Who Qualifies For A Lease?
An established business with a good credit record can lease equipment. Most leasing companies would like you to have been in business for two or more years. Bank, trade and other financing references may be required. Depending on the equipment cost, financial statements may be necessary. Personal Guarantees Personal guarantees are generally required from the owners of closely held corporations or newer businesses. The leasing company relies largely on the commitment of the owners as an indication of the confidence the owners have in the business. New businesses Though most leasing companies prefer to work with established businesses, equipment leases can be done for new businesses, too. For new businesses, the financial strength of the owners will be of paramount importance and their personal guarantees will always be required. Additionally, the leasing company may ask to review business plans, pro forma financial statements, supplier contracts or other pertinent information. They’ll f
