The Leasing Experts makes equipment financing easy,
but that doesn’t mean you don’t have questions.
Here are answers to some of our most Frequently Asked Questions.
What kind of equipment can I finance?
We finance a broad range of commercial equipment including: Hotel FF&E, Dry Cleaning and Laundry Equipment, Petroleum and C-Store Equipment, computer hardware and software, business and office machines, office furniture, food service equipment, commercial vehicles, office imaging and other Medical equipment, industrial machinery, and instrumentation. See our Industry page for a more detailed listing.
What type of equipment leases and loans do you offer?
We offer Operating Leases, Fixed Buy Out Leases (10% for example), Minimal Leases ($1 buy outs), Equipment Financing (most popular), Finance & Lease agreements with seasonally adjusted payments, Finance & Lease agreements with smaller payment initially and step up.
Do you have the restrictions that a bank has, like blanket liens and similar?
No, we do not. Our fixed-rate loans and leases require no blanket liens. Nor do you have to re-qualify for the loan annually. As long as you make your payments, we’ll leave you alone.
Can I include soft costs and services on a lease?
We will finance many of the soft costs such as delivery, installation, service, training and maintenance – up to 30% of the total amount being financed. We also offer 100% financing for all Software.
Do you provide titled leases?
Yes, we finance commercial title equipment.
What is the interest rate for this financing?
Our equipment financing is custom designed to provide you with a monthly payment that meets your particular cash flow needs. This is very different from a traditional bank loan that must meet a certain stringent set of fixed industry guidelines and there is no conventional interest rate indicated. This type of financing is similar to leasing or renting office space, where the monthly cost to “rent” the equipment is based on the type of plan you choose, the terms of the contract and the cost of the equipment.
What size transactions do you finance?
From $5,000 to $5,000,000
Do you finance vehicles too?
Yes we do as long as they are for commercial use.
What terms are available?
We offer equipment finance agreements, lease agreements and installment payment agreements with terms ranging from 12 to 72 months. Other options and customized terms are available to qualified applicants. Different agreements can have different tax treatment, so you should seek specific advice from your tax advisor.
Do you provide financing for the entire transaction?
Yes, we provide 100% financing and can include soft costs up to 30% of the transaction amount, taxes, shipping, installation costs and even warranties.
Is your financing Section 179 friendly?
Yes. And we encourage you to use Section 179 in conjunction with our financing / equipment leasing. Your accountant will be very pleased.
What factors are used to determine credit worthiness?
Length of time in business, bank and financing references, business and credit bureau ratings are all used in the decision making process. In order to offer the best products to our customers and processing efficiency, we utilize third-party databases to acquire credit information during the application process.
What information must I provide on the credit application?
You will be asked to provide your general business information, including legal business name and address, contact name for the person executing the lease, guarantor information, estimated equipment cost or total estimated finance amount, and the equipment location. You will also need to provide information about the vendor or equipment supplier, including vendor name, address, phone and contact information.
Do I need to provide tax returns and other forms?
No, for established businesses, if your transaction size is under $250,000, then all you need to do is fill out our quick and easy online application.
Do you work with small businesses?
Sure, we love working with small businesses. Our customer base is filled with companies that have between 5 and 75 employees.
What about startup financing?
The Leasing Experts does offer financing for selected start up businesses.
Once I apply, how fast is your approval process?
We will get back to you within 24 hours, often times in as little as just a few hours.
Why did you request my personal guarantee?
Personal guarantors are typically required on closely-held companies to qualify for credit.
What are the application fees?
What is an Authorized Signature?
The signature of an officer of the company is required to contractually obligate the company. An authorized signor is usually given such authority by the board of directors or other governing body of the company, as reflected in a written resolution of that governing body.
When is my first payment due?
Your repayment obligation begins when we cut the first check to a vendor, also sometimes referred to as the commencement date.
Do I need to insure the equipment?
You are required to maintain insurance on the equipment throughout the entire term of the contract. Upon approval, we will provide you with a letter outlining the requirements for coverage. This letter will also provide you with instructions on what to do if you already have insurance. If you do not provide your own insurance, the equipment will be covered automatically and you will be billed for the expenses.
Where can I find your offices?
How do I get started?
Just fill out our simple, one page application.