What is Equipment Leasing?
Equipment Leasing allows you to purchase new equipment, refinance old equipment, and use your unencumbered equipment to obtain working capital. An advantage of leasing is it does not drain your bank account with a large purchase and allows your company to better predict your cash flow. Regardless of the type of industry, there are companies that will finance hardware, earth moving equipment, manufacturing equipment, technology equipment, transportation equipment, and many other options. Many businesses prefer leasing over buying due to its cash flow advantages, tax deductibility, flexibility, and efficiency.
How does Equipment Leasing work?
- You choose the equipment you want and provide invoices from the vendor, making sure to include all shipping, installation, and setup fees.
- You fill out a simple lease application with SouthStar, specifying the term and type of lease you prefer.
- After your lease is approved, SouthStar will purchase the equipment and have it delivered and installed (if applicable) at a time specified by you.
- You make fixed monthly payments for the term you have chosen, enjoying the benefits of the equipment as though you own it.
- At the end of the lease, as written in the lease contract, you have a few options:
- Turn the equipment in and lease new equipment.
- Extend the lease or pay month-to-month to keep the same equipment.
- Purchase the equipment from SouthStar at the price predetermined in the lease contract.
The SouthStar Advantage
- Same day approval/closing in 2-5 days
- Customized and flexible financing options
- Deal directly with decision makers
- Upgrade equipment as technology changes
- Turn unencumbered equipment into working capital
- Challenged credit is a non-issue
- Years in business is not a factor
- Assigned account team for your company
- Preserve your cash flow
- Refinancing old equipment for more favorable terms and monthly payments
“Within a day, I was approved for a lease and had the new conveyor belt installed within the week. SouthStar saved me thousands of production dollars and I can’t thank them enough!”
– Bobby, Plant Manager for a Metal Assembler & Manufacturer