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If it is equipment for your business — from file cabinets to mainframes, dollies to delivery vans — it is eligible to be leased.
What about software?
Software for your equipment and other such costs can be added to the lease. Software only leases are also available.
Who can lease?
Any company, organization or association. Advantage Financial Services does not lease equipment to individuals for personal use.
What is required to qualify for a lease?
A simple application is usually all that’s needed. In the case of some transactions, additional financial documentation may be required.
What factors are used to determine credit worthiness?
The length of time in business, references from bank and trades, and D&B and credit bureau ratings.
How long for an approval?
Approvals are often accomplished within 3 hours, depending on the size of the transaction and accurate information submission.
If my company is new, can I still lease?
Yes, pending credit approval. A security deposit may be required.
What is the minimum dollar value that can be leased?
The minimum required is $500.
Can service fees be added?
Absolutely. Installation, service fees, and the first year maintenance contract can be included in the Advantage lease.
When does the lease start?
At the agreed date or after acknowledgement that the equipment covered by the lease has been received and is in good working order.
What if the equipment I receive has problems?
You will be contacted when your shipment arrives to ensure you receive exactly what you ordered. After your initial receipt of the equipment, your vendor will troubleshoot problems or replace equipment as defined in your warranty. Lessee receives benefits of all “buyer” warranties and is responsible for maintenance.
Who owns leased equipment?
The Leasing Company, as lessor, is the owner of leased equipment unless and until you choose to purchase the equipment at end of lease.
May I end my lease early?
If you choose to end the lease early, you may. It is a rare situation that would make terminating a lease during its term an advisable option but there is no penalty for early payment. We attempt to maximize your options with equipment upgrade programs. We pride ourselves on our ability to offer solutions that meet your needs.
What about sales/use tax?
Your company is responsible for any and all sales/use taxes.
Who services/maintains equipment?
The Lessee is responsible and also receives the benefit of “buyer” warranties.
Who insures the equipment?
The End-User Lessee is responsible for insuring the equipment against risk of loss including property and casualty coverage and liability. Lessees typically just add the equipment to their existing policy.
What are the tax advantages of leasing?
In many instances you can write off the monthly lease payment as an operating expense. In other situations, you can take the equipment depreciation expense. Speak with a representative and your accountant regarding the specific benefits for your business.
What effect does leasing have on Lessee’s bank line of credit?
With a lease no money is borrowed. Your bank line is unaffected.