|What can be leased?
||Nearly any business equipment costing at least $ 5,000.
|Who qualifies for a lease?
||It all comes down to risk / reward for the lender. Underwriters evaluate all applications looking for indications of financial strength and reliability. They use your personal and business credit rating, average bank balances, your profit experience and your past performance on similar borrowing among other considerations. If the risk is too great, financing will be a challenge. If the risk is moderate it comes down to pricing.
|Aren’t lease rates expensive?
||Our lease rates are very competitive and our funding sources generally have a wider range of acceptable credit profiles, a geographically longer reach and comfort with a wider variety of collateral than most banks. Lease-funding sources will look at applicants that may not fit the bank’s ideal profile. Rather than simply saying "no" these sources would rather adjust the price to compensate for indications of higher risk.
|Don’t most businesses just use their banks to finance equipment?
||Many businesses use their bank lines of credit to pay for equipment because it is convenient. Unfortunately, this can quickly become a poor business decision when cash is needed for operating purposes. Lines of credit are intended to fund the short-term needs of businesses. Lease financing is a more appropriate and widely used method of financing long-term assets.
|How do I know that your funding sources are good people to deal with and are customer-friendly?
||Our company and all of our funding sources have committed in writing to a high ethical standard. When Dynamic begins a relationship with a funding source, we look specifically for lenders that are accessible, open, customer-oriented, easy to deal with, established and reputable. Our lenders expect Dynamic to continually act as the point of contact for your company. We encourage our customers to keep in touch with us and to call us whenever they have any needs or problems.
|My time is precious; will applying for a lease be difficult or time-consuming?
||The first lease takes the longest since a lot of basic information has to be gathered just like the first time you apply for a bank loan. The second lease is pretty fast and pretty easy. Dynamic is there to help throughout the process. We know what information and records are needed and will even help to assemble them when requested.
|How fast can I get a lease?
||Once you have completed an application and submitted the necessary information a decision is made within a day or two. We also have an "Application only" product you may qualify for.