Any individual, company, organization or association.
There are a number of advantages that make leasing an attractive option for many people.
Equilease Corp (or its assignor) is the lessor of the equipment, and therefore, the legal owner of the equipment.
Equilease 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.
The monthly payment is based on the term of the lease, cost of the equipment and the type of leasing plan you choose. Equilease offers 24-66 month leasing plans.
Your credit worthiness is based on a number of factors:
For lease applications over $25,000, 2 years of financial statements may be required.
No, but you can trade in your equipment and lease new equipment before the expiration of the initial term. Equilease also offers a special rate for those who choose to buy out their lease before the end of the term.
Yes. You have the option of continuing the lease, purchasing the equipment or returning it to Equilease. Your lease plan will determine what your buy-out options are.
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.
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.
As a lessee, you receive all the benefits of "buyer" warranties and are therefore, responsible for the care and maintenance of the equipment.
For your protection as well as our own, as legal owners of the equipment, we require that all leased equipment be insured.
Although most lease payments are fully tax deductible, you should seek the advice of your accountant to determine the best treatment for tax purposes.
Established bank lines of credit are unaffected and can be better-maintained and utilized for day-to-day working capital needs.