Midtown Digital in conjunction with Equilease, is pleased to offer customers the option of leasing their equipment. Leasing is a perfect option for anyone making a big ticket purchase.
Equilease’s simple and efficient leasing process will help you quickly acquire the equipment your business needs in order to function. Whether you have an established business or a startup, new equipment can help increase revenue. Leasing your equipment can improve cash flow resulting in a much more effective operation.
Leasing through Equilease provides a number of benefits:
- 100% financing with no down payment or upfront administration fees.
- Fixed monthly payments.
- Payments including sales tax are spread out over the duration of the term.
- Helps to manage cash flow.
- Preserves working capital and existing lines of credit for day-to-day operating expenses and unforeseen emergencies.
- Provides tax benefits as leasing is an operating expense which can be written off in most cases.
- Flexibility in structuring your lease term and payment schedule.
- Protection from equipment devaluation or obsolescence because you can upgrade your equipment with minimal charges.
- Leases are often easier to obtain and have more flexible terms than loans.
What are the leasing terms?
- Minimum purchase for leasing is $1,000.
- Lease terms are available from 24-60 months.
What are the costs involved?
- Leasing rates, based on a 36 month lease, are approximately $36 per $1,000 so the payment on a $1,000 purchase is $36 per month. This works out to approximately 10% interest per annum.
- $10 or 10% buy-back at the end of the lease as well as other purchase options.
- All equipment leased through Equilease must be insured. If the customer’s insurance does not cover the equipment, insurance can be arranged through Equilease.
Frequently Asked Questions
Who is eligible to 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.
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.
Can a lease be cancelled?
Leases cannot be cancelled, but the customer can trade in their equipment and lease new equipment before the expiry of the original lease.
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.
Who is responsible for maintaining the equipment?
The customer receives all the benefits of the buyer’s warranties and is responsible for the care and maintenance of the equipment.
What about insurance?
Equilease requires that the customer insure all leased equipment. If the customer’s personal insurance does not cover the equipment, insurance can be arranged through Equilease.