Frequently Asked Questions about Equipment Leasing

Who Can Lease Equipment?
Any company, association, non-profit organization, or individual that is using the equipment for a business or commercial use. 

Why Lease - why not just borrow the money?
If you borrow the money to buy and own equipment, you are using up available credit, which, if used for other purposes, has the ability to earn a return much higher than the cost of the lease payments. Leasing offers a new source of credit with the added benefit of being able to "expense" the payments in most instances.

What are the up-front costs for a lease?
Usually, just the first and last monthly lease payment. Unlike a down payment for a purchase, these payments are smaller and are applied to your total lease payments. In addition, a nominal documentation and filing fee is required for reimbursing us for processing the leased documents and filing UCC-1 financing statements required in your state. We do not charge an application fee. 

Can I add equipment to the lease?
Yes, you can typically add equipment to the lease at any time. Usually there is a minimum amount of equipment that can be added.

What about sales tax?
Sales tax can either be added to your monthly lease payment or charged separately.

What is the typical process for leasing equipment?
You will complete our one page application. In certain instances, other financial information may be required such as tax returns or financial statements. The supplied credit information is reviewed and upon approval, the lease documents are prepared and sent to you for signing. A purchase order is then issued to your equipment vendor. Upon delivery of the equipment and acceptance by you, the equipment is paid for and lease commences.

What about insurance?
For your protection, and ours, it is required that the equipment be insured.