Always feel free to refer any question or client to your Funding Department (AKA FleetPro Capital Services)!!
Who can finance or lease?
Any business organization or sole proprietorship. At present we do not finance or lease equipment to an individual for personal use.
Exactly what has to happen before I receive the equipment? We review the credit information supplied on your application. A finance consultant reviews the process and documents with you. Documents are prepared. You read carefully, sign, date and return documents. The equipment is delivered.
How is the monthly payment calculated?
Monthly payment is determined by the amount financed, the length of the finance term and the rate. Term and rate can vary depending on the asset type, asset age and credit qualification.
When does the finance contract start?
When you have verbally acknowledged that the equipment you ordered has been received and is in good working order.
What are my options at end of a lease?
Depending on the structure of the lease, the lessee may have a $1 buyout or a residual purchase option.
Who owns the financed equipment?
With a finance deal, the buyer/borrower is the registered owner of the equipment. In some lease structures, the leasing company is the registered owner or co-owner with the lessee.
If my company is new, can I still finance or lease?
Yes, pending credit approval. A security deposit may be required
What factors are used to determine credit worthiness?
The elements of our application: length of time in business, references from bank and trades, and credit bureau ratings.
Can equipment be purchased at the end of a lease?
Yes. In most cases you will own or have the option to purchase the equipment.
What about sales/use tax?
Your company is responsible for any and all sales/use taxes. Sales tax can sometimes be included in the financed amount.
Who services/maintains equipment?
You are responsible to maintain the equipment and keep it in good working order.
What about insurance?
To protect both the lender and borrower, insurance is required on all financed equipment.
How does a Lessee account for a lease?
The options you choose up-front may have tax and accounting implications. Talk to our leasing experts and your accountant to determine the best option(s) for you.
What effect does equipment financing have on my bank line of credit?
When equipment is financed outside of your own bank, it generally has no effect.
How will I be billed?
You may have the payment setup to automatically debit your bank account or your will receive an invoice.
How much do I have to pay up-front?
Credit quality will typically determine up-front requirements. In many cases, minimal cash outlay is required. Call us @ 888.899.7527.