Here are some common questions and myths about Leasing Equipment.
I need to have perfect credit to lease
While good credit will increase the likelihood of approval, leasing is a good alternative for customers with less than perfect credit. Many factors are considered; such as time in business, average business checking balance, and comparable business credit.
If I lease, I can't own my equipment
Like banks, title is not transferred until the obligation is paid. By taking title through leasing, rather than putting a lien against the equipment via financing, we can keep from reporting to a lessee’s credit bureau.
Leasing cost more than traditional financing
In most cases, leasing actually costs less than traditional financing. Typically up front costs are limited to first and last monthly investments. When the tax advantages of leasing are considered, payment are usually lower than traditional financing. The real cost of financing is losing cash flow. As the NY Times best seller, The Millionaire Next Door, and billionaire J. Paul Getty said, “If it appreciated buy it, if it depreciates lease it!” Leasing preservers cash flow and saves businesses.
I can only lease 'new' equipment
There are not age restrictions and terms can tailored to the customers’ needs. This is a special program relatively unique to Express Equipment Finance.
Who can provide more Information on Equipment Leasing
Leasing is Difficult.
This could not be farther from the truth. Qualifying for and completing the lease transaction is, in most cases easier than traditional bank financing.