“Car Lift Leasing For New And Used Lifts And Hoists”
Car lift leasing is available on a wide variety and styles of lifts and hoists, both new and used.
For equipment leasing requests under $50,000, the application process typically requires an application form, vendor invoice that outlines the assets to be acquired and the terms of sale, and proof of business registration.
The approval process for smaller requests is typically completed in 24 to 48 hours with funding to follow immediately after.
For larger commercial leasing requests, the leasing company will also require the last completed annual financial statements for the business and an interim financial statement for the current year.
If the business is a start up, then there will have to be a strong guarantor provided who must possess good credit, strong net worth, and an annual cash flow to service debt in the event of lease default.
Companies that are three or more years in business and have good cash flow from operations will be able to secure optimal rates and terms for leasing companies that finance car lifts and hoists.
In terms of credit score, “A” credit will typically require the applicant(s) to have credit scores of 650 or higher.
Lower credit scores can push the deal down into “B” and “C” lending categories.
Car Lift Leasing Facilities Can Include
If you are looking at acquiring several car lifts for your business, it is certainly possible to have multiple assets financed through the same leasing agreement.
That being said, it is also possible to have individual assets set up on their own individual lease as well.
For instance, in cases where there are multiple locations, it may be preferred that each location maintain their own balance sheet and operating account, so having equipment leases for location specific equipment is certainly something that can be arranged.
Multiple leases can be also be useful to get the amount of financing that you require.
Leasing companies at times will cap the amount of funding they want to provide a business, but they are not apposed to the business having more total funding than what they are prepared to provide, so it can make sense to split up your car lift leasing requirements among more than one leasing company to maximize the amount of financing and save on cash.
To determine what the best approach is for car lift or car hoist leasing for your business, please give us a call and speak to one of our equipment leasing specialist.