What Is First National Equipment Finance?

First National Equipment Finance is the equipment‑financing arm of First National Bank of Omaha, offering loans and leases that let businesses acquire tools, vehicles, or technology without a large upfront spend.

The service operates as a private‑label lender, meaning it evaluates applications independently of traditional bank credit lines and may approve deals that standard banks reject. Before proceeding, compare its rates, fees, and repayment structures with other options to ensure the financing fits your cash flow and growth plans.

How First National funds equipment for your business

First National Equipment Finance typically funds a purchase after you complete a short application, receive approval, and sign a financing agreement; the money is then sent directly to the equipment seller or made available as a revolving line you can draw on.

• Apply online or through a sales partner - provide basic business info, credit history, and details about the equipment you need.
• Receive a decision quickly - most applicants hear back within one to two business days, though timing can vary by credit profile.
• Choose a funding option - you may receive a fixed‑rate loan, a capital lease, or a line of credit, depending on the vendor's offer and your preferences.
• Sign the agreement - review the payment schedule, interest rate, and any fees; confirm that the terms match what you discussed.
• Vendor gets paid - First National transfers the approved amount directly to the seller, often via electronic funds transfer, so you can take possession of the equipment immediately.
• Start repayments - payments begin according to the schedule in your contract; many plans allow monthly, quarterly, or seasonal payments.

Always compare the disclosed APR, fees, and repayment terms with your cash‑flow projections before signing.

• Term loan - A fixed‑rate loan paid back in equal installments over a set period, typically 12 to 60 months. The equipment serves as collateral, so the interest rate and payment amount depend on credit quality and the equipment's residual value.
• Capital lease (finance lease) - Functions like a loan; you assume ownership risks and benefits. Payments are scheduled similarly to a term loan, and at lease end you usually have a purchase option for the equipment's remaining value.
• Operating lease - A short‑term, off‑balance‑sheet arrangement where you rent the equipment and return it at lease end. Payments are often lower than a loan, but you do not build equity and may face usage limits.
• Balloon‑payment structure - Smaller periodic payments followed by a larger lump‑sum due at the end of the term. This can reduce cash‑flow pressure early on, but you must be prepared for the final payment or refinance it.
• Seasonal or deferred payment plan - Payments start after a grace period or follow a seasonal schedule that matches your revenue cycle. Terms vary, and interest may accrue during the non‑payment phase.

Check the specific contract language from First National for interest rates, fees, and any early‑termination penalties before committing.

First National Equipment Finance can fund a wide variety of assets that businesses rely on daily. Eligibility depends on the lender's criteria, so verify that your specific item meets their guidelines before you apply.

• Construction and heavy‑equipment - excavators, backhoes, loaders, bulldozers, cranes, compactors, concrete mixers, and related attachments.
• Transportation and fleet - trucks, vans, buses, trailers, delivery vans, and specialized service vehicles.
• Agriculture - tractors, combine harvesters, planters, irrigation systems, milking machines, and other farm machinery.
• Medical and dental - imaging devices, surgical tables, dental chairs, lab equipment, and patient monitoring systems.
• Manufacturing and industrial - CNC machines, presses, welders, assembly line robots, and production tooling.
• HVAC and building services - furnaces, chillers, boilers, ventilation units, and commercial refrigeration.
• Office and technology - computers, servers, networking gear, printers, copiers, and ergonomic furniture.
• Hospitality and food service - commercial ovens, fryers, refrigeration units, espresso machines, and point‑of‑sale systems.

Check the financing agreement or speak with a First National representative to confirm that your equipment's age, condition, and cost fall within their acceptable parameters.

First National Equipment Finance typically approves businesses that demonstrate a stable credit profile, sufficient cash flow, and a clear need for the equipment being financed. Eligibility often hinges on factors such as a minimum business credit score (commonly around 600), at least six months to a year of operating history, and revenue that comfortably covers the projected payment schedule. First National may also consider the age and resale value of the equipment, as well as any personal guarantees required by the lender.

If you meet those general benchmarks, the next step is to gather the usual documentation - most recent tax returns, bank statements, a detailed equipment quote, and proof of insurance. Contact a First National representative to confirm any lender‑specific thresholds and to start the application; they will review your submitted information and let you know whether you qualify before any binding agreement is signed. Always verify the terms in the financing contract before committing.

To apply for financing with First National Equipment Finance, you'll submit an application and attach the documents that prove your business's ability to repay the loan or lease. Required paperwork can vary by loan size, equipment type, and state regulations, so confirm the exact list with your First National representative before you begin.

1. Basic business details - legal name, employer identification number (EIN), physical address, and ownership structure.
2. Recent financial statements - profit & loss, balance sheet, and cash‑flow statements for the most recent 12‑18 months; newer businesses may be asked for bank statements instead.
3. Tax returns - federal business tax returns for the past two years; personal returns are often required if a personal guarantee is needed.
4. Personal credit information - a recent personal credit report, government‑issued ID, and, when asked, a signed personal guarantee.
5. Equipment information - vendor quote or invoice, a clear description of the item, serial numbers (if applicable), and an estimated useful life.
6. Existing debt overview - details of current loans, lines of credit, and monthly payment obligations to assess overall debt‑service capacity.
7. Authorization forms - signed consent allowing First National to run credit checks and verify the submitted data.
8. Optional but helpful documents - proof of business insurance, any relevant licenses or permits, and a copy of your operating agreement if you're an LLC or partnership.

Check the list you receive from First National against what you've prepared; missing or inconsistent items are a common cause of application delays.

First National Equipment Finance finance a $50,000 construction backhoe either with a loan or a lease; the total cost you actually pay depends on the structure you choose.

Loan example:

Assume a 5‑year term, fixed APR around 7% (rates vary by credit profile and state), and no prepayment penalty. Monthly payments would be roughly $990, resulting in total payments of about $59,400. The backhoe becomes yours at the end of the term, but you'll have paid roughly 19% more than the sticker price because of interest.

Lease example:

Assume a 36‑month lease, money‑factor equivalent to roughly 6% APR, and a modest residual value of 20% of the equipment's original price. Monthly payments might be near $1,350, for total outlays of about $48,600. At lease end you can return the backhoe, buy it for the residual amount, or roll into a new lease. The overall cost is lower than the loan, but you do not own the equipment unless you exercise the purchase option.

Check the specific loan or lease agreement for any origination fees, insurance requirements, or early‑termination charges before committing. Verify the APR, money‑factor, and residual value in the contract; they can differ between issuers and jurisdictions.

A small construction firm can fund tools, trucks, or heavy machinery through a term loan, a lease, or a lease‑to‑own deal offered by First National Equipment Finance.

These options typically look like:

• Term loan - you receive the full purchase price up‑front and repay a fixed amount over 36‑60 months; ownership is yours from day one.
• Operating lease - you make lower monthly payments, return the equipment at lease end, or exercise a purchase option if you need it long‑term.
• Capitalized lease (lease‑to‑own) - payments are similar to a loan, but the equipment is technically leased until you complete the final buyout, which can simplify tax treatment.

Before you apply, verify your credit standing, collect recent tax returns, bank statements, and a list of the equipment you plan to finance. Compare the quoted APR, any upfront fees, and the total cost over the lease or loan term to make sure the cash‑flow impact matches your project schedule. If the payment schedule feels tight, consider a longer term or a lower‑cost lease to keep your working capital available.

First National Equipment Finance usually provides quicker approvals and more flexible term lengths than traditional banks, while OEM lenders often restrict financing to the dealer's own brand and require higher down payments.

Banks tend to offer variable rates that can change with market conditions and may impose stricter credit thresholds; First National and many OEM lenders often lock in a fixed rate and allow both loan and lease structures, though OEM programs sometimes bundle service contracts or warranty extensions.

Before you decide, compare the disclosed interest rate, any pre‑payment penalties, eligible equipment lists, and required down payment across each provider. Verify those details in the financing agreement and match them to your credit profile and need for speed, then choose the option that best balances cost and convenience.

If you can't make a scheduled payment to First National Equipment Finance, act quickly and explore the options in your financing agreement.

First, review your contract for any hardship or deferment clause. Many agreements allow a temporary pause or reduced payment if you notify the lender before the missed due date. Call the account manager, explain the situation, and ask whether a short‑term deferment, payment extension, or restructuring is possible.

If a deferment isn't offered, consider renegotiating the payment schedule. Lenders often agree to lower monthly amounts spread over a longer term, which may increase total interest but keeps the account current. Ask for a written amendment so you have proof of the new terms.

A third option is to refinance the balance with another lender. This can lower the interest rate or change the term, making payments more affordable. Compare any new loan's fees and rates with your existing terms before committing.

If refinancing isn't viable, you may sell or lease‑back the equipment. The proceeds can cover the outstanding balance, though you'll need a replacement solution for your business needs. Check any early‑termination penalties in your original agreement first.

Finally, if you anticipate a prolonged inability to pay, seek professional advice. A financial counselor or attorney can help you understand legal obligations, protect assets, and avoid default consequences.

Act early, document all communications, and confirm any new arrangement in writing to protect your credit and business operations.