1. What is leasing?
Leasing is simply an alternative type of financing. The customer has full access and use of the vehicle or equipment, but not actual ownership. Often, if required, the customer has an option to purchase at the end of the lease term for a pre-determined amount.
2. What can I lease?
Any type of new vehicle and many makes of used vehicles (depending on age and value) can be leased. Virtually any type of equipment can also be leased, including computers, office equipment, machinery, audio/video equipment, etc.
3. What are the benefits of leasing?
Some of the many benefits include:
· no large outlay of capital to obtain a vehicle or equipment
· a lower monthly payment than you would pay on a loan for the same vehicle
· taxes are paid only on the monthly payment rather than up front on the full price of the vehicle
· leasing generally provides a faster tax write off than a cash purchase (consult your tax professional for details)
· opportunity to get a new vehicle more often
· shorter terms available to better coincide with warranty periods
· lease payments and terms can be tailored to meet the tightest budgets and credit ratings
· leasing keeps your bank lines open for operating expenses, rather than investment in depreciating assets
· you can secure all of the equipment that you require now, and put it to work earning revenues, rather than putting acquisition off until your budget allows purchase
4. What are the benefits of leasing from Empower?
Empower Lease Corp. offers much more flexible lease options and terms than other leasing companies and financial institutions, as well as more competitive lease rates. We can custom tailor a lease plan to suit individual needs and budgets, and can help approve people who been turned down by banks or other leasing companies because of no credit history or problems with their credit rating.
5. How do I apply for a lease?
It's easy! Simply complete the appropriate credit application (either personal or business) and forward it to us via fax or email. After the required credit inquiries have been completed, an approval will be issued. The lease documents will be prepared and are signed by you when the vehicle or equipment is delivered.
6. Do I require a down payment?
No. Generally, all that is required to initiate a lease agreement is a first payment and refundable security deposit (usually equal to one month's payment). In special circumstances, a larger deposit or down payment may be required. In any case, the customer has the option of putting money down in order to reduce the monthly lease payments.
7. How do I pay for my lease?
Your monthly lease payments will be taken via pre-authorized payment plan from your choice of financial institution.
8. What are my options during my lease?
At any time during the lease term, you may buy out your lease or trade up your vehicle or equipment. There may be a penalty for early buy out, depending on the type of lease.
9. What happens at the end of the lease?
Depending on what type of lease you have, you will either have the option to buy the vehicle or equipment at the end of the lease term, extend the lease, trade up to new equipment, or simply return the vehicle.
10. What are the different lease terms available?
Lease terms are anywhere from 12 - 66 months, depending on what type of lease payment you require.