What is the difference between a lease and loan?

At A1A Highway & Construction Equipment Financing we offer both lease and loan financing options. Most equipment today is done as a lease. This is because you can get into a lease for the least money down - many times just first and last payment. With a lease you have the option to buy the equipment at the end of the lease. This buyout sometimes is 10% or sometimes just $1.00 depending on how the lease is structured. A loan usually requires a larger down payment.

   Is my credit good enough to get my equipment financed - and what are your rates?

We approve all types of credit for trucks and heavy equipment. The answer to this question depends on 4 things, which are:

1. Personal Credit Score
2. Length of Time in Business
3. The Cost & Age of what you are buying as well as the equipment itself.
4. For some more challenging credits collateral may be involved.

These factors go into determining the approval of the equipment you are purchasing. These same 4 factors will also determine the rate.

  What is the maximum age of equipment that you can finance?

Equipment that is older than 10 years old presents the greatest issues. We do finance older equipment but anything older than 10 years is done on a case by case basis.

  I own equipment but need cash - Can I get cash up front & make lease payments?

This is known as a sale-lease back and yes it can be done. The amount of cash you can get upfront depends on the equipment you own, credit score and time in business.

  Can I pay the lease/loan off early?

There are normally options to pay off your lease or loan early. However, there are usually not significant advantages or penalties to doing so.

  What type of information will I need to provide to get an approval?

Usually, amounts below $150,000 for good credits will qualify for what's known as our "App Only" program. This requires a one page application but no financial statements or tax returns.  To get started though all we need is an application and typically a spec. sheet on the equipment your interest in.

 How long does the financing process take?

Normally, once we have your application we can have an answer for you within 24 hours. Once you are approved and accept the terms and conditions you can expect the process to take about a week for final docs.

 What happens after I am approved?

Once you have accepted the terms and conditions you will be emailed or overnighted lease/loan documents. These will be signed and returned by you and you will also be required to obtain insurance on the equipment. Once the documents are executed and returned, we will fund the vendor or individual you are buying the equipment from and they will release it to you.