The leasing process: What to expect
When applying for a lease, you can expect the process to include these steps:
- You complete an equipment lease application. Be sure you have financial data available for your company and its principals, as this may be required upfront or after initially completing the application.
- The lessor processes your application and notifies you of the result. This usually happens within 24 to 48 hours of submitting the application. Some lessors may not require financials or a business plan for applications on dollar amounts ranging from $10,000 to $100,000. For financing over $100,000, expect to provide complete financials and a business plan.
- Once you receive approval, you must review and finalize the lease structure – including monthly payments and the fixed APR. You’ll then sign the documents and resubmit them to the lessor, typically along with the first payment.
- When the lessor has received and accepted the signed documents and first payment, you are notified that the lease is in effect and that you are free to accept delivery of the equipment and commence any necessary training.
- Funds are released 24 to 48 hours directly to you or the manufacturer from which you are purchasing.