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CIT financing

Discussion in 'General Chit-Chat' started by signrios, Jul 24, 2020.

  1. signrios

    signrios Active Member

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    Feb 26, 2007
    Rio Grande Valley
    Hi, i've recently gotten approved for financing through CIT financing

    i'm getting the epson s4060 from grimco, before i pull the plug i wanted see if any one has financed equipment through this company and would like to share positive or negative feedback about it

    thanks
     
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  2. karst41

    karst41 Member

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    Nov 3, 2010
    Stone Mountain, GA
    Do Not Lease!

    Yes to CIT,

    Grimco offers no buyer support.
    Make sure you get the Phone numbers and local contacts for Epson service.
     
  3. binki

    binki Premium Subscriber

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    Jul 23, 2007
    The PRC
    Well, if they give you money and it is at a reasonable rate I don't see what there is to not like. We have used US Bank several times for equipment loans. The rates were between 4% and 7%. The thing about those loans is all the interest was loaded in the front so paying off early didn't buy us anything. Otherwise we issued a PO to the vendor, cc'd the lender, the vendor sent a pro forma invoice to the lender and the loan was funded. The equipment shows up right after that. Pretty simple.
     
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  4. akuarela

    akuarela Member

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    Jul 29, 2006
    Oklahoma
    We leased an HP 365 from Grimco through CIT/Direct Capital and have leased other equipment through them. They have been very easy to work with and communicate. My rep Sean has been always helpful. As for Grimco, I have gotten good support on the HP, but also directly from HP (this is our second HP latex printer, and they helped with the first one though I bought it secondhand).
     
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  5. airborneassault

    airborneassault Member

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    Aug 31, 2008
    Colorado
    I can’t say enough nice things about CIT. They have made our whole financing situation a breeze. Super straightforward and easy to work with so far, fair rates and lower than most on doc fees.
     
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  6. binki

    binki Premium Subscriber

    1,552
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    Jul 23, 2007
    The PRC
    I read some reviews on them. They look good. I will look them up with our next purchase.
     
  7. signrios

    signrios Active Member

    699
    3
    18
    Feb 26, 2007
    Rio Grande Valley
    thanks everyone, yeah the only downside im seeing is the interest charged ahead,
    so paying the loan early won't save me anything.
     
  8. Christian @ 2CT Media

    Christian @ 2CT Media Major Contributor

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    Jun 15, 2009
    Mesa, Arizona
    Front loading on equipment is normal, they are assuming you will fail. Your best bet is to build a relationship with a local bank or credit union and get loans from them. You may pay a higher rate but most likely they won't front load the interest, promoting you to pay it off quicker.
     
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  9. mama_mimaki

    mama_mimaki Slinging Ink all day everyday

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    Jun 16, 2020
    Tulsa OK
    Does anyone have contact information for a Rep at CIT? I have a few pre-application questions. Thank you in advance!
     
  10. signrios

    signrios Active Member

    699
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    18
    Feb 26, 2007
    Rio Grande Valley
    You can call Robin Franks, i made the deal trough him
    Sr. Team Lead, Sales

    CIT Small Business Solutions
    O: (603) 373-1958
    F: (866) 652-2971
     
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