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About Leasing
For more information, or to obtain a quote, click here.
Leasing Terms
- Minimum leasing amount is $1200 (before taxes).
- Some items of lower value qualify for leasing if accessorized.
- Leasing rates are based upon a 48 month lease.
- Other leasing terms periods are available.
- O.A.C. (On Approved Credit)
- $10 buy back at end of lease.
- First and last month payment in advance.
Benefits to Leasing
- 100% financing: No down-payment means your equipment needs are met without delay.
- Low, easy-to-handle payments: Improve your working capital and preserve your line-of-credit with no heavy cash outlay or loan payment to affect your borrowing power.
- Tax benefits: Leasing is considered an operating expense and in most cases you can write off 100% of your payments.
- Easy budgeting: Bookkeeping is simplified with one monthly or quarterly fixed payment.
- Flexible financing: The length of your lease, its terms, and payment schedule can be customized to match your cash flow.
- Protection from obsolescence: Expand or upgrade your equipment with minimal adjustments to your monthly payments.
Frequently Asked Questions
Who can lease?
Any individual, company, organization or association.
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Why should I lease?
There are a number of advantages that make leasing an attractive option for many people.
Leasing.
- Offers fixed regular payments
- Provides financing for 100% of the equipment cost
- Allows people and businesses to pay for equipment as it is used to generate income
- Conserves both working capital and bank lines of credit
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Who owns the leased equipment?
Easylease Corp (or its assignor) is the lessor of the equipment, and therefore, the legal owner of the equipment.
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What is the process for leasing equipment?
Easylease first reviews the credit information provided on the lease application. Upon approval, the lease agreement
is prepared. When the equipment is delivered, Equilease pays the vendor and begins billing you according to the agreed
lease payment terms and schedule.
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Is a down payment required?
Generally, no.
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How are lease payments determined?
The monthly payment is based on the term of the lease, cost of the equipment and the type of leasing plan you choose.
Easylease offers 24-66 month leasing plans.
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What factors are used to determine credit worthiness?
Your credit worthiness is based on a number of factors:
- Credit bureau rating
- Type of business
- Length of time in business
- Financing conditions
- References from financial institutions
- Trade references
- Bank reference
For lease applications over $25,000, 2 years of financial statements may be required.
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Can the lease be cancelled?
No, but you can trade in your equipment and lease new equipment before the expiration of the initial term. Easylease
also offers a special rate for those who choose to buy out their lease before the end of the term.
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Can I purchase the equipment at the end of the lease?
Yes. You have the option of continuing the lease, purchasing the equipment or returning it to Easylease. Your lease plan
will determine what your buy-out options are.
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What about GST and PST?
The GST and PST (where applicable) are calculated on a monthly basis based on your lease payment. This way, you are only
financing the actual cost of the equipment; you are not financing the taxes.
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Who should sign the lease?
For a personal lease, the designated lessee and guarantor (if applicable) must sign the lease. For a business lease, it must
be signed by an authorized officer of the corporation, by one of the partners in a partnership, or by the owner of a sole
proprietorship.
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Who services or maintains the equipment?
As a lessee, you receive all the benefits of "buyer" warranties and are therefore, responsible for the care and maintenance of
the equipment.
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What about insurance?
For your protection as well as our own, as legal owners of the equipment, we require that all leased equipment be insured.
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What about tax benefits? How do I account for lease payments?
Although most lease payments are fully tax deductible, you should seek the advice of your accountant to determine the best
treatment for tax purposes.
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What effect does leasing have on my bank line of credit?
Established bank lines of credit are unaffected and can be better-maintained and utilized for day-to-day working capital needs.
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