 At Express Equipment Finance, we know that looking for options to lease or finance equipment can be very overwhelming. Here are some financing faqs that will help you make the correct decision in choosing your lender:
Myth 1: "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.
Myth 2: "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.
Myth 3: "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.
Myth 4: "I can only lease 'new' equipment."The majority of equipment that is financed though leasing is "used".
There are not age restrictions and terms can tailored to the customers' needs. This is a special program relatively unique to Express Equipment Finance.
Myth 5: "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.
Express Equipment Finance offers fast, flexible leasing programs designed to take the headache and guesswork out of the leasing process. Our goal is to develop a "WIN-WIN" relationship that meets or exceeds your expectation.
Superior Vendor Services
• Fast, flexible credit decisions. High approval ratios.
• Industry specialists and experienced account managers.
• $3,000,00 leases and up. No limit.
• Financing for all ages of equipment.
• All leases are non-recourse. You will never be asked to buy a deal back.
• Fast funding. Usually within 48 hours.
• Express Equipment Finance handles all the paperwork.
• Profit sharing programs are available.
• Co-op marketing services are available.
Complete Customer Service
• 100% of equipment cost is financed.
• Conserves bank lines for other needs.
• Guaranteed payment schedules. Fixed payments for the term of the lease.
• Flexible terms, such as: annual, semiannual, quarterly and seasonal payment schedules.
• No financial statements are required up to $200,000.000 for established companies.
We believe in forging lasting relationships with equipment sellers and other referral sources. We provide the necessary tools to foster a mutually profitable relationship. One of the many areas we emphasize in relationship development is cooperative marketing. By developing co-op marketing programs we pool our marketing dollars with "Preferred Partners" that have similar vertical markets.
Once we establish a few common vertical markets, we determine the ideal marketing format for that niche (direct mail, Opt-In e-mail marketing, telemarketing, facsimile marketing, etc.) After the marketing program is initiated, we as a team, follow up with the targeted clients and track results.
Benefits of Coop Marketing
• Pooled marketing dollars.
• Pooled sales/marketing talent.
• Focused niche marketing
• Bonus programs based on funded volume.
• All leases are no-recourse. You will never be asked to buy a deal back.
• Keeps your current lines of credit available for other uses.
• Conserves cash for expenditures for which financing is not available.
• Matches cash outflow with cash inflow over time.
• Allows for investment into other areas of your business.
• Can be used for installation, training, shipping and other "soft costs."
• Often allows for an "expensing" of monthly payments at tax time.
Our credit programs are flexible and allow us to approve a wide range of customers. We will consider all credit situations. However, the items below can create approval problems.
Especially those established within the past five years and without significant re-establishment of credit history.
With satisfactory explanations, we will analyze open judgments, collections and charge-offs.
Average low bank balances are those below $1,000.000 and inhibit credit approval regardless of time in business.
We work with new businesses where the owners have above average credit.
A potential customer who has had many late payments, collections and/or judgments would be a risk to any financial institution. We will investigate most credit issues in an attempt to overcome the customer's negative history. We make it a policy to overlook late payments and collections when there are only a few, and they are not within the last two years.
"We look for reasons to approve customers. This is the only way we all benefit." |
