Buy or Lease?If it appreciates, buy it, if it depreciates, LEASE it from WIRT.
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Why Lease- why not just borrow the money?If you borrow money to buy and own equipment, you are using up available credit, which, if used for other purposes, has the ability to earn a return much higher than the cost of the lease payments. Leasing offers a new source of credit with the added benefit of being able to "expense" the payments in most instances. Back to TopWho can lease?Any company, association, non-profit organization, or individual that is using the equipment for a business or commercial use. Back to TopWhat are the up-front costs for a lease?Usually, just the first and last monthly lease payment. Unlike a down payment for a purchase, these payments are smaller and are applied to your total lease payments. In addition, a nominal documentation and filing fee is required for processing the lease documents and filing UCC-1 financing statements required in your state. We do not charge an application fee. Back to TopCan I cancel the lease?The lease is non-cancelable. However, you may arrange for prepayment of the lease or upgrade to a more sophisticated piece of equipment. Back to TopCan I add equipment to the lease?Yes, you can add equipment to the lease at any time. In most cases, any equipment added to your lease must cost at least $5000 or more. Back to TopWhat about sales tax?Sales tax is added to your monthly lease payment each month and charged separately. Back to TopWhat is the typical process for an equipment lease?You fill out a simple, one-page credit application. In certain instances, other financial information may be required such as tax returns or financial statements. The supplied credit information is reviewed and upon approval, the lease documents are prepared and sent to you for signing. A purchase order is then issued to your equipment vendor. Upon delivery of the equipment and acceptance by you, the equipment is paid for and the lease commences. Back to TopWhat about insurance?For your protection, it is required that the equipment be insured. You simply instruct your own insurance agent to send a certificate of insurance to us at no additional cost to you. Does the equipment have to be new?No. We provide lease financing for used and/or new equipment--in fact, we can even buy back equipment recently purchased for cash and lease it back to you to free up cash! How long does it take to be approved?Complete approvals take 24-48 hours (depending on how fast your bank and trade references respond to us.) How do I get the best price for the equipment I want?Because you will negotiate your own best price, with the vendor or your choice. Wirt Financial & Leasing Services only purchases the equipment that you have selected at the price you have agreed to. However, we do have preferred vendors throughout the tri-cities who we have established relationships with and offer special savings. Do I need "perfect credit" to get a lease?Not usually. We can deal with a wide variety of credit challenges--past slow pays, past paid liens, an occasional charge-off even an older, adjudicated bankruptcy! We will look closely at your payment since the credit issues were first reported for evidence that you have gotten your finances back in order. (Our goal is to find reasons to make transactions work.) |
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