FAQ - Equipment Leasing
Q: What does Sun South Equipment Leasing do?
A: Sun South provides lease financing programs that enable our customers to acquire equipment needed for their business in order to grow, expand, compete, and generate a profit.
Q: What is an equipment lease or finance lease?
A: An equipment lease is a simple agreement between the owner of the equipment or "lessor" and the end-user of the equipment or "lessee". The "lessee" agrees to pay the "lessor" a negotiated amount for the use of the equipment with an "end of lease" purchase (ownership) option.
Q: Should I lease my equipment in a down economy?
A: Why obligate to ownership today, when the future is uncertain. Small businesses especially need to be strong enough to advance and grow in a struggling economy. Leasing equipment or machinery allows you to conserve and control your cash reserve for the daily operations of business or unexpected emergencies.
Q: What are the qualifying requirements for a lease or lease finance agreement?
A: Sun South is an independent firm, giving us the ability to be flexibile with the capital needs of our customers to acquire equipment and machinery. Every customer is different and considered unique in their industry, therefore qualifying a business is based on many factors such as time and history of active business, financial strengths, trade and bank references, as well as qualifying credit history.
Q: How do I know what type of lease is the most affordable for my business and can meet my cash flow needs?
A: Knowlegde is still the most powerful tool to have for any buisiness. Educate yourself about the benefits to your business for leasing equipment and know your options before paying cash or using bank lines of credit to purchase, certainly having that knowledge doesn't obligate you to anything and may save you money for other important operating expenses and not tied up in depreciating assets.
Q: Can I lease equipment from multiple vendors under one lease agreement?
A: Yes, we can arrange to have several vendors as well as soft cost such as sales tax, freight, and installtion cost included on one lease agreement. Moving forward, once a lease agreement has been establised, adding additional equipment or upgrading exisiting equipment is simple and easy.
Q: Can I cancel my lease before the term is up?
A: No, a signed lease or finance agreement is a non-cancelable contract; however you do have the option to pay-off the contract at anytime during the negotiated term.
For more questions and answers go to "Ask a Leasing Expert" or call 866-268-9504 and a member of our financial team will be happy to help.