Frequently Asked Questions

Q: Why do banks and equipment leasing organizations look at personal credit and require personal guarantees from business owners?

A: Excluding public corporations and enormous firms with multi-million dollar net worth, the expectation of the business to pay is linked to the business owner's personal finances. Lenders and lessees have not, in most cases, worked in the equipment sales business. We are unable to make threats of holding off repairs of equipment, in most cases we are not even experts on the equipment that we may have to reclaim and sell, and our speedy turn-around time is predicated upon our avoiding any in-depth equipment evaluation.

Q: Why do I have to sign a personal guaranty? My lawyer says I own a corporation and shouldn't have to sign a personal guaranty.

A: Most of the time a corporate structure should protect you against certain unpredictable contingencies, but it should not keep agreements from being honored. Present your lawyer with this question: "would you lend money to a small corporation if the owner wasn't willing to guaranty the debt?" He or she will probably look confused for a moment and admitting defeat will reply with a no. Advising a client to be prudent and telling a client he or she can obtain business borrowing without meeting normal requirements are two different ball parks.

Q: Do I need perfect credit to get a lease from Simplified Leasing?

A: Of course we process several approvals daily for clients with perfect credit. However, at Simplified Leasing, we strive to provide leasing options to everyone, people with less than perfect credit are encouraged to call on us for assistance.

Q: Who’s responsible for insuring the equipment I lease?

A: Generally insuring leased equipment is the lessee’s responsibility.

Q: Are taxes a part of leasing?

A: Yes, taxes are usually calculated based on the tax rate in the area you live in.

Q: What is the typical length of a lease?

A: Statistically speaking the most popular lease lengths are 24 and 36 months. However, on equipment with longer life spans, we can offer leases as far out as 84 months.

Q: Can we add equipment during our lease term?

A: Generally no. A standard lease is a non cancelable contract. Although, If additional equipment is on the horizon, we can look into setting up a “Master Lease”. Master Leases are usually set up for clients that know they are going to be getting some equipment now and within 90 days they will be adding on. IN fact, some Master Leases can accommodate out as far as One Year(Need input)

Q: Do you offer an option to purchase the leased equipment when the term is up?

A: Leases generally offer more flexibility than other forms of financing. We can structure the purchase option to be as low as $1.00 or we can set up larger purchase options as needed.(Need input)

Q: Who selects the equipment vendor?

A: Most of the time it’s the lessee’s (client) option to choose the equipment vendor. However, because we work with vendors across our nation, should a lessee need a referral to a vendor, we can often recommend a few people to call on.

Q: How do I get started?

A: The quickest way to get started is to fill out our easy three step application (link). This will get you pre qualified or if you are ready, we can get the final figures wrapped up for you in a surprisingly short period of time.

"A" credit clients are often approved the vary same day the send us their application. Documents can be prepared in a short period afterwards and often times emailed straight to the client for finalization.

Q: How do I know which option is right for me?

A: All you have to do is ask, simply click here or call (866)810-1305. We are specialists at accommodating you with your needs and we take great pride in our ability to do just that.