Leasing Frequently Asked Questions
WHAT IS THE AVERAGE TERM OF A LEASE?
Terms range from 12 months to 60 months. We can extend to 84 months
on certain equipment.
WHAT ARE THE CREDIT QUALIFICATIONS FOR A LEASE?
The business must maintain a satisfactory payment history with its
suppliers. We work with all levels of credit worthiness. The rates
adjust according to your credit rating, in addition to many other
factors. We review the personal credit of the business owner(s)
and take into consideration the credit history, in combination with
other factors in our approval process.
CAN I DEFER PAYMENTS OR SKIP A PAYMENT?
Yes, we offer deferred and skip payments for your convenience. To
qualify for this, we must establish this during the beginning of
your lease with us.
WHAT ARE OUR CURRENT INTEREST RATES?
Because the majority of the contracts we write are leases (rental)
agreements and not loans the payment is not a function of APR but
of the rate factor on the lease. Typically, the payments are competitive
comparable to bank loans. Every payment is contingent upon the financing
terms, equipment cost, chosen equipment, personal credit of lessee.
CAN I LEASE PRE-OWNED EQUIPMENT OR REFINANCE
EQUIPMENT THAT IS CURRENTLY LEASED WITH ANOTHER LEASING COMPANY?
Yes, we can write you a check for equipment that you already own if
it was purchased within the past 120 days of your approved application.
You may also lease equipment already on lease with another company
to achieve a longer lease term.
IS MY LEASE TRANSFERABLE?
Yes, as long as the new lessee's credit qualifies and their application
is approved.
WHEN DO MY LEASING PAYMENTS START?
In most cases we collect the 1st and last payment (held as security
deposit) at lease signing, your next payment will be approximately
30 days after the equipment has been delivered.
CAN I EVER RETURN THE EQUIPMENT AND
STOP THE LEASING PAYMENTS?
No, the lease is non-cancelable. You may return the equipment after
all payments have been made or may get a discount for paying off
your equipment purchase early.
HOW LONG DOES THE ENTIRE LEASING
PROCESS TAKE?
The application and credit approval process takes between 24 and
48 hours for applications up to $200,000.
HOW DO I APPLY FOR MY LEASE WITH
INNOVATIVE LEASE SERVICES, INC.? Simply
complete our online lease application or download the pdf to print
and fax or mail it to us. CLICK HERE
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