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Springfield Leather Company

Equipped to help you build your business

We've partnered with First Citizens Bank Equipment Finance to offer flexible financing options to our customers. First Citizens is known for equipment financing expertise and exceptional customer service.

Get fast funding

When new equipment is crucial to your business, you need an efficient financing process. That's what you can get when you finance with First Citizens Bank Equipment Finance—with an online application process that takes about 3 minutes and returns initial credit decisions often in as few as 60 seconds.

Say no to the hassle

Getting a loan can be complicated because there are often several restrictions. With financing through First Citizens Bank Equipment Finance, you can rest assured that the process will be simple.

Take advantage of competitive rates and products

Competitive rates and customized terms to fit your specific needs make financing a cost-effective solution.

Select the best term length for your businessD

As a business owner, the key driver for acquiring new equipment should be to help increase your overall top-line revenue. A cash flow evaluation can help you select your term and monthly payment. A good rule of thumb is to choose a payment at a term that's approximately 25% of expected incremental monthly revenue—which should allow you to generate enough overall cash flow to have the new equipment pay for itself profitably.

Access credit at a glance

While no credit decision can be rendered until we review your application, we generally require a minimum 640 FICO Score for business principals or guarantors and at least 2 years in business.

Potentially reap some serious tax benefitsD

If you choose either an equipment finance agreement or a lease with a $1 residual, you may be able to take advantage of Section 179 to accelerate your depreciation expense in a single year. If you choose a lease with a fair market value residual, financed equipment can be deducted as an operating expense in the period in which it's paid, reducing the overall cost. Payments are also treated as expenses on the income sheet, so there's no need to worry about depreciation.

Equipment Financing FAQ

People often ask us

Any business purchasing equipment or a product for a business purpose is eligible to apply. Examples of a business include corporations, LLCs, nonprofits, partnerships and sole proprietorships.

There are several options available when choosing equipment financing.

  • Application only, up to $250,000
  • No upper limit on requests with financials over $250,000
  • Competitive rates and customized terms to fit your specific needs

If your request is denied, you may be eligible for referral to a third-party funding source. Contact a representative for more details.

We offer an equipment finance agreement, or EFA, for most equipment purchases. With an EFA, you own your equipment from the inception of financing and there's no end-of-transaction buyout. First Citizens will be listed as lienholder on your title or will file a uniform commercial code, or UCC, based on the serial number of your equipment for non-titled assets. You can buy out the contract early with this type of structure, and the buyout is always less than the sum of remaining payments.

This information is provided for educational purposes only and should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. First Citizens Bank (or its affiliates) neither endorses nor guarantees this information, and encourages you to consult a professional for advice applicable to your specific situation.

Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.

Not all applicants will qualify for financing. All finance programs and rates are subject to final approval by First-Citizens Bank & Trust Company and are subject to change at any time without notice.

Speed and performance are subject to applicant's local connectivity and other factors outside First-Citizens Bank & Trust Company's control.

First Citizens Bank & Trust Company and the parties referred to herein as "partners" are not "partners" of one another and have not entered into a "partnership", whether general or limited, as such term is used in the legal or literal sense.