Why Lease?
Leasing offers fixed regular payments; provides financing for 100% of the equipment cost; allows businesses to pay for equipment as it is used to generate income; conserves both working capital and lines of bank credit; and may offer certain tax Advantages.
Who Can Lease?
Any company, organization or association. Cornerstone Capital Group cannot lease equipment to an individual for personal use.
Is A Down Payment Required?
A security deposit, usually equal to one or two months' lease payment, is generally needed. This differs from a down payment in that the amount is typically much smaller and it is a true deposit which can be applied to the purchase price of the equipment at lease-end, or returned if there are no other payments due.
How Are Lease Payments Determined?
The monthly payment is based on the term of the lease, cost of the equipment, and the type of leasing plan the lessee chooses. The initial term of a lease runs from 12 to 72 months.
What Factors Are Used To Determine Credit Worthiness?
Type of business, personal credit score, length of time in business, financial condition, references from financial institutions, and D. & B. (Dun & Bradstreet) or other credit bureau ratings.
Can the Lease Be Canceled?
No, but equipment can be traded-in for new, leased equipment before the expiration of the initial term. Cornerstone Capital Group also offers a special rate for those requiring a "buy out" option during the term of the lease.
How Long Does the Lease Process Take?
Leasing is very quick. Requests for up to $150,000 can be approved in a couple of hours from a one page credit application. Documents are overnighted, hand-delivered, or e-mailed to the customer, and a Purchase Order is immediately faxed to the vendor once documents have been received.
What Kinds of Equipment can be Leased?
Most kinds. Cornerstone Capital Group will finance most equipment that is used in every sector of industries. This can include furniture, software, and other soft costs associated with equipment purchases.
Does the Equipment Have to be New?
No, Cornerstone Capital Group leases both new and used.
What are the Buy Out Options?
You have a variety of options available to you. These include FMV, $ 1 Buy Out, and Fixed Percentage Purchase Options.
What is the Rate?
Rates are determined based on credit history, equipment cost, and term structure.
Can Leases be Pre-Paid at Any Time?
Yes, you can choose to pay off your lease at any time during the term.
Are Lease Payments a Tax Write Off?
Typically the IRS will allow you to write off 100% of your lease payment on a True or FMV lease. Consult your accountant for specific application to your business.
Are Lease Rates Variable?
No. Lease rates and terms are fixed throughout the entire term.
What is the Minimum?
Approximately $ 5,000.
How Many Years in Business Do I Need?
Most programs require a minimum of two years in business. However, exceptions can be made based on the credit strength of the company. Cornerstone Capital Group also has a program for start-up businesses. Free lancers can prove time in business either by verification of a business checking account, or by showing income on a Schedule C of a tax return.
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