Frequently Asked Questions
Why do you need my personal guaranty?With the exception of public corporations and long-established companies with millions of dollars net worth, we will require a personal guaranty from the majority owners to enhance the approval. In most cases, this lease will not be reported on your personal credit bureaus as a "trade line" unless your account becomes seriously past due. You've built up a successful business and we are asking you to stand behind your company. This is especially true when there are a few majority owners with a large personal stake in the business. Typically, the way an individual conducts their personal affairs will reflect how they conduct their business affairs. Can you waive my personal guaranty?There are times when we are able to waive a personal guaranty,
especially when we are able to review the owner's personal credit.
This is strongly subject to credit approval. Generally your chances
of having a "PG" waived require the following criteria:
How do I get a copy of my personal credit bureau?Reviewing your credit on an annual basis is strongly recommended.This will help you stay on top of inaccuracies on your bureau and protect you against identity theft. The first thing to do is obtain a copy of all 3 of your credit bureaus directly from the reporting agencies. You will need a copy of your bureau to dispute any inaccuracies. You may do this by going to their website or phoning them: Experian Equifax Trans Union As a result of the 2003 Fair and Accurate Credit Transactions Act, all consumers will be entitled to a free copy of their credit report annually. The free credit-report access began Dec. 1, 2004 in the Western US, with staggered dates for the rest of the country. Access to your credit scores will cost a "fair and reasonable" fee. We highly recommend business owners review their personal credit quarterly for both errors and as a fraud-prevention tool. For more information about this program, click here: https://www.annualcreditreport.com If you have been denied credit, housing, or employment, or if you are unemployed, your bureau is free. There are also several states that require the credit reporting agencies to release a copy of your report to you free of charge. Otherwise, the cost is about $9.00 per report. There may be a higher fee to see your "score". This score will be very helpful for you to know, as many credit decisions, and subsequent financing rates, are based on your score. Your credit bureaus should include instructions for disputing any errors and we encourage you to dispute anything inaccurate. How can I improve my score?
How can I improve my business credit?
Why should I lease?Leasing offers many advantages over any other type of financing. Leasing will not deplete financial resources like paying cash. Leasing also offers 100% financing unlike a bank loan that will usually require a large down payment. There are also tax benefits to leasing that will usually save youmoney. Leasing allows most businesses to have the equipment pay for itself. How is leasing different from renting?While there are several differences between the two, leasing gives you added flexibility by giving you the option to purchase the equipment, return it, or renew the lease. Who can lease?Computer Financing can provide leasing services for companies, professional practices, non-profit organizations, government agencies, and municipalities. What can I lease?Computer Financing can help you lease computers, software, graphic and audio equipment, fax machines, copiers, office furniture, printing presses, machine tools, Point-of-Sale Systems, telephone/voice mail systems, industrial equipment, construction equipment, and any other equipment that your business uses. Can I get the brand of equipment I want?Yes, because the equipment is obtained from the vendor of your choice and you negotiate the best price. This allows you to obtain the equipment that is right for your company, at the right price. What if I don't have a vendor for the equipment I need?In many cases we can refer you to vendors that have the equipment you are looking to acquire for your business. Who pays for the maintenance and upkeep of the leased equipment?The business using the equipment is responsible for all maintenance and services, unless a maintenance agreement was supplied by the vendor. Maintenance and service can be included and added on to your lease. What are the tax advantages associated with leasing?Your lease payments are usually 100% deductible as an operating expense. So you pay for you equipment out of current, untaxed income rather than out of already taxed profits. Can I lease computer software?Yes! You're able to lease up to 100% on software! When will my lease payments begin?Payments will be scheduled to begin only after you have received and approved of the equipment. Do I lose my manufacturer's guarantees, warranties, or services when I lease?No, you will receive the same benefits as if you purchased the equipment outright. What are my options at the end of the lease?There are three options at the end of the lease:
How much do I pay if I choose to purchase the equipment at the end of the lease?Based on the type of the equipment and the duration of the lease, the purchase option will be decided upon at the beginning of the lease. It could be a predetermined amount (either a $1.00 purchase option or a fixed percentage of the amount financed) or the fair market value of the equipment at the end of the lease. Who handles the termination of the lease?Computer Financing will help you through every step of your leasing process from your initial application through the termination of the lease. I already own my equipment. Can I use leasing?Yes, depending on the current condition of the equipment and the reasons behind pursuing this option, it is possible to do a sale-leaseback. We will buy your equipment and lease it back to you! How long does it take to get approved?We can begin processing your lease once we receive an easy one page application. After we receive your application, you will usually receive approval in 8 hours under normal circumstances. How long of a term can I get?Depending on your needs and the equipment you are leasing, terms anywhere from 12 to 72 months are available. This will again depend on the specific situation. Can I use multiple vendors?Yes! You can also combine non related equipment on the same lease. Are payment options flexible?Yes, we understand that not every business has the same operating schedule or conditions. Seasonal businesses, for instance, may have a hard time making payments in the off-season. We can work with your business to schedule payments for times when you will have the income to handle them. If you have any further questions or questions specific to your business, please e-mail us at info@ComputerFinancing.com. You may also call us at 772-978-1194 and we'll do our best to answer your question.
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The
following questions are some of the more common that we answer every
day. If you have questions that aren't answered here please call
or send us an e-mail. Use the Contact Us link on left. We will be
happy to try to answer any questions you have or clarify the answers
listed here.