If you’re considering leasing or financing equipment to run your business, you’re not alone. 80% of companies take this approach to help preserve working capital, improve cash flow, and take advantage of tax depreciation opportunities. Properly structured, these arrangements can support your company’s growth while helping you reduce the risk associated with owning equipment. We can even tailor payments to meet seasonality requirements. We’re ready to help you with the right terms and flexible structures to meet your needs.
Local leadership means quick and informed decisions about your financing options. We have in-house credit, documentation, and funding capabilities, and offer flexible structure payments, including seasonal, step payments, and skip pay if you ever need it.
Our team has expertise in a variety of specialty industries, including agriculture, healthcare, manufacturing, transportation, and technology, and can provide:
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Financing equipment could be the right option for you if you want to conserve cash or plan to update equipment periodically. Equipment financing requires no down payment or up-front costs, and terms can be flexible up to 84 months. At the end of the term, you can purchase at the agreed-upon price or return. You can include “soft costs” such as installation and training. Plus, there are tax advantages; as an expense, lease payments may reduce tax liability. By financing equipment you spread costs over its useful life and make payments as you use it.
Finally, partnering with experts to finance equipment gives you in-depth industry knowledge, which can reduce acquisition mistakes.
With leasing and equipment finance, a customer pays to use the equipment rather than to own it. “Lease rates” (or rate factors) vary depending on the structure, equipment type, and term. It is not typical to disclose lease rates in the commercial leasing industry. Rates on equipment term loans are fully disclosed.
Yes. No payment is made to the equipment vendor until you have provided authorization and verbally confirmed to First Financial Equipment Finance that you authorize payment to the vendor.
Our local experts can customize lease programs and structures that address individual business and cash flow needs while providing a fast turn-around of credit, documentation, and funding.
A documentation fee of $500-$2,500 is due along with the first payment at closing. As with a loan, your customer, the borrower, is responsible for any tax associated with the purchase or use of the equipment. This includes sales, usage, and personal property tax. Any taxes paid on behalf of the borrower may contain a small processing fee.
Payments are prorated and due on the first of the month. Invoices start on the acceptance date and bill monthly through the end of lease term.
1 Promotional rate is fixed at 2.49% for a 36-month term and 2.99% for a 60-month term. $25,000 minimum loan amount is required. Must apply between April 1, 2021 and June 30, 2021 for the promotional rate and the loan must be closed and funded by July 21, 2021. Non-promotional rate ranges from 3.75% to 4.20%. Collateral exclusions apply to over-the-road trucks and commercial vehicles. All loans subject to credit review and approval and rates are subject to change without notice.
2 All loans subject to credit review and approval.
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