Frequently Asked Questions
If you can't find an answer to your question below, contact us!
What is the average term of a lease?
The average term of a lease ranges from 12 to 60 months. The extension to 84 months may be done for particular equipment. Call to ask for 84 month terms
Buying verus leasing business equipment?
As a business owner there are particular equipment needs that may need to be replaced or updated every few years. If this is the case leasing the equipment is more affordable than purchasing new equipment each time. Although lower monthly payments is just one reason to lease, leasing also offers purchasing flexibility. Business owners don't have to worry about owning a depreciating asset and repair bills. At the end of the lease term the lessee returns the equipment back to the vendor and simply turns and walks away. Lessees also have the option to renew the lease or upgrade to new equipment.
What are the credit qualifications for a lease?
A 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 have the flexibility to select equipment from one vendor or a mix of vendors under a single lease agreement.
Who warranties and owns licensing for the equipment?
The warranties and/or licensing offered by the manufacturer are under your ownership for the length of the lease. At the end of the lease you may close the lease, sign a new lease, or purchase the equipment.
Can I defer payments or skip payment?
Yes, we offer deferred or payment skips for your convenience. To qualify for this, we must establish this possibility at the beginning stages before the start of the lease with ILS.
What are our current interest rates?
Typically, our interest rates are competitive and superior compared to bank loans. However, every rate is contingent upon the financing terms, equipment cost, chosen equipment, and personal credit of lessee.
Can I lease pre-owned equipment or refinance equipment that is currently lease 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, 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.
When do my leasing payments start?
In most cases we collect the first and last payments at lease signing. The next payment will be approximately 30 days after the equipment has been delivered.
Can I ever return the equipment and stop the leasing payment?
No, the lease is a binding agreement. 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 application amounts up to $250,000.