First Citizens Bank (CIT Equipment Finance)

CIT Equipment Finance is now part of First Citizens Bank following the 2022 acquisition of CIT Group by First Citizens BancShares. First Citizens Bank is headquartered in Raleigh, North Carolina, and is a large regional bank with a significant commercial and equipment lending operation.

CIT Equipment Finance provides leasing and financing solutions to businesses that need to acquire commercial and industrial equipment. Rather than paying the full cost of equipment upfront, businesses can use equipment financing to spread the cost over time while putting the equipment to work immediately. This preserves working capital and can improve cash flow planning.

Equipment financing through a bank-backed lender like CIT typically takes one of two forms. An equipment loan gives the business ownership of the asset while making regular loan repayments. An equipment lease allows the business to use the equipment for an agreed term in exchange for regular payments, with options at the end of the term that may include purchasing the equipment, returning it or renewing the lease.

CIT Equipment Finance has historically served a broad range of industries including technology, manufacturing, healthcare, transportation and commercial real estate. It works with both smaller businesses and larger commercial enterprises.

Since the merger with First Citizens Bank, the equipment finance division operates within a larger banking institution, which may provide access to a broader range of complementary banking services.

If you are considering equipment financing through CIT or First Citizens Bank, contact the bank directly to understand what products are currently available under the merged entity. As with any financing arrangement, comparing offers from multiple lenders, including independent equipment finance companies, is advisable before making a commitment.