As a frame of reference, the Prime Rate is 8.25% as of May 4th, 2023. This rate influences the rate of all types of financing, both commercial and consumer. Unlike a consumer loan, you will not find an annual percentage rate (APR) on your commercial finance documents. Instead, you will find a rate factor (RF). When you multiply your RF by the amount you are financing, you will get your monthly payment for a specific term. You can use these factors to estimate a monthly “as-low-as” payment*: 60-month term – $21.46 per $1,000 financed – for transactions <$15K 60-month term – $20.71 per $1,000 financed – for transactions <$50K ≥$15K 72-month term – $17.15 per $1,000 financed – for transactions >$50K First Citizens Bank is a risk-based underwriter, which means if you are approved, your payment is based on your overall risk profile. A business with <2yrs TIB will have a higher payment then an applicant with >10 years TIB for the same requested amount. This allows First Citizens to say yes more often to a wide range of applicants with varied risk profiles. *Subject to approval by First Citizens Bank based on Time in Business 2+ years under current ownership and good and clear credit history. Actual payments may be higher or lower. Based on new equipment rates as of December 1, 2022, and subject to change without notice.