Since 1986, ILS has been a leading provider of Equipment Leasing for almost every type of business equipment. ILS has funded over $100 Million in business equipment with Equipment Vendors and Businesses of all sizes.
Commercial Equipment Leasing is our primary business, but ILS also offers customers access to working capital, SBA Programs, Commercial Real Estate Financing, Business Marketing Services, and Start Up financing.
Leasing Frequently Asked Questions
WHAT IS THE AVERAGE TERM OF A LEASE?
Terms range from 12 months to 60 months. We can extend to 84 months on certain equipment.
WHAT ARE THE CREDIT QUALIFICATIONS FOR A LEASE?
The business must maintain a satisfactory payment history with its suppliers. 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.
WHAT ARE OUR CURRENT INTEREST RATES?
Typically, the interest rates are competitively comparable to bank loans. Every rate is contingent upon the financing terms, equipment cost, chosen equipment, personal credit of lessee.
CAN I LEASE PRE-OWNED EQUIPMENT OR REFINANCE EQUIPMENT THAT IS CURRENTLY LEASED WITH ANOTHER LEASING COMPANY?
Yes, we can write you a check for equipment that you already own if it was purchased within the past 120 days of your approved application. You may also lease equipment already on lease with another company to achieve a longer lease term.
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 applications up to $200,000.
HOW DO I APPLY FOR MY LEASE WITH INNOVATIVE LEASE SERVICES, INC.?
Simply complete our online lease application or download the pdf to print and fax or mail it to us. click here