Frequently
Asked
Questions
You asked; we answer. We've compiled a list of the most common questions asked by our clients and vendor partners, along with our responses.
Client FAQ
Will Apex run a hard inquiry on my credit?
No. In cases where a PG is required, we only run a soft pull on your credit, which has no negative impact on your credit score.
What are your minimum requirements for approval?
It varies case by case, but on average we require 2+ years in business, PG credit score of 670+, and an established cash flow for the applying entity.
What do I need to send in with my application?
To get started on your request, we will need your signed & completed credit application, most recent 3 months of business bank statements, completed debt schedule (if any), and your supplier invoice(s) for the equipment you wish to purchase. Please note: Credit may require additional supporting documentation based on request size or credit conditions. We will reach out if additional documentation is required.
Can I apply for financing as an individual?
Apex is a business lender, which means we cannot provide financing to individuals who do not own a business. However, if you operate your company as a sole proprietor, you can absolutely apply. We will require proof of Schedule C income in this case.
Can I finance more than one vendor on the same contract?
Absolutely. We do this for clients all the time.
I have placed my order but am still waiting for my delivery window. When should I apply?
Be sure to submit your application at least 3 weeks prior to your upcoming delivery date to avoid any delays in payment to your supplier.
What types of equipment do you finance?
We specialize in the AVL space and have done so for over 20 years. If you're in production, we've got you covered. We also finance trucks, forklifts, auto collision repair equipment, and more. Titled equipment is not a problem. If you are unsure whether or not your collateral can be financed with Apex, send us a note and we'll let you know.
How long does the approval process take?
On simple transactions, we usually turn approvals around within 24-48 hours. On more complex transactions, it could take a week or more. Please plan accordingly.
Are there any penalties for paying off my contract early?
The facility we provide to clients is called an Equipment Finance Agreement, or EFA. These contracts are designed to go to term and there is no real benefit to paying off your contract early. It's best to make payments as agreed and continue to build your business credit while your equipment pays for itself. However, if you really need an early payoff, let us know and we will make arrangements for you.
Are there any costs or fees associated with your work?
No, we never charge clients for our services and our work comes at no obligation to you.
Where do I find your current interest rate?
Approval rates vary by client according to credit rating & request size. Please use our Quick Start form to submit your information and we will get back to you with a rate estimate based on your request.
I need assistance with my existing contract. Who do I contact?
Apex will remain your first point of contact throughout the life of your contract. If at any point you need assistance with your existing contract, send us a note-- we'll take care of you.
Vendor Partner FAQ
How do I become a vendor partner?
Fill out our Vendor Profile form and send it in along with your most recent W-9 & current banking instructions. We will set up a file for you in our system and provide you with co-branded materials to hand out to your clients when they are interested in financing.
Will it cost me anything to be a vendor partner?
No, never. We do not charge you or your client for our work.
What are the benefits of being a vendor partner?
There are many! Our vendor partners enjoy a higher closing rate on sales (not every client can pay cash!) and get paid faster with pre-funding. Apex essentially poses as your very own in-house finance team, making you look professional & accommodating while providing peace of mind to your clients.
Why do you co-brand your promotional materials?
In the spirit of true collaboration, we co-brand our promotional materials for vendor partners to feature your logo alongside ours, presenting Apex as your company's trusted finance partner. Featuring both logos on the materials presents a united front that results in higher client confidence on each transaction.
What types of specials or programs can vendor partners collaborate on with Apex?
In the past we have run 0% financing deals, "no money down" deals, and more-- all programs and specials require vendor participation. Contact our team today to get started on your own custom program that's tailored to your clients' needs.