CIT (now First Citizens) Review
US-focused equipment financing now part of First Citizens Bank - strong SMB and mid-market presence.
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Live screenshot of www.firstcitizens.com
Overview
What is CIT (now First Citizens)?
CIT was one of the longest-running US equipment financing companies (founded 1908) until its 2022 acquisition by First Citizens Bank. The equipment finance operations continue under First Citizens with strong US presence across SMB and mid-market.
Capabilities
Key features, in detail
What you actually get when you turn CIT (now First Citizens) on for a distributed team.
First Citizens Bank backing
Bank ownership provides capital stability advantages.
US focus
Strong US SMB and mid-market presence across equipment categories.
Multi-OEM IT financing
Standard IT equipment financing across major OEMs.
Multiple lease structures
Capital, operating, and customized lease structures available.
100+ year track record
Long-standing US equipment finance operations.
Pricing
How CIT (now First Citizens) pricing works
CIT/First Citizens pricing is quote-based with US-market rates.
FMV operating lease.
- Lower monthly cost
- FMV buyout
- Standard terms
- US fulfillment
Capital lease.
- Asset ownership
- Lower total cost
- Standard terms
Larger structured deals.
- Custom lease structures
- Multi-asset scope
- Dedicated team
What you'll actually pay: Rates competitive with other US-focused third-party leasing. CSI and OEM-direct often produce better integration; CIT competitive on pure financing.
The trade-offs
Pros & cons
What we like
- Strong US SMB and mid-market presence
- First Citizens Bank backing
- Established 100+ year track record
- Multi-asset equipment financing scope
What to watch out for
- US-only focus
- Less IT-specific than CSI
- Less optimized for modern distributed-team scenarios
Ideal Customer Profile
Who is CIT (now First Citizens) best for?
The teams that get the most ROI from CIT (now First Citizens) tend to share these characteristics.
US SMBs
US companies 50-500 ppl wanting bank-backed equipment financing.
US mid-market
Mid-market US enterprises with multi-asset financing needs.
Multi-equipment financing seekers
Organizations financing IT alongside other equipment.
If not CIT (now First Citizens)
Top alternatives to consider
CIT (now First Citizens) sits in a competitive category. These are the platforms most often evaluated alongside it.
Common questions
CIT (now First Citizens) FAQ
CIT was acquired by First Citizens Bank in 2022. Equipment financing operations continue under First Citizens branding with similar offerings.
CIT/First Citizens is broader equipment scope (less IT-specialized); CSI is IT-focused with stronger international reach. For US IT-focused, CSI often wins; for diverse equipment financing, CIT/First Citizens competitive.
Yes, but as part of broader equipment financing scope. IT-specialized lessors (CSI) or modern IT lifecycle platforms (Workwize, Fleet) may produce better IT-specific outcomes.
24-60 months similar to other equipment lessors, with custom structures for larger deals.
Bottom line
Our verdict on CIT (now First Citizens)
US equipment financing with bank backing
CIT (now First Citizens) remains a credible US equipment financing option with bank-backed stability and long-standing track record. For US SMBs and mid-market organizations wanting traditional bank-backed financing, it's a reasonable choice.