Frequently Asked Questions
Equipment Leasing Basics
What is the average term of an equipment lease?
The average equipment lease term with Innovative Lease Services (ILS) ranges from 12 to 60 months. For certain types of equipment, extended lease terms up to 84 months may be available. Availability depends on the equipment type and credit profile. Contact ILS directly to discuss 84‑month lease options.
What types of equipment can be leased through ILS?
ILS finances a wide range of business equipment across many industries. This includes, but is not limited to, medical equipment, construction equipment, office technology, manufacturing machinery, IT hardware, and specialized commercial equipment.
Buying vs. Leasing Equipment
Is it better to lease or buy business equipment?
Leasing business equipment is often more cost‑effective than purchasing, especially for equipment that needs frequent upgrades or replacement. Leasing typically offers lower monthly payments, preserves working capital, and eliminates concerns around equipment depreciation and resale.
At the end of the lease term, businesses can:
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Return the equipment
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Renew the lease
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Upgrade to newer equipment
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Purchase the equipment (depending on lease structure)
Leasing allows business owners to stay current with technology while avoiding long‑term ownership risks.
Credit & Approval
What credit qualifications are required to lease equipment?
ILS works with all levels of creditworthiness. Approval is based on several factors, including:
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Business payment history
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Personal credit of business owner(s)
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Time in business
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Equipment type and cost
Lease rates adjust based on credit profile and overall risk assessment.
How long does the lease approval process take?
For lease applications up to $250,000, credit decisions are typically made within 24 to 48 hours once a complete application is received.