How to Apply for a Wells Fargo Equipment Loan Online – If you’re in the market for financing options to help buy equipment or vehicles, it can be difficult to find the information you need in one place. Wells Fargo offers several financing solutions to meet your needs, and we want to make sure you know where to go when you need help with your application online or would like more information about how the process works. Here’s how to apply for a Wells Fargo Equipment Loan online in three simple steps.
What Is an Equipment Loan?
An equipment loan is a type of business loan that helps companies finance the purchase of new equipment. This can include everything from office furniture and computers to manufacturing machinery and vehicles. Applying for a loan from Wells Fargo is a simple process that can be done entirely online. All you need is your personal information, the amount you want to borrow, and what you plan on using it for. Once you’ve applied, they will then give you an answer within 24 hours or less.
Before Applying Equipment Loan
1. Read over the requirements for the loan.
2. Gather all of the required documentation.
3. Choose which equipment you will be purchasing with the loan.
4. Get an estimate of how much the equipment will cost.
5. Decide how you will use the equipment and how it will benefit your business.
6. Determine how long you want to take to pay off the loan.
7. Fill out the online application and upload any necessary documents in PDF format.
8. You can expect to hear back from Wells Fargo within 48 hours on whether or not they approve your application, as well as how much money they are willing to lend you.
9. Once approved, the funds will typically be transferred electronically by wire transfer to a checking account within one day.
10. Once the funds have been received into your account, it is important that you pay off your old debt (if applicable) before using them for new purchases.
Review Criteria For Equipment Loan
To apply for a Wells Fargo Equipment Loan, you’ll need to meet the following criteria:
-You must have been in business for at least one year
-Your business must generate at least $100,000 in annual revenue
-You must have good credit
-You must be a U.S. citizen or permanent resident with a Social Security number and bank account
– You will also need your personal information such as address, phone number, date of birth and contact information for two references
-One of your references must be an individual who has known you for more than two years and is not related to you by blood or marriage
-The other reference can be someone from your business who is not a family member
Select Your Equipment Loan Product
Before you can apply for a loan, you need to decide what type of equipment you need and select the right product. You can use the Wells Fargo Equipment Loan Application to help you compare different products and prices. After you’ve selected your product, it’s time to start the application process. Click Apply Now on the home page. From there, click Get Started. If you have an account with Wells Fargo, log in using your username and password. If not, follow the prompts to create an account (You will be required to provide your name, address, social security number or tax ID number). Once logged in or registered as a new customer: Select New Equipment Purchase or Lease from the menu on the left side of screen.
Complete the Equipment Loan Online Application
The first step is to complete the online application. You will need to provide some basic information about yourself and your business. Be sure to have all of your documents ready, as you will need to upload them as part of the application process. Once you have submitted your application, a loan officer will review it and contact you to discuss the next steps. If you are approved, the loan officer will work with you to create a customized financing plan that meets your needs.
Submit Supporting Documents by Mail
You will need to submit the following documents by mail in order to complete your application for a Wells Fargo Equipment Loan:
1. A completed and signed Wells Fargo Equipment Loan Application form.
2. A business plan that outlines your proposed use of the loaned equipment.
3. Financial statements for your business, including balance sheets and income statements.
4. Personal financial statements for all business owners and guarantors.
5. Documentation of any collateral you are offering as security for the loan.
6. If you are requesting a commercial real estate mortgage, please include title report or comparable document indicating how much equity exists in the property being mortgaged.
7. Copy of driver’s license or passport
8. Copy of Social Security card
9. Copy of birth certificate
10. Copy of marriage certificate
11. Two copies of utility bill
12. Any other documents requested by the bank on the front page of the Wells Fargo Equipment Loan Application.
Receive Approval For Equipment Loan Within 24 Hours
If you’re in the market for an equipment loan, you may be wondering how to apply for a Wells Fargo Equipment Loan. The process is actually quite simple and can be done entirely online. Just follow these steps and you’ll receive approval within 24 hours.