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Click on the "Apply" portion of the navigator and fill out the credit application
form, providing information about your company and, in some cases, about the principals
of your business. The more information you are able to provide, the more you improve
your chances of receiving multiple offers from our pool of lenders that regularly
finance leases for equipment used in your industry.
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Each lender will review the credit score obtained for your specific application.
After this review, each lender will propose lease terms to you, ask for more information,
or decline to make a proposal. In many cases, they will extend a firm offer of credit
within a 2-4 day period. In other cases, lenders prepare proposals (not an offer
of credit), based on the information provided and then seek more information such
as financial statements. The lenders send their replies back to the web site, which
translates the numbers into apples-to-apples pricing terms and then sends you an
email to indicate that there is information about your lease on the site.
As each proposal comes back to us, the system generates an e-mail ALERT telling
you that there is a new proposal waiting for you on the web site. To save time,
you will receive an email every time a leasing company sends back information.
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The lenders are all companies that we have selected because they have a track record
of financing leases in your industry. You have the opportunity to see information
about each lender bidding on your business. We have made arrangements to offer a
choice of lenders who deal with companies of all sizes, years in business and business
circumstances, including start-ups and turn-around businesses.
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You are not guaranteed a lease, but we have chosen flexible lenders who are willing
to compete for your business.
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If the lender wants more information, the lender's e-mail will usually indicate
the specific requirements. You may submit that information via our FREE fax service
at (888) 619-0062. In many instances, we ask for these financial statements in advance,
to shorten the time it takes our lenders to extend a firm offer of credit.
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Once several lenders have made proposals, it's easy to compare them on our site.
On our site, you will be able to compare the pricing details of each proposal using
an Annual Percentage Rate (APR) calculated using the same formula used for mortgages
(Regulation Z), This "apples to apples" comparison speeds up the process and allows
you to see information that lenders are not required to give you. Experience, service
and price should also enter into your decision.
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That depends on the lender. The lender may make a firm offer, a conditional offer
or a proposal. The information provided by the lender will state clearly whether
the terms are guaranteed or not.
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The lender will contact you by telephone to finalize the terms of the lease and
complete the paperwork. Although you can apply on line, most lenders will ask for
one or more signatures before the deal is complete!
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We encourage you to rate your lender and provide feedback on their performance,
whether your experience is good or bad. From time to time, you may be selected to
receive an e-mail linking to an ongoing interview we conduct for feedback on our
lenders. We encourage you to use that opportunity to provide feedback about the
lender you have chosen. If you become unhappy after you have signed the lease and
taken possession of the equipment, you may wish to consult your legal counsel. The
provider of this web site does not arbitrate disputes between customers and lenders.
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No, we currently serve customers in Canada and are hoping to expand to other countries
soon.
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You pay no fees. When you choose a lender, the lender pays a modest origination
fee to our eCommerce provider, Captive Capital Corporation This fee is much lower
than the fees lenders pay using traditional methods of obtaining customers. As a
result, all things being equal, your lease terms should benefit from the efficiencies
of the internet and the low costs the lender incurs in originating your lease.
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