Q. What is a lease?
A. A lease is a contractual arrangement between the lessee (the customer) and the lessor (eCap Leasing). We purchase the equipment from your supplier of choice or your company and lease it to you as the lessee for a fixed payment.
Q. What type of equipment can I lease?
A. You can lease any type of equipment as long as it's used for the business.
Q. What types of terms are available in equipment leasing?
A. The length of equipment leases are 24, 36, 48 and 60 months. We also offer seasonal payment plans, 90 day deferral payment plans, annual & semi-annual payment plans.
Q. What are the end of term lease options?
A. The end of term options are your choice of $1.00 buyout, 10% purchase option, 20% purchase option and a Fair Market Value Option (FMV)
Q. Are the lease rates fixed for the entire term?
Q. Do you provide equipment leasing on used equipment?
Q. Do you provide equipment leasing on software?
A. Yes, we are able to provide 100% financing on software, services and prepaid equipment maintenance.
Q. Are you able to finance my installation, delivery and setup costs?
A. Yes, we can finance soft costs such as delivery, training and installation in the total equipment leasing amount.
Q. Do I need insurance?
A. Yes, you are required to carry insurance that covers fire, theft, loss, and general liability, as detailed in the lease agreement.
Q. Is a down payment required with a lease?
A. No down payment on the equipment is required with an equipment lease. Most leases are structured with just the first and last payment in advance.
Q. What are the tax benefits associated with leasing?
A. From the lessee's viewpoint, you may be able to deduct the monthly lease payment as a business expense on your tax returns if you have an operating lease you might be able to deduct 100% of your lease payment. You should seek specific advice from your accountant.
Q. What is the documentation fee?
A. During the lease process there has been incurring expenses such as credit reporting fees, lien searches, overnight delivery, administrative fees, UCC filings, and papers required to be processed with your local or federal locality. A nominal documentation fee is charged to help offset the expenses for your transaction.
Q. Is there a cost to apply?
A. There is no fee to apply for an equipment lease. We will generate an approval for you free of charge.
Q. Do I have to work with your preferred vendors?
A. Your company has the ability to choose from a vendor, dealer, private party of your choice.
Q. What type of information would I need to obtain equipment financing?
A. We would need the following:
1. Basic Company Information
2. Owner Principal Information
3. Equipment Type & Price
4. Equipment Location
5. Your Signature Authorization.
Q. How long does it take to be approved?
A. Usually in less than 24 hours! Typically requests for up to $100,000 can be approved in a couple of hours from a simple one-page credit application.
Q. How does the equipment lease process work?
A. Choose your new or used equipment from any vendor, private party or auction house and negotiate the price. Your eCap Leasing account manager will then help you select the best equipment lease option. You approve and sign the lease documents and then the Lessor issues the purchase order. The vendor ships the equipment to you and bills eCap Leasing. When you tell us that you have received and accepted the equipment, the vendor is paid. Lease payments begin on the first of the month following acceptance.
Q. How are lease decisions made?
A. Equipment Lease credit decisions are typically based on your credit history, time in business and type of equipment
Q. Can I still lease equipment if I have already purchased it?
A. Yes. This type of equipment financing is called a purchase leaseback.
Q. Does all the equipment have to come from the same vendor?
A. No, you can acquire equipment from multiple vendors, private parties and finance everything under one equipment leasing agreement.
Q. When does the lease start?
A. On the first of the month following your verbal acceptance that the equipment you ordered has been received and is in good working order along with the signing of the Acceptance document.