QUESTIONS & ANSWERS

Most likely. If you have excellent credit, if you have financed other similar commercial equipment before, and if you have been in business for several years, a commercial lender may offer you a loan or lease with little or nothing down. In most cases, commercial lenders do want some down payment--how much will depend on the particular lender and your credit history.

Again, as with the first question above, only if you have the years in business, very good credit, and existing comparable commercial credit that the lenders want to see. That said, we'll work with you to find your best deal, based on your individual credit.

That really depends on a wide range of things, and you may want to talk to your tax advisor about leases vs. loans--there are different advantages to each. Even if you are more inclined to traditional loans, keep an open mind to both. If your credit is challenged, you may find that some lenders are a little more inclined to offer you a lease.

Yes, we have to get a written application--that is part of the better consumer protection laws in place today. A lot of times we can get a lender to consider your loan based on just the application. Depending on how long you've been in business, etc., it is possible that a lender will request additional information.

Your rate will depend on your credit, what you are buying, the amount of money involved, and what the current bank rates are. Our lenders offer the best rates available today.

Again, the answer depends on many factors. New loans are typically 60 months but can last up to 84 months. Used equipment might qualify for anything from 24 to 60 months, depending on the lender and age of equipment.

Yes, we have some lenders willing to consider applications from businesses with less than 3 years in business. Generally, the newer the business, the larger the down payment the lender will require--if you are just starting a business or have just gone into business in the last year or two, the lenders will probably want to see at least a 25% down payment.

The financing and leases we see advertised for new cars and light pickup trucks is very different from the financing and leases offered for commercial and heavy duty equipment. There are no short-term, temporary leases for commercial equipment, but there are other options available. Speak to the financing professional for more information, and always make sure to read and understand the terms of the loan or lease you accept.

No, we do not. Our approach is simple--we are going to treat your information like we would treat our own. First, we'll take a look at your credit background so that we can determine which of our lenders will be the best match, then we start with that one. Generally we approach lenders one at the time for you, not sending your information to several sources at once. We want to get you the best deal possible while limiting the number of lenders who access your information. If we see that we cannot help you, we'll let you know quickly.

These days, it varies a little. If you have a good credit history and time in business, it may even be the same day. More often, it can take a day or two. If there are some credit issues, a lender may come back and request additional information to support the application, such as copies of business bank statements, etc.