Frequently Asked Questions

Is there a minimum amount that can be financed?

Yes, $1,000.  Although that small amount is generally for add-ons.  Our preference is for a minimum transaction size of $3,000.

Are home based businesses eligible for a business lease?

YES!  You may be asked to provide evidence of the business entity, such as a company checking account or business license.

What is the credit criteria?

Generally, two years in business, no record of serious delinquencies and a minimum of $1,000 in a business checking account.  However, there are programs available for NEW businesses and businesses with "blemished" credits.  When it comes to tougher credits, we are the company others come to.

Are there geographic constraints?

Yes, currently we can only offer equipment financing in the United States.

Can installation and shipping be included in the lease?

Yes!  Generally the equipment cost must be over 70% of the total amount financed. 

What are the payment terms?

The customer chooses either a 24, 26, 48 or 60 month term.  The longer the term, the lower the monthly payment.

$1.00 Purchase Option vs. 10% Purchase Option

Most customers choose the $1 purchase option, which means, at the end of the payment stream the customer owns the equipment with no further payments required ... other than the $1.  The monthly payment is lower with a 10% Purchase Option, however, at the end of the payment term a final payment of 10% of the equipment cost is due in one payment.  There are many reasons why a customer may choose this option, including possible tax advantages. Customers should consult with their accountant or tax professional regarding tax issues.  

How is Sales Tax handled?

That depends on the taxing jurisdiction.  In some states tax is levied on the invoice and paid as part of the invoice total.  Other states require that the Sales (or Use) Tax be levied on the monthly payment.  And other states require the Sales Tax be assessed on the total of payments, in which case it is financed along with the invoice amount.

Is there a pre-payment penalty if I pay off the lease early?

No.  However, a lease is a non-cancelable contract for a specific term.  Accordingly, it is wise to choose a term that meets your needs today and tomorrow.

Other questions?

Probably ... so just drop us an e-mail or call!