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Frequently asked questions
Lease financing is a highly prevalent financing solution for businesses seeking to acquire equipment. This option enables the repayment of the equipment cost to be spread over several months, while also offering tax-deductible benefits.
Lease financing is very simple. The purchaser chooses the equipment and the vendor, and fills out a one-page credit application form. A follow-up is conducted within 24 hours, and a final decision is issued shortly thereafter.
There are five key advantages to leasing equipment
- A straightforward and fast financing application and approval process.
- Protection of your working capital, as monthly rentals are typically lower than the total cost of the equipment, allowing you to preserve your line of credit.
- Preservation of your borrowing capacity from banks, which can be reserved for financing options that only they can provide.
- Tax deductibility of your monthly rentals.
- Exemption from sales taxes when acquiring equipment.
Interest rates for truck loans are determined by a variety of factors, including your credit score, business revenue, length of time in business, and the type of truck being financed. Generally, the better your credit and the more established your business, the lower your interest rate will be.
Yes, it is possible to get approved for a truck loan with bad credit. However, you may be required to provide a larger down payment or pay a higher interest rate due to the increased risk associated with lending to those with poor credit.
No, the funds from a truck loan can be used for any business-related purpose, including purchasing new or used trucks, financing repairs or upgrades, or covering other business expenses.
The truck financing process can vary depending on the lender and your specific situation. Generally, the process can take anywhere from a few days to several weeks. It's important to gather all necessary documents and information beforehand to help speed up the process.
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often