FAQ's
WHAT IS THE AVERAGE TERM OF A LEASE?
Terms range from 12 months to 60 months.
WHAT IS THE BUY OUT?
You have a variety of options available to you. These include FMV, $1 Buy Out, and Equipment Finance Agreements.
WHAT ARE THE CREDIT QUALIFICATIONS FOR A LEASE?
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.
DOES ALL EQUIPMENT HAVE TO COME FROM THE SAME VENDOR?
No, you may get equipment from multiple vendors.
WHO WARRANTIES AND OWNS LICENSING FOR THE EQUIPMENT?
The warranties and/or licensing offered by the manufacturer are passed on to you.
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.
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 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 most applications. Funding typically occurs within 24-48 hours after delivery and acceptance.
HOW DO I APPLY FOR MY LEASE WITH CONRAD FINANCIAL?
Simply complete our online lease application or download the pdf to print and fax or mail it to us.
WHAT KINDS OF EQUIPMENT CAN BE LEASED?
Conrad Financial finances most types of new or used business equipment including office and manufacturing equipment, computers, software, furniture, and commercial vehicles.
CAN LEASES BE PAID OFF AT ANY TIME?
Leases can be paid off early, but may not significantly save you any money.
ARE LEASE PAYMENTS A TAX WRITE OFF?
Typically the IRS will allow you to write off 100% of your lease payment on a True or FMV lease. On a Non-Tax/Capital Lease it is possible to take advantage of Section 179 and expense up to $250,000 if the equipment is put to use in the year it is aquired. Consult your accountant for specific application to your business.
ARE LEASE RATES VARIABLE?
No. Lease rates and terms are fixed.
HOW LONG DO I HAVE TO BE IN BUSINESS?