Q: What
is an equipment lease?
A: An equipment lease is a contract for the
use of a specific piece (or multiple pieces) of equipment for a
specified period of time (generally 24 to 60 months), at a fixed
monthly payment amount, which is agreed upon in advance.
Q: How long does it
take to be approved?
A: Your simple lease application will usually be approved within
24-48 hours! Applications can be made via phone, fax or on-line over
our secure server
Q: Why should I lease
business equipment?
A: Leasing business equipment is synonymous with use of an asset.
You don't pay your employees a salary in advance; you pay them as
they contribute. It should be no different with a contributing asset
like business equipment. Leasing enables you to pay as you use the
equipment, not before.
Q: What types of
equipment does Providence Capital Funding lease?
A: We lease many types of business and professional equipment,
including computers, office, construction, woodworking,
metalworking, medical equipment and software.
Q: Are there tax
benefits to leasing?
A: Certain types of leases can be advantageous to most businesses in
that monthly lease payments can often times be deducted as an
operating expense. This clearly reduces the net cost of the lease.
Consult with your tax and legal advisor about the potential tax
benefits of leasing and other types of financing.
Q: Are there any
application fees?
No, unlike many other Leasing institutions, Providence does not
charge for any application or consulting fees.
Q: What happens at
the end of a lease?
A: There are several end-of-lease options from which you can choose,
including: purchasing the equipment, upgrading to a new model,
continuing to lease, and returning the equipment.
Q: What vendors can I
order from?
A: A benefit of leasing with Providence Capital is that you can
purchase equipment from any reputable vendor of your choice. Select
your equipment and options, negotiate your best price and let us do
the rest!
Q: Can non-equipment
items such as software and maintenance be included?
A: Yes. One of the many benefits of leasing includes the ability to
"bundle" a number of equipment items into a lease including
software, service and installation costs. This way, you can make one
simple monthly payment for an entire system or equipment line.
Q: How long can I
lease?
A: Most leases are written for 24, 36, 48 or 60 months, depending
upon the type of equipment. Leases for items that depreciate rapidly
(such as computers) are usually shorter terms. Expensive, durable
machinery can be leased for terms up to 84 months.
