Welcome to Elite Leasing
FAQ’s About Leasing
1. What is Equipment Leasing
Equipment leasing is a process where the lessor (funder) provides financing for new or used equipment and then “rents” the equipment to the lessee (purchaser) at a monthly flat rate for a specified number of months. At the end of the lease the lessee has the option to purchase the equipment at fair market value or a predetermined dollar amount.
2. Why Lease
Leasing allows you to get your equipment now instead of waiting for your cash flow to improve or using your cash flow. Leasing frees up your credit for other purposes. Using your overdraft may leave you in a vulnerable position if you need to react to any sudden need of funds. Most financial institutions will not finance new businesses, older or used equipment or if you have had difficult times.
3. Who leases
Nearly every market sector large or small businesses benefits from leasing, from a new start business to large established companies, proprietorship, partnerships, corporation, government agencies, religious and non-profit organizations
4. Are leases tax deductible
Lease payments are rental payments and as such maybe an allowable business expense. Consult your tax advisor to find out how leasing can benefit the tax position of your business
5. Can used equipment be leased?
Yes Elite Leasing can finance any new or used equipment
6. Is insurance required on leasing equipment?
Yes to protect both parties insurance is required on all leased equipment
7. Can I add equipment to the lease?
Yes adding more equipment to your lease is available at any time
8. What are my options at the end of the lease?
Your options are:
Continue to lease, or
Purchase the equipment, or
Return the equipment to the leasing company
9. How do I start my Lease?
Our Elite Leasing online application only takes a few minutes to complete. You can also contact an Elite Leasing representtive by phone or email to help you get your application started. Our experienced rep will be working with you through your entire leasing process to ensure your needs are met and will answer any questions you may have during the process.
10. Do my payments increase with inflation or interest rates?
No. A lease is a contract with a structured payment schedule and is unaffected by inflation or rate changes. In fact as inflation rises and your payments are fixed the cost of the equipment reduces in real terms.
11. Financing poor Credit
Poor credit prevents traditional lenders in financing you or your company if you have or had poor credit. If you are in this position, you should consider leasing. Elite Leasing works with funders that are more flexible and understanding of your situation. Elite Leasing can structure your financial needs to help start or rebuild your company
12. Is leasing the right Choice
Leasing is one of the fastest growing ways of acquiring equipment for you and your company. Recent surveys show that 80% of US businesses, from Fortune 500, new or startup businesses, family businesses, proprietorship or corporations lease some or all of their equipment. Most have faced the dilemma of limited cash flow and the need to purchase equipment. Leasing can put the equipment to work for you with real cash flow advantages. Elite Leasing can lease virtually any type of equipment.
If we have not answered all of your questions, please call us and we will be happy to explain in detail the benefits of leasing