Lease financing has never been easier. We offer competitive rates, personal service and support and customized terms with seamless transactions to fit your specific needs. Plus, our secure electronic signature process allows completing documents from the safety of home or office
Total project financing, including all soft costs
Preserve cash and existing credit lines
Fixed, predictable payments protect against inflation
Conserve working capital
Flexible End of Term options
Avoid technological obsolescence
Potential tax benefits
Structured financing allows you to get maximum benefit from your investment with minimal bottom line impact, all while building equity towards equipment ownership. We have long-tenured lease managers who understand the woodworking industry to help you to understand all of your options.
Equipment leasing is not complex
Our service commitment goes beyond just providing financing for your machinery. Before you place your order, your personal lease manager will explain all finance options and benefits in easy to understand terms. Start-to-finish, you will have a dedicated professional making the process simple and transparent.
80% of US companies obtain equipment through leasing
A market this large requires great flexibility. All of our clients whether large or small experience the same personalized service. Your options will consider plans for equipment ownership and/or replacement as well as the short and long-term goals of your business.
Leasing can benefit your bottom line
Financial professionals know that a cash purchase is not always best and that interest rates are just one consideration. Our leasing options preserve your cash, existing bank line of credit, require no down payment and can allow for tax favorable treatment of the expense.
Frequently Asked Questions*
What is a lease?
A lease is an agreement to pay over time for equipment. The structure may vary based upon a variety of factors.
Why should I lease?
Leasing offers many advantages over other types of financing. Leasing will not deplete financial resources like paying cash does.Leasing can offer 100% financing unlike a bank loan that will usually require a 20%+ down payment. There may also be tax benefits to leasing that will save you money. Leasing allows most businesses the opportunity to acquire revenue generating equipment and match its cash inflows and outflows, essentially letting the equipment pay for itself while still generating a positive cash flow for the business.
How is leasing different from renting?
While there are several differences between leasing and renting, the main one is that leasing gives you the added flexibility at the end of term to purchase the equipment, return it, trade it up into new equipment, or renew the lease.
What is required to qualify for a lease?
For transactions up to $250,000, only a one page application is required.For transactions over $250,000, two-years of company financials and current interims often satisfy our credit review.
How long is the approval process?
For most transactions up to $250,000, you will receive a credit decision within one business hour, dependent upon the accuracy of the information provided.
How much of an initial cash outlay is required?
Typically, the first & last month’s payments and a minimal processing fee are sufficient to start a lease.
What equipment can be leased?
All new and pre-owned equipment, software, installation charges, delivery charges, tooling and training can be included in your lease.Peripheral equipment can also be included (i.e. dust collection systems).
Are there tax benefits to leasing?
Leasing can provide a more rapid write-off because the lease term is often shorter than the depreciable life of the equipment, and the monthly payments are often 100% tax deductible as a pre-tax business expense. Consult your tax advisor for specificinformation. For the most up-to-date information, go to www.irs.gov.
Section 179 Tax Deduction
Section 179 of the IRS tax code currently allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. Current information can be accessed here.
*Note that Summit Funding Group, Inc. cannot provide specific financial, accounting or legal advice.