| How do your rates
compare to your competitors? Although
we would love to have the lowest prices in every instance, we know it is
impossible to achieve. We carefully set our lease rates at a
competitive range depending on the size of the transaction, equipment
type, credit quality and other factors. Our lease rates are often on
the lower end of the spectrum due to the outstanding performance of our
portfolio (minimum losses) and the fact that we are a direct funder (not a
middleman).
How long does the process take? With
most transactions from $10,000 to $75,000, we are able to approve you with
only a simple, one page application completed and signed. We quickly
run our reports, verify references and forward you our credit decision,
usually within a few business hours. After the documents are signed
and the equipment is delivered we are ready to fund your vendor. In
most cases, the whole process only takes a few days.
Do you require fees in advance to consider my
application? We recommend you be very cautious of brokers or
lenders that require application fees or deposits. There have been
several cases recently of fees not returned or unethical use of these
fees. We do not require an application fee or deposit on our small
ticket transactions (under $250,000). We assume that you are as
serious about doing business as we are and will provide you with all the
information you need up front to move forward.
Are there any hidden fees or charges I should
know about before signing? We believe in doing business in a
forthcoming manner with no surprises that displease our customers.
All fees and charges (usually only a small document fee) are
disclosed in an easy to read invoice included in your document
package. Late payments received beyond the 10 day grace period are
subject to our standard late charge. At the end of your lease, we
may charge a disposition fee of $275.00 to offset the cost of termination,
U.C.C. releases, title releases and other administration-related functions. Also, lease-end options (or purchase options) are disclosed in
writing in your document package, so there is no surprise at the end of
your lease.
What if I want to terminate my contract
early? In some cases, you may wish to terminate your lease
early--possibly to upgrade to newer equipment. We allow a
substantial discount on the contract (similar to a bank loan) if you wish
to terminate early. We do not recommend, however, that you finance
equipment with a long- term lease and plan to pay it off within the first
year. Our experienced representatives will assist you in finding the
right term to meet your business objectives.
Is EFG a broker or lender? We
are a direct funding source, which means we underwrite, document, fund and
service our portfolio.
Do you finance all types of equipment in every
state? We are a general equipment finance company. however
we prefer certain types of equipment. We usually avoid ATM machines,
tanning beds, vending equipment, some restaurant equipment, and over the
road tractor/trailers. We will do business in most states except
Alaska, Hawaii, Louisiana and Arkansas. Please contact us on your
equipment needs to learn more.
Do you finance bad credit or start-up
companies? We generally only finance companies with good
credit and that are established in business for three (3)
years.
My business is a small proprietorship.
Can I get financing at EFG? Over the years, we have worked
with single employee operations to large, publicly held
corporations, We are pleased to meet the needs of the small business
community.
I have always financed my equipment purchases
with my bank. Why should I use EFG? Our customer's
reasons for developing a relationship with us vary, however the most
common we find are: convenience and fast service, competitive pricing,
more structures to better fit cash flows, diversification of lending
relationships and tax savings. See Benefits
of Leasing for more information.
Didn't find your questions here? Email
us and we will respond to you right away.
HOME
|