Equipment Leasing FAQ
What paperwork do I need to fill out to apply for financing?
Every lease at Chase Industries begins with our easy application. Depending on the size of the transaction and credit considerations we may ask for additional information including some or all of the following.
Most of our transactions are application only and do not require additional documentation, but you should be assured that if we do request it, we are working hard to get you the lowest possible payment.
Are lease rates fixed for the entire term?
Yes. Unlike a bank loan which may have variable rates, leasing rates are fixed and will never increase.
What type of terms do you offer?
At Chase Industries, we offer payment terms that range from 12 months to 120 months.
What are the minimum and maximum values for an equipment lease?
We offer leasing programs on transactions of $10,000 and up to $5 million.
What are the purchase options at the end of the lease period?
We offer 3 buyout options: $1.00 Purchase Option, 10% Purchase, and Fair Market Value (FMV).
Is insurance needed on the equipment?
Yes, insurance must be carried to protect against fire, theft, loss, and general liability. The details on insurance are explained in the terms of the lease agreement.
Can I work with multiple vendors and still group them into one equipment lease?
Absolutely. We want to be sure you get the best equipment at the best deal and that often means working with multiple vendors. Over the years, we have developed strong relationships with numerous equipment vendors and can work with as many equipment vendors as needed to get the equipment that you require.
What interest rate should I expect?
Rates are calculated based on a number of variables including equipment type and the credit rating of the individual medical professional. The best way to determine the rates for a particular piece of equipment is to contact one of our financing specialists at 800.968.5000 or submit a quote for the equipment you wish to lease.
Are Chase Industries’ rates competitive with my local bank?
Equipment leasing and financing offers less red tape than with bank financing. You can complete the process quicker which means your equipment can start to work faster. At Chase Industries, we will coordinate the details to help make sure your deal is completed in the timeframe needed.
What kind of equipment lease terms do you offer?
Although we can tailor lease terms to your specific needs, standard terms are from 24 to 60 months. A shorter time frame keeps financing costs lower. A longer term allows expensive but necessary equipment to be obtained with a low monthly payment.
Is there a pre-payment penalty?
No, there is no pre-payment penalty on any of our equipment leases. You can pay off your equipment lease at any time without penalties.
Will this affect my personal credit?
No. Unlike a traditional bank loan, you equipment lease will NOT show up on your personal credit report.
Can I finance additional costs like shipping, installation, and training?
Yes. These additional expenses are referred to as soft costs. Unlike a bank loan, soft costs can be accounted for and financed in an equipment lease. With a traditional bank loan, only hard assets may be financed.
Why do you collect first and last payment? I had another leasing company tell me I could defer payment for 90 days.
Chase Industries offers deferred payment as well, but we find that the majority of our physicians make the decision to pay the first and last when armed with all the facts. Deferred payment is a convenience, and like any convenience service it has additional cost.
Do you offer financing on software only purchases?
Absolutely. At Chase Industries, we provide 100% financing on all types of software, including software support and implementation costs.