Commercial Fleet Financing Review

Pros

• Excellent customer support
• Multiple equipment loan and lease programs
• Zero-down options available (for qualified borrowers)
• Fast and easy application process
• Funding in as little as 24 hours

Cons

• Nontransparent rates, terms, and fees
• Nontransparent borrowing requirements

What Is Commercial Fleet Financing?

Commercial Fleet Financing is an independently owned transportation equipment financing company. In fact, the company notes on its website that it’s the number one independently-owned transportation equipment financing company in the nation.

Since it was founded in 1995, Commercial Fleet Financing has worked with over 10,000 clients to procure funding exceeding $1 billion. Through its equipment financing programs, businesses can receive funding for everything from commercial vans and construction equipment to semi-trucks, wreckers, and industrial machinery.

Commercial Fleet Financing offers a quick application process, funding options for those with less-than-perfect credit, and large borrowing limits up to $1 million. On the downside, though, the company isn’t very transparent in regards to rates, fees, and repayment terms (although it’s worth noting that few equipment financing companies are). In this review, we’ll break down everything you need to know to see if Commercial Fleet Financing is right for your business. 

Services Offered By Commercial Fleet Financing

When it comes to equipment financing, Commercial Fleet Financing has you covered. The company offers equipment loans and leases for a variety of equipment, including:

• Semi-trucks
• Box trucks
• Specialized trucks
• Tow trucks & wreckers
• Commercial vans
• Light & medium-duty trailers
• Tour buses, shuttle buses, & motor coaches
• Limos & taxis
• Commercial electric vehicles
• Construction vehicles & heavy equipment
• EMS equipment
• Industrial equipment, including forklifts, aerial lifts, and car crushers

With funding from Commercial Fleet Financing, you can purchase new or used equipment from one of CFF’s dealership partners or through a private party seller. Commercial Fleet Financing also sells repossessed equipment and offers commercial insurance through CFF Insurance LLC.

If you need equipment, you’ll find exactly what you need here. If you need funding for other purposes, you’ll need to seek another lender.

Borrower Qualifications

As is typical with equipment financing, Commercial Fleet Financing doesn’t have strict requirements in terms of borrowing requirements. However, it does note that the typical borrower has a credit score of at least 640. However, borrowers who don’t meet this minimum may qualify after submitting additional documentation. 

If you have prior liens, judgments, or bankruptcies, you may qualify for Commercial Fleet Financing’s Fresh Start program. This option does have higher rates and stricter terms. However, it may be a great option for businesses that don’t qualify for equipment financing elsewhere.

Unfortunately, Commercial Fleet Financing does not disclose time in business or annual revenue requirements. While this isn’t unusual for equipment funders, it is a bit disappointing to see this lack of transparency — which is reflected in our rating.

Rates & Fees

The lack of transparency continues for Commercial Fleet Financing’s rates and fees. There are no specific rates or terms listed on the website, which lowered our score in this area.

However, the company does claim that its rates are competitive with banks and credit unions. Of course, the best rates and terms are reserved for established businesses with solid credit profiles, but programs are available for borrowers with credit challenges.

CFF is also nontransparent with its fees, although the company does state that its programs are simple and do not use “banker language” to confuse its customers.

Repayment terms are also not disclosed. However, CFF states it has “famously flexible” terms, as well as special offers and incentives.

In terms of collateral, a personal guarantee may not be required for more established businesses.

Down payments range from 0% - 20%. Borrowers with good credit may qualify for zero-down programs, while borrowers with lower credit scores will be required to make a down payment. 

While we like the information that Commercial Fleet Financing does provide — as well as the positive user reviews indicating that rates are competitive — the lack of transparency did negatively impact our rating for CFF’s rates and fees.

Application Process

One area where Commercial Fleet Financing stands out is with its easy application process. It’s possible to receive funding with just a one-page online application and a bill of sale.

After submitting your application, you may receive a decision in just two hours. Once approved, you may receive funding in as little as 24 hours.

In some cases, additional information, such as bank statements and tax returns, may be required.

While not an official part of the application process, one thing that we like about Commercial Fleet Financing is its Budget Builder. This tool allows you to input information such as monthly loan or lease payments, fuel costs, and monthly revenue generated from the equipment to easily calculate profitability. While just an estimate, this is a great way to determine if equipment is a good investment for your situation.

Sales & Advertising Transparency

Commercial Fleet Financing offers enough information on its website to give borrowers a good understanding of the funding it offers. What it doesn’t do, however, is disclose clear rates, terms, and fees. We would like to see more transparency in these areas in the future.

The good news is that there doesn’t appear to be any misleading sales tactics or gimmicks. In addition to its website, Commercial Fleet Financing has social media profiles, although updates are infrequent.

Customer Service & Technical Support

CFF offers several ways to get in touch. The easiest way to get in touch is by phone (with dedicated lines for new customers and current customers) or through email by filling out an online form.

Commercial Fleet Financing also has a company blog, videos, an FAQ page, and profiles on Facebook, X/Twitter, Instagram, LinkedIn, and YouTube.

CFF also provides great customer support, according to many of its user reviews and testimonials.

User Reviews

Commercial Fleet Financing has overwhelmingly positive reviews. It receives a rating of 4.9 out of 5 (based on 470+ reviews) on Google, is recommended by 98% of reviewers on Facebook, and holds an A+ rating with the Better Business Bureau.

Negative Reviews & Complaints

There are few negative reviews, but here’s what some users didn’t like about Commercial Fleet Financing:

• Funding delays for startup businesses
• Lack of communication throughout the funding process
• Did not qualify for funding

One thing that we did notice during this review is that Commercial Fleet Financing is very responsive to complaints. The company offers explanations and encourages some of its unsatisfied customers to reach out directly to resolve any issues.

Positive Reviews & Testimonials

There are many positive reviews of Commercial Fleet Financing, which the company prominently displays on its website. Some of the things customers like most include:

• Good customer support
• Fast funding
• Easy, hassle-free process
• Great rates and terms

Final Verdict: Is Commercial Fleet Financing Worth It?

If your business needs equipment, Commercial Fleet Financing is worth a look. CFF boasts multiple loan and lease programs for established businesses, startups, or borrowers with credit challenges. The application process is easy, funding is fast (in most cases), and customer service receives glowing reviews.

However, if you’d prefer to have an idea of the cost of borrowing or what programs you may potentially qualify for before submitting any information, you’re out of luck. There is a lack of transparency that makes it difficult to shop and compare your options without filling out an application. Despite this, CFF boasts about no hidden fees, competitive rates, and flexible terms — all factors that seem to be backed up by hundreds of positive customer reviews.

Overall, Commercial Fleet Financing is a solid option for equipment loans and leases, receiving an overall score of 3.8 out of 5 and a spot on our list of the best trucking business loans.

Business Loan & Funding Products Review Methodology

Merchant Maverick has been researching and reviewing business lenders since 2015. Our writers have tested over a hundred different funding products, including traditional term loans, online loans, lines of credit, start-up loans, merchant cash advances, and equipment financing. In each review, we evaluate rates and fees, services, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business loans and funding products.

When comparing different lenders and loan products, we consider many data points, including the ease and transparency of the application process, interest rates, repayment structure, sales ethics, time to funding, revenue and time in business qualifications, and credit score requirements. Our lists of the best funding products include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, low rates, flexible requirements, and competitive borrowing amounts.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the loans and funding products included meet our internal standards for quality and reputation.

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