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Frequently Asked Questions

Q.

Who can lease equipment?

A.

Any organization, whether a corporation, partnership, or sole proprietor.

Q.

What can be leased?

A.

All New and Used equipment that is used for your business. The lease can also include software, freight and installation expenses.

Q.

What is a Lease?

A.

A contract in which one party (called the lessor) conveys the use of an asset (equipment, machinery, computer hardware, software and associated services) to another party (called the lessee) for a specific period of time at a predetermined monthly rate.

Q.

What Factors determine Credit Worthiness?

A.

  1. Length of time in business
  2. Financial condition
  3. Bank and Trade References
  4. D&B or other credit bureau ratings

Q.

How much paperwork is involved in leasing?

A.

Standard one page credit application (for approval). Upon approval we forward our standard, straight forward Lease documents.

Q.

What about Sales Tax?

A.

Sales tax will be invoiced to the customer for the appropriate sales tax on the monthly payments. Quoted lease payments do not include sales tax. Many companies may be tax exempt from sales tax when leasing.

Q.

Shouldn’t I own the equipment?

A.

It is the use of equipment that generates profits, NOT the ownership.

Q.

What is the interest rate?

A.

A lease is an agreement to pay for use of equipment over a specified term. We are not loaning you money; we are purchasing equipment for your use. Therefore, there is no interest rate in the normal sense. Do you ask the interest rate for your office lease?

Additional questions?

Click here to contact us, or call 215-362-8823.