Have a Question? Start Here

Do I need perfect credit to get a lease from BFS?

No. Approvals are not limited to only credit scores; there are several other factors when making a credit decision. Credit scores are only one factor for receiving an approval.

Does a bankruptcy, lien or judgement exclude me from being approved?

No. As long as the applicant is not currently in bankruptcy court and has a profitable business, a good supply of records, reputable equipment, etc., there is a considerable possibility in receiving an approval.

I'm a start-up business. Is there a limit to how much money I can borrow?

Generally no. Most lenders limit the amount of funds for any start-up; however, the name of the game is information. Those who provide sound documentation in planning their business, i.e., business plan, financials, tax returns, contracts, etc., have a much greater chance at receiving additional funds for equipment financing, growth capital or both.

What is the interest rate on a lease?

Though the amounts charged on an equipment lease are calculated using monthly “rate factors”, rather than using a compound interest rate normally associated w~h conventional loans, interest rates commensurate w~h a lessor’s ability to manage risk. Depending on your overall score will determine your rate factor.

Is there any money down required before being approved?

Absolutely not! And beware of companies which require so. Sometimes a 1st payment and small application fees are collected at signing but in many instances we finance with no money down.

When does the lease start?

After receiving the equipment and you have given your verbal authorization that all is in sound working order and have signed off to the effect.

Are taxes a part of leasing?

Yes, taxes are usually calculated based on the tax rate in the area you live in.

Who's responsible for insuring the equipment I lease?

Generally insuring leased equipment is the lessee’s responsibility.

What is the typical term of an equipment lease?

Terms range from 12 to 60 months. However, 84 month terms are offered on equipment with longer life spans.

Can equipment be added during our lease term?

Generally no. A standard lease is a non cancelable contract. Although, if additional capital is needed setting up what is known as a “Master Lease” can be implemented for clients who know they will be adding additional equipment within 90 days and in some cases up to one year.

Can I get capital for equipment I own outright?

Yes. The product is known as a sale lease back and is frequently used for operating costs in lieu of traditional bank lines or 2nd trust deeds. Amounts usually commensurate.

Do you offer an option to purchase the leased equipment when the term is up?

We can structure the purchase option to be as low as $1.00 or we can set up larger purchase options as needed. (Need input)