Frequently Asked Questions
Why should I lease?
Leasing lowers your upfront capital needed to acquire new equipment. It's "off balance sheet" meaning it won't affect your borrowing capacity with your bankers. Leasing defers sales taxes (which are paid monthly rather than up front in a purchase or financing), and ultimately is the least expensive method of equipment acquisition over the long term.
What if I already own my equipment?
If you have full ownership of equipment on your floor, lease it back to us and get the capital out of it to build your business – the alternative is watching it depreciate in value!
Who owns the leased equipment?
As the lessor, Faithshire Leasing Corporation owns the equipment. You may choose to purchase the equipment at the end of the term, or by exercising the Purchase Option.
Who services and maintains the equipment?
You, the lessee are responsible for all equipment maintenance and repairs. For new equipment, all manufacturers' warranties will still apply.
Does the equipment have to be insured?
Yes, the lessee must provide insurance on all leased equipment for the entire length of the lease agreement.
Can I write off my lease payments?
Yes! Most of our clients fully expense their lease payments. We recommend speaking to your accountant about the details.