You have questions? We have answers.
GENERAL PROGRAM FAQ
No. We are a broker-dedicated funding source. All of our new business strategies, products and resources are committed to increasing and supporting the business we receive from brokers. Should a vendor contact us, we first check to see if they have sent applications via one of our brokers. If they have, we match them back to our broker. If the vendor has not sent applications to Entegra Capital via one of our brokers; or is unwilling to continue to work with their previous broker, we match them with another qualified broker in our program.
Entegra Capital specializes in financing trucks, trailers, construction and aviation ground support equipment for a broad range of credits. We are able to offer aggressive programs because of our familiarity with the types of equipment we finance. Because of this, Entegra Capital only finances those assets on our Approved Asset List.
We value all of our broker partnerships, both large and small. Currently, we do not offer special pricing to any broker.
Given our requirement to inspect and install GPS units on all assets prior to funding it is challenging for us to finance auctioned assets, so as a general rule no.
Entegra Capital is a full-service funding source, meaning we hold and service all of the leases we finance. You can be confident that you, as well as the lessee, will still be able to contact Entegra Capital for information anytime during the term of the lease.
At this time, Entegra Capital generates all lease documents and sends them to you via DocuSign.
Each broker is assigned a broker access code which will not change. The documents are sent to you for your approval prior to being routed to the lessee. Once you have approved the documents they will automatically be routed in succession to each signer.
If you lose your broker access code for DocuSign please contact your account manager for assistance.
Entegra Capital’s credit model is extremely accurate in its predictions. As it relates to credit worthiness, once the transaction has funded we assume all responsibilities. We may ask the broker to become involved in some circumstances, but that is a rare occurrence.
Our non-refundable documentation fee of $595 recovers a portion of the costs associated with managing transactions. These costs include our staff’s time, asset re-marketing, technology development, and acquiring the business and personal credit information of the applicant.
Our non-refundable inspection fee of $250 recovers part of the cost of the asset inspection and installation of the GPS unit.
We believe that vendors and end-users choose the financing source that best meets their needs. Entegra Capital avoids becoming involved in your vendor and client relationships, including dictating which broker they must use to access our products. Entegra Capital will never directly compete for financing business from your vendors or end-users.
Because of the broad credit range that we approve, and therefore the risk that we accept, we cannot finance monies not backed by the collateral of the transaction – which includes soft costs.
Broker commissions are paid at the same time the vendor is funded. Commissions can be paid via wire transfer, ACH or overnight delivery.
While you are encouraged to vet your prospective customer’s credit profile, Entegra Capital does a hard pull with Experian on each guarantor on the application. We are required to do our own credit pull, even if the broker submits theirs with the application.
There is no pre-payment penalty on Entegra Capital leases. For payoff quotes lessees should contact Entegra Capital’s Customer Service Department at (913) 601-5000.
No, Entegra Capital does not require a lessee to be a U.S. Citizen.
We cannot add your additional doc fees to our approval form; however, you may create your own approval (based on ours) and include your additional doc fees in the approval you create and present to your customer.
If we collect your additional fee, we will add it to your commission at funding. If you collect our doc/inspection fees we can short fund your commission at funding.
Note: We will still need proof of payment from the lessee to you prior to funding.
GENERAL CREDIT FAQ
Yes, Entegra Capital performs inspections and installs GPS units on all assets prior to funding. We charge a $250 inspection fee per location to help offset some of the expense. Inspections should generally be scheduled 48 hours prior to anticipated funding.
If we are financing multiple assets, and they are all in one location, then only one inspection fee is charged.
If we are financing multiple assets, and they are at different locations, then a fee of $250/location will apply.
Max mileage for heavy duty trucks: 650,000
Max mileage for medium duty trucks: 400,000
Max hours for reefer units: 15,000
Max hours for yellow iron: This is determined on a case by case basis
Note: We only finance full-sized equipment (construction/yellow iron) with a minimum weight is 22,046 lbs.
Entegra Capital does a hard pull with Experian on each guarantor on the application. We are required to do our own credit pull even if the broker submits theirs with the application.
In addition, we perform a background check on all applicants. We do not finance any applicant with a felony conviction; therefore a felony on the background check will produce a decline.
FICO below 660
TIB under 2 years
Felony record
Bankruptcy discharged 3 years or newer
Asset not included on Approved Asset List
We are app-only to $50K.
We are app + to $140K. For apps between $50K and $140K we will just need the signed credit application and the last three months of banks statements for the business.
At $140k + we will want to see all of the above plus the customers YTD financial statements including a P/L and Balance Sheet.
All information needed for app submission can be found on our Application Submission Checklist.
Yes – we require all lessees to have some investment in the asset, so there will be a down payment requirement of at least 20%.
All down payments are made to the vendor in the form of a cap cost reduction.
Up to 10 points are possible for most deals. Some deals in the lower credit spectrum or other special circumstances may max out at 6-7 points. Our credit department will usually default to including 6 points unless you have specified how many points you want included in the structure of the approval. This can be accomplished in a few ways:
- You can default each app to XX points for every deal you submit. You can always request a different number for individual apps upon submission.
- You can ask for max points possible on each deal you submit.
- You can notify credit how many points you want included when submitting each application.
Entegra Capital currently offers:
TRAC Leases with a 10-20% Residual
IF the credit profile qualifies we also offer a Conditional Sale Agreement ($1- Out or $101-Out depending on the state)
We require personal guarantees from all owners of the business – regardless of their percentage of ownership.
We also require a personal guaranty from the spouse of any/all owner(s).
In the event there is more than one owner of the business, or a co-applicant, we will average the FICO scores of all applicants for use in our adjudication process.
Although we do require spousal guarantee for all owners on the contract, spouses who have no ownership interest are not required to be included on the application.
In general, the term of the contract will be between 36-60 months. Some applicants may not qualify for a full 60-month term option, depending on the age/life expectancy of the asset or other factors.
Should the customer qualify, we can potentially offer a 66-month term for new assets.
We offer financing in the contiguous 48 states.
No – Entegra Capital does not have a minimum fleet size requirement.
No, Entegra Capital will not finance trucks with glider kits installed.
Generally, we will only consider assets included on our Approved Asset List.
Please note the following:
- Generally, we do not finance dump trucks. The only type of dump truck that we will consider is an articulating dump truck.
- We only finance full size construction equipment with a weight of 22,046 lbs. or heavier.
No, Entegra Capital will not finance International ProStars (regardless of year or engine type) or any Maxxforce engines.
Note: We do finance other models of International trucks.
Industry Involvement
Entegra Capital recognizes the importance of supporting the major broker and finance associations, and actively engages through membership, participation and sponsorship.
