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How does leasing work? Leasing is simply a method of financing where the Lessor (lender) buys the asset and the Lessee (customer) makes payments over a set period of time (term) in return for the use of the asset financed. Who’s responsible for maintenance and insurance? Just like a cash purchase or bank loan, you (the lessee) are responsible for insurance and maintenance. What happens at the end of the lease? Depending on the type of lease you get there are typically a few different options available to you: 1. Purchase the equipment for the buyout or residual (remaining)
amount, which is pre-determined at the beginning of the lease. Buyout
amounts can range from $1 to the fair market value of the equipment,
depending on your lease structure. Do I qualify for a lease? Leasing plans are available for a wide variety of individuals and companies. Individuals can lease vehicles and if there is a business use, they can lease equipment too. Companies with a good track record can lease most equipment they need based on their ability to pay the monthly lease payments. Newer businesses or those with some credit challenges may need the owners to guarantee the monthly payments will be made. In any event, leasing is much easier to qualify for than traditional bank financing – which is one of the reasons leasing is so popular. Why is it best to use a leasing broker? Similar to mortgage brokering, our fees are typically paid by the lender. Our role is to find you the best leasing terms available. Period. Because we are leasing experts who deal with the top lenders in the country, we can objectively choose the right leasing service for your needs and get you more favourable terms than if you were to try to do it yourself. What kind of equipment can I lease? We have a variety of leasing programs available for these and other types of new and used equipment:
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