We put together an equipment leasing FAQ to help answer any initial questions that you may have.

What is eLease?

ELEASE is a leasing company with a powerful online presence. Designed to optimize the leasing process and put control into the hands of the customer, ELEASE allows business to access leasing services around the clock.

Can I include services such as consulting and training in my customer’s lease?
Yes. ELEASE’S application makes it simple to specify these costs.

Am I guaranteed to find a lease if I submit my application?
Your customers’ applications will enjoy the greatest chance of approval because ELEASE is open to all qualified leasing companies. Of course, more approved leases means more money and less wasted time for you.

Are eLease’s rates competitive?

Yes. ELEASE has some of the most competitive rates in the country. We work hard to keep your rates low.

Is there a maximum or a minimum lease amount?

The minimum deal that ELEASE can fund is 3,000 dollars.

What kind of equipment can I lease?

There are certain types of equipment that have such a high default ratio that we are unable to lease them, this is pretty much industry wide which means, if you can lease equipment with anyone, ELEASE will be able to do it. Additionally, credit drives transactions which means if you have great credit there is a chance we will be able lease it for you even if the equipment is restricted.

Most Popular Equipment:

• Enterprise Servers
• Networking Equipment
• Computer Equipment
• Telecommunications Equipment
• Office Equipment & Furniture
• Heavy Machinery
• Dry Cleaning Equipment
• Printing Presses
• Fleet Vehicles

Am I guaranteed to find a lease if I submit my application?

Your application will enjoy the greatest chance of approval but we can’t guarantee to fund every deal.

Why do I have to give a personal guarantee for a company lease?

The younger the business, the more likely it is that a personal guarantee will be required to protect the company’s investment. The benefit of a personal guarantee is that it lowers your lease rate because it lowers the risk.

Is there a maximum or a minimum lease amount?

The minimum deal that ELEASE can fund is 3,000 dollars.

What are my options if the Equipment supplier requires a deposit?

You may:

Pay the deposit and lease the balance, or
Lease the entire cost of the equipment including the deposit

You will be able to request a deposit reimbursement on your application. This means that we pay the equipment supplier in full, the equipment supplier will return your deposit.

Is insurance required for the equipment that I am leasing?

Generally, insurance is needed on every lease over $10,000. Most business insurance also covers equipment leases. If you do not have business insurance, you should request optional insurance coverage on your application.

Can I include services such as consulting and training in my lease?

Yes.

Can I still lease equipment if I have already purchased it?

Yes. This is known as a sale-leaseback. Typically, you can do this for equipment that has been purchased in the last 90 days.

Can I finance the remaining balance if I have placed a down payment on the equipment?

Yes, if you choose to make a down payment you can subtract that amount from the total owed on the equipment. For example, if you purchase $50,000 worth of equipment and make a $10,000 down payment, your lease would only finance $40,000. Keep in mind that you will not own the equipment until the lease ends.

Can I get a lease if my company is a “start-up?”

Yes. ELEASE is willing to finance companies that have been in business for less than two years. However, you should expect to pay a slightly higher rate because your company is a higher risk investment than a more established company. Additionally, you will likely be required to provide a personal guarantee.

Can I get a lease if my company is a “turn-around?”

Certainly. A “turn-around” is a company that has recovered from an economic downturn.

Can I get a lease if my company is acquiring another company?

This situation indicates that you are expanding or growing your business. In most cases this indicates strength in your business. Sometimes, expansions will add multiple locations and additional officers. If so, you will need to specify on your application what equipment is going to what location and the locations will need to be approved.

Can I get a lease if my company is being acquired or prospected for acquisition?

Typically you will have to wait until the acquisition is completed before applying for a lease. ELEASE will need to know the following for consideration:

Who the ultimate owners will be,
what the financial strength of the new parent company is, and
if you are being acquired because you are in a state of financial weakness.

Can I get a lease if I have had a bankruptcy?

ELEASE is willing to finance companies that have had a bankruptcy. Because you will be viewed as a higher risk, you should expect to pay a slightly higher rate.

Who do I contact if I need help?

We want you to always be in control. For support:
email ELEASE at [email protected], or
call Member Support toll-free at 1-800-499-2577 between 9am and 5pm EST.

You may find the answer to your question in this FAQ.