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What is a lease? |
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In simple terms, a lease is a contractual arrangement between the lessee (the customer) and the lessor (Trident Leasing Corporation). We purchase the equipment from your supplier of choice and lease it to the lessee for a fixed payment. |
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Who can lease with Trident Leasing? |
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Any company, associations, non-profit organization, or individual that is using the equipment for business use. |
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What type of equipment can I lease? |
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You can lease any type of equipment as long as its used for the business. |
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What is the minimum amount for an equipment leasing? |
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Equipment Leasing with Trident Leasing requires a minimum amount of $10,000 to qualify for an equipment lease. |
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What types of terms are availible in equipment leasing? |
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The length of equipment leases are 24, 36, 48 and 60 months. We also offer seasonal payment plans, 90 day deferral payment plans, annual & semi-annual payment plans. |
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What are the end of term lease options? |
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The end of term options are your choice of $1.00 buyout, 10% purchase option, 20% purchase option and a Fair Market Value Option (FMV) |
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Are the lease rates fixed for the entire term? |
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Yes. |
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Do you provide equipment leasing on used equipment? |
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Yes, as long as comparables match the amount you are financing. |
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Do you provide equipment leasing on software? |
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Yes, we are able to provide 100% financing on software. |
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Can I buy equipment from a private party? |
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Trident Leasing understsands that the best equipment option doesn't always come from a vendor or a deal. We can process all types of equipment lease purchases from private parties to auction houses. |
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Are you able to finance my installation, delivery and setup costs? |
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Yes, we can finance soft costs such as delivery, training and installation in the total equipment leasing amount. |
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Do I need insurance? |
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Yes, you are required to carry insurance that covers fire, theft, loss, and general liability, as detailed in the lease agreement. |
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Is a down payment required with a lease? |
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No down payment on the equipment is required with an equipment lease. Most leases are structured with just the first and last payment in advance. |
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What are the tax benefits associated with leasing? |
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From the lessee’s viewpoint, you may be able to deduct the monthly lease payment as a business expense on your tax returns if you have an operating lease you might be able to deduct 100% of your lease payment. You should seek specific advice from your accountant. |
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What is the documenation fee? |
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During the lease process there has been incurring expenses such as credit reporting fees, lien searches, overnight delivery, administrative fees, UCC filings, and papers required to be processed with your local or federal locality. A nominal documentation fee is charged to help offset the expenses for your transaction. |
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Is there a cost to apply? |
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There is no fee to apply for an equipment lease. We will generate an approval for you free of charge. |
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Do I have to work with your preferred vendors? |
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Your company has the ability to choose from a vendor, dealer, private party or auction house of your choice. |
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What type of information would I need to obtain equipment financing? |
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We would need the following:
1. Basic Company Information
2. Owner Principal Information
3. Equipment Type & Price
4. Equipment Location
5. Your Signature Authorization. |
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How long does it take to be approved? |
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Usually in less than 24 hours! Typically requests for up to $100,000 can be approved in a couple of hours from a simple one-page credit application. |
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How does the equipment lease process work? |
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Choose your new or used equipment from any vendor, private party or auction house and negotiate the price. Your Trident Leasing account manager will then help you select the best equipment lease option. You approve and sign the lease documents and then the Lessor issues the purchase order. The vendor ships the equipment to you and bills Trident Leasing Corporation. When you tell us that you have received the equipment the vendor is paid. 30 days later you begin your lease payments. |
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How are lease decisions made? |
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Equipment Lease credit decisions are typically based on your credit history, time in business and type of equipment |
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Can I still lease equipment if I have already purchased it? |
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Yes. This type of equipment financing is called a sales leaseback. We are only able to do financing for equipment that has been purchased within the last 90 days. |
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Do you offer financing for Start up companies? |
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Yes, the maximum amount we can finance for a start up company is $30,000. |
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Does all the equipment have to come from the same vendor? |
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No, you can acquire equipment from multiple vendors, private parties or auction houses and finance everything under one equipment leasing agreement. |
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When does the lease start? |
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When you have verbally accepted that the equipment you ordered has been received and is in good working order along with the signing of the Delivery and Acceptance document. |
