Equipment Express® Loan — FAQ

Application Questions

Do I need to be a Wells Fargo customer to apply for an Equipment Express loan?
No, you do not need to be a Wells Fargo customer to apply for an Equipment Express loan. Please visit a location near you where a banker can assist you with your application.
Will I need to submit a purchase order when I apply?
You do not need to submit a purchase order or dealer invoice when you apply for an Equipment Express loan.
What happens after I apply?
  • After you submit an application, our initial review process typically takes 3 business days.
  • If we approve your application, a Wells Fargo Business Banker will contact you to inform you of your approval and loan terms.
  • If your application is not approved, you will receive an explanation letter within 10 to15 business days.

Account Pricing Questions

Are there application, annual, pre-payment or loan documentation fees?
  • There are no application, annual or pre-payment fees for this loan.
  • There is a loan documentation fee of $150 for the first drawdown, which can be waived if you open an Equipment Express loan as part of a Wells Fargo Business Services Package.
What will my interest rate (APR) be?
Your interest rate will be a fixed rate. It will be determined each time you make a purchase based on several factors, including term length, credit history and equipment or vehicle purchase.

Account Usage Questions

How do I use my Equipment Express loan to make a purchase?
  • When you are ready to make a purchase, call an Equipment Finance Specialist at 1-800-416-0056.
  • When you buy your equipment or vehicle, and forward your invoice or purchase order to us by fax at 1-800-340-7468.
  • Once we receive your invoice or purchase order, funding will take place within one business day in most instances.
What types of vehicles or equipment can I purchase with my loan?
You may purchase many types of business equipment and vehicles. Because it serves as collateral, the equipment or vehicles financed must have marketable value. Before you buy, contact an Equipment Finance Specialist at 1-800-416-0056 to be sure your equipment or vehicle purchase qualifies.
Can I make multiple purchases with a single loan?
  • Yes, you can make multiple purchases with your Equipment Express loan. The minimum invoice amount is $5,000.
  • You do not have to make your purchases all at once; you have one month from time of approval to draw funds on your available credit, so you can get pre-approved and shop for the best opportunity.
Can I refinance business equipment or vehicles I have already purchased?
Yes, you can refinance your existing equipment or vehicles, if you purchased them one month prior to approval and they are owned free and clear.

Account Maintenance Questions

Where do I send my monthly payments?
Please send your payment to the following address:

Wells Fargo Bank Payment Remittance Center
PO BOX 54349
Los Angeles, CA 90054-0349
Are there other ways I can make payments?
Yes. You can pay your bill:
  • By calling the National Business Banking Center at 1-800-225-5935
  • Through Wells Fargo Business Online® Banking with a Transfer from a Wells Fargo account or using Business Bill Pay
  • With our free Automatic Payment service

Account Security/Fraud Questions

What do I do if I suspect that there has been an unauthorized transaction on my Equipment Express account?
If you have a transaction on your account that you or your employees did not authorize, please contact the National Business Banking Center at 1-800-225-5935 immediately.