What is the interest rate when leasing equipment?
There is no interest rate. Lease rates differ from bank interest rates because you are leasing and not taking out a bank loan to finance your purchase. With leasing equipment, you are paying to rent the equipment and the fixed monthly payment is based on the type of lease, term of the lease, cost of the equipment, time in business, financial repayment ability, and your business and personal credit history.
How long does it take to get financially approved for leasing?
Most application are approved within 24 – 48 hours. Connect Lease prides itself on having the highest approval rate.
Is there a cost associated with applying for an equipment lease?
No. There is no cost associated with the application process to apply for an equipment lease.
What’s the difference between a lease and a loan?
A lease is an agreement to make payments for a specific amount of time for the right to use the equipment owned by the lease company. Think of it like a rental agreement for real estate.
May I end my lease early?
Typically, no. Most lease companies will require you to pay the total of the remaining lease payments. However, some will work with you and discount your remaining payments so you can get out early.
Are lease rates fixed or variable?
Lease rate factors and terms are fixed.
Can I finance 100% of the purchase price?
Yes. Leasing equipment only requires your first and last payment due at lease signing. Banks typically require 10-30% down.
Do I need to have insurance on the equipment I lease?
Yes, an insurance policy is required on all leased equipment to ensure equipment stays in good repair. We can connect you to insurance companies to arrange for protection to include with your lease for a nominal fee.
Do I save money on taxes with a lease?
Yes. Lease payments come from pre-tax dollars, not after-tax profits. Tax-structured leases may allow you to write off the leased equipment at a faster rate. Speak with your accountant for specific guidelines.
What kinds of equipment can be leased?
You can lease all kinds of equipment. View through our pages: business equipment leasing, commercial equipment leasing, commercial truck leasing, computer equipment leasing, construction equipment leasing, healthcare equipment leasing, office equipment leasing and more!
When does the lease start?
The lease starts when Connect Lease receives acknowledgement that you are in possession of the equipment and is in good working order.