Q: Why lease - why not just borrow the money?
A: If you borrow money to buy and own equipment, you are using up available credit, which, if used for other purposes, has the ability to earn a return much higher than the cost of the lease payments. Leasing offers a new source of credit with the added benefit of being able to "expense" the payments in most instances.
Q: Who can lease?
A: Any company, association, non-profit organization, or individual that is using the equipment for a business or commercial use.
Q: What are the up-front costs for a lease?
A: Usually, just the first monthly lease payment. Unlike a down payment for a purchase, these payments are smaller and are applied to your total lease payments. We do not charge an application fee.
Q: Can I cancel the lease?
A: The lease is non-cancelable. However, you may arrange for prepayment of the lease or upgrade to a more sophisticated piece of equipment.
Q: Can I add equipment to the lease?
A: Yes, you can add equipment to the lease at any time. In most cases, any equipment added to your lease must cost at least $5,000 or more.
Q: What about sales tax?
A: Sales tax is added to your monthly lease payment each month and charged separately where applicable.
Q: What is the typical process for leasing equipment?
A: You fill out a simple, one-page credit application. In certain instances, other financial information may be required such as tax returns or financial statements. The supplied credit information is reviewed and upon approval, the lease documents are prepared and sent to you for signing. A purchase order is then issued to your equipment vendor. Upon delivery of the equipment and acceptance by you, the equipment is paid for and the lease commences.
Q: What about insurance?
A: For your protection, it is required that the equipment be insured. You simply instruct your own insurance agent to send a certificate of insurance to us at no additional cost
Leading the Country in Equipment Leasing
First City Capital
8001 Irvine Center Dr, 4th floor
Irvine, CA 92618
(800) 603-8314
sales@firstcitycapital.com
www.firstcitycapital.com
