are some fees 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.
You can include soft costs in the funding amount. There is a down payment required, but the company doesn’t state what percentage. Amur has several community engagement programs.
Amur offers a business loan affiliate program. 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. You’ll receive an offer with the borrowing amount, rates, and terms if approved.
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 it might be possible 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 for 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 can finance any essential business equipment.
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 comparing costs to similar equipment finance providers impossible. 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 Better Business Bureau (BBB) accredited 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. It also has a 3.1 out of 5 rating on Google Reviews.
The positive reviews broadly discuss the knowledge and expertise of the Amur team. Several reviews mentioned the Amur representative or person by name when praising the company.
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.
Most of the negative reviews discussed the costs involved. A few customers stated they were charged hidden fees that wracked 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 get declined, the denial letter should explain why. You can contact them if you need more information.
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. You should also seek a different lender if you want to compare costs before applying.
Based on the available information and user reviews, we rate Amur Equipment Finance as 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 holds it back 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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