Spray Foam Equipment Finance
Leasing can help your spray foam company’s financial picture by matching the terms of the lease with the useful life of the spray foam equipment and also providing 100% financing which in turn enhances your company’s financial position. Leasing requires less in capital dollars than any other methods of spray foam equipment finance.
HOW DOES THE LEASING PROCESS WORK?
The customer submits a one-page application by phone, fax, e-mail or on-line via our website. Our credit department then processes the application and a decision is rendered within a 4 to 72 hour period. The customer is advised of the term and monthly payment. Our documentation department generates the paperwork and sends it to the customer by e-mail, overnight delivery, regular mail or fax. Upon receipt of the original signed lease, we then fax or email an invoice request to the vendor. Upon receipt of the invoice and delivery of the spray foam equipment to the customer, verbal confirmation is completed with the customer and then the vendor will receive payment within a 24-48 hr time frame. Special vendor payment terms available upon request & approval.
WHAT INTEREST RATE AM I PAYING?
Because a lease is considered a rental agreement, there is no true interest rate attached to a lease transaction. In the leasing industry a “factor” is used to calculate the monthly payment, which can vary based upon the equipment cost, term, buyout option, time in business or your financial condition.
ARE MY MONTHLY PAYMENTS TAX DEDUCTIBLE?
Unlike borrowed funds, lease payments are normally treated as a business expense that comes out of your pre-tax income instead of your after-tax profits. This means that your lease payments may be tax deductible as a business expense. Check with your tax consultant to get the exact benefits of your spray foam equipment lease.
WHAT ARE MY OPTIONS AT THE END OF THE LEASE?
It will all depend on the type of purchase option you choose. If you signed a $1.00 or Fixed Purchase Option (generally 10%), you are required to purchase said equipment for the specified amount. If you choose a Fair Market Value Option, then you have the option to purchase the equipment, turn the spray foam equipment back into the Lessor or renew your monthly payment for an agreed upon term.
CAN I CANCEL THE LEASE?
The lease is non-cancelable. However, you may arrange for prepayment of the lease or upgrade to a more sophisticated piece of equipment.
Thank you for your recent request for our products and services. We will email you shortly with the information you requested and follow up with a phone call to confirm and discuss your needs further. If you need assistance with financing, please feel free to fill out the forms below. For immediate assistance, call 330.745.3600.
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