Equipment Financing Options

Trinity OP Systems offers financing on machine and business package purchases.  The question of how to pay for a new Trinity machine is a major consideration for your business. Should you pay cash? Get a bank loan? Or is leasing your best option? You can save time and money by leasing your next Trinity machine. Here are some reasons to consider leasing:

  • 100% Financing – In most cases, when you lease you do not have to make a large cash down payment. Usually, only the first and last month’s payments are required. You can finance the entire cost of the new equipment including taxes, shipping and equipment setup. With bank financing, you may have to pay for these fees separately.
  • Leasing Is Simpler Than Bank Financing – The leasing process requires less paperwork and usually lower credit requirements than bank financing. Most leases are approved in 24–48 hours. Bank approval can take weeks.
  • Saves The Business Line Of Credit – Your business line of credit can remain free for buying supplies, hiring more personnel, or for marketing your business.
  • Your Business Can Have Up-to-date Equipment – Most leases can be designed so that you can get the latest equipment when you need it and not have to worry about what to do with the old equipment. Also, once approved for equipment leasing, you will not have to go through the application process each time you want to get new equipment.
  • Pay For The Equipment As You Use It – When you lease equipment, you are paying for it as you get to use it. You don’t have a large cash outlay before you get to receive the benefits from the new equipment.
  • Tax Advantages – Leasing payments are 100% tax deductible. If you purchase the equipment, the tax benefits will usually not be as great because of depreciation rules.

Complete your financial leasing application online today!

Frequently Asked Leasing Questions

For more information on leasing options call us at (859) 744-5332. Trinity OP Systems is dedicated to remarkable customer care and support. If you have any questions, need help choosing the right machines, or need support, please don’t hesitate to contact us.

Who can lease?

Any consumer, company, sole proprietorship, partnership, organization or association can apply to lease equipment.

 

Note: For Quebec residents only – Individuals cannot lease equipment through Equilease. Equipment can only be leased through Equilease if the lease is in the name of a company, organization or association registered with the government.

Why should I lease?

There are a number of advantages that make leasing an attractive option for many people.

  • Offers fixed regular payments.
  • Provides financing for 100% of the purchase including equipment, software and services (i.e. installation, freight).
  • Allows people and businesses to pay for equipment as it is used to generate income.
  • Conserves both working capital and bank lines of credit.

Who owns the equipment?

As the lessor of the goods Equilease (or its assignor) is the legal owner of the equipment during the lease period. Most leases are written with a $10 buy-back so that at the end of the lease period the customer owns the goods.

What is the process for leasing 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.

Is a down payment required?

Generally, no.

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. Equilease offers 24-66 month leasing plans.

What factors are used to determine credit worthiness?

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.

Can a lease be cancelled?

Leases cannot be cancelled, but the customer can trade-in and upgrade their equipment before the expiry of the original lease.

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 Equilease. Your lease plan will determine what your buy-out options are.

Who should sign the lease agreement?

For a personal lease, the designated lessee and guarantor (if applicable) must sign the lease. For a business lease, the lease must be signed by an authorized office of the corporation, by one of the partners in a partnership, or by the owner of a sole proprietorship.

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.

Who should sign the lease agreement?

For a personal lease, the designated lessee and guarantor (if applicable) must sign the lease. For a business lease, the lease must be signed by an authorized office of the corporation, by one of the partners in a partnership, or by the owner of a sole proprietorship.