Find answers to some of the most common questions we get from our customers!
What types of equipment do you finance?
Top Tier mostly finances titled vehicles, business term loans, medical equipment and office software. Many of the lenders we work with have avenues for multiple industries. Bring us your financing needs - and we'll find a lender for you!
What vendors do you work with?
With Top Tier, you can purchase equipment from any licensed vendor. You select the equipment at an agreed upon purchase price, and we handle the rest.
How long does it take to get approved?
Some of our lenders take an hour or two to approve; some of our lenders can take up to 48 hours. Approval times are often dependent on the size of the deal and the paperwork the customer is able to provide.
What if I don't have all of the required paperwork?
We work with a variety of lenders with different requirements for each. Some lenders require full financials while others can approve smaller deals based solely off of bank statements and application.
Can I apply even if I have bad credit?
Yes! Top Tier works with a full range of credit scores.
Credit scores ranges from 300-850. Most lenders consider a 'good' credit score as 700 or above. As of 2017, most scores fall between 600-750. Good news is we have lenders for scores in the 500's too!
What types of collateral are accepted?
Real estate, owned vehicles/equipment and personal collections or items can all be used as collateral dependent on value.
How are rates determined?
Rates are determined by risk. Some risk factors include: time in business, credit score, business plan, and reserves on hand. The more financially secure a customer is, the better rate we will be able to obtain for you.
How are payments made?
All of our lenders use ACH - or automatic payments. Once a payment date is set, money will be automatically withdrawn every month on that date. With ACH, you will never miss a payment!
Who insures the equipment or property?
The customer is responsible for fully insuring equipment against risk including property, casualty, and liability. Customers usually add equipment to existing policy.
Are payments eligible for a tax write off?
In many cases payments can be deducted from your taxable income. Always consult with your tax professional as every business is different.
What are Top Tier's hours of operation?
We understand that some businesses are not 9-5. We also understand based on industry, that you may not have access to computers, phones, fax, etc. all the time. We try to make it as easy as possible for those customers that do not. We make our reps available after normal working hours -and on weekends - to answer questions or receive paperwork as it comes in. We can receive paperwork through email, fax, text, and standard mail.
What if I still have questions?
Call us or send us a message! We are happy to answer any questions you may have about your future business plans!