Why lease – why not just borrow the money?
If you borrow money to buy and own equipment, you are using up available credit. If your credit were to be used for other purposes, it can earn a higher return than the cost of lease payments. Leasing provides a new source of credit with the added benefit of being able to “expense” payments in most instances.
Who can lease?
Any company, association, non-profit organization, or individual that uses the equipment for a business or commercial purpose.
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, lease payments are smaller and are applied to your total lease payments. Also, a nominal documentation and filing fee is required 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 cancel the lease?
The lease is not cancelable. However, you may arrange for a prepayment of the lease or an upgrade to a more sophisticated piece of equipment.
Can I add equipment to the lease?
Yes, you can 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 is added to your monthly lease payment each month and charged separately.
What is the typical process for leasing equipment?
You will fill out a simple, one page credit 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 signature. A purchase order is then issued to your equipment vendor. Upon delivery of the equipment and its acceptance by you, the equipment is paid for and the lease commences.
What about insurance?
For your protection, and ours, the equipment must be insured. You simply instruct your own insurance agent to forward evidence of insurance to us at no cost to you.
 

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