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General Credit Policy Guidelines

  • $5,000 minimum equipment cost
  • Two years (2) minimum time in business to $35,000
    Three (3) years $35,000 - $50,000
    Four (4) years $50,000 - $75,000
  • 650 or higher credit score – Fair Isaac score (FICO) on majority owner(s), FICO score(s) < than 650 may be considered with mitigating factors present
  • Satisfactory D&B data (minimum Paydex of 60 with satisfactory trades,valid business license may be required if legal business name can not be verified. (i.e.; sole-proprietor, partnerships, etc)
  • Secretary of State Verification (if entity is incorporated)
  • Acceptable D&B Report and/or PayNet will be pulled when there is insufficient information available
  • Satisfactory bank/trade reference
    • $5,000 – $35,000 low 4 figure average balance
    • $35,001 - $50,000 medium 4 figure average balance
    • $50,001 - $75,000 low 5 figure average balance
  • Minimum term 24 months/Maximum term 72 months
  • Comparable debt/credit reference(s) (if available)
  • All ‘App Only’ above requirements plus:
    • Bank Reference required (or 2 months full bank statements) with a minimum low 5 figure average balance
    • Two (2) Years complete Financial Statements and/or business tax returns (audited/reviewed)
    • Current interim financial statement if year end is more than 6 months old
    • D&B Paydex of 65 minimum
  • All ‘App Only’ above requirements plus:
    • Personal Financial Statement on Owners/Officers

Approved Equipment Types

Restricted Equipment Types

Geographic Areas:

National Coverage (excluding AK & HI)

Credit Approval Limits:

90 Days, with an automatic 30 day extension (with updated credit)

Advance Payments:

A copy of a business check is required prior to lease commencement (business starter checks, money orders or equivalent are not acceptable).

Documentation Fees:

All transactions are to include a doc fee up to $175

Equipment Vendor Invoice:

A detailed, full equipment description invoice is required

Limitations:

Transactions will only be written for used equipment that still has a functional life that is greater than the term requested and only if it is clear that the reasonably expected economic life of the equipment is in excess of the lease term. A condition report along with photo(s) is required for all used equipment. If the cost of equipment is greater than $50,000, a pre-closing on-site condition inspection will be required.

Site/Equipment Inspection Policy:

Will be required for transactions exceeding $50,000 and will be administered during normal business hours, with consent of the lessee. The inspections will take place in either initial or total exposure reaches $50,000 or greater OR any existing lease payment becomes a minimum of sixty days past due

Insurance:

Proof of insurance is required for most transactions prior to lease commencement