Equipment Financing FAQ
Equipment Financing FAQ
After 35 years in the equipment financing business, we’ve answer a LOT of questions! Many of which you probably have right now.
So, we’ve developed this FAQ (Frequently Asked Questions) to answer your most important questions. You can also call or email us at any time if you’d like to talk over these answers in more detail OR have one we missed.
Yes! We have lots of great start-up programs. The number one question new business owners ask is whether they can get credit and we want them to know that it’s not only possible, but probable.
No. Lots of programs don’t even require that you have your business registered before we start the contract. Just apply using the business name you are considering, list your home address for the business address, mark the box next to “Sole Proprietorship” and list your SSN in place of the Federal EIN. That’s all we need to get the process started for you.
Just decide on the equipment you would like to process (equipment company you want to buy from, type of equipment and estimated cost) and then apply by clicking the Application tab at the top of the page. We will either reach out for any additional info we need in a couple hours or we will have a decision for you in about 4 business hours. Once you are approved, we will email you approval terms to review and a finance rep will follow up to answer questions and walk you through the next step.
Not many applicants have anything close to “prefect credit” and we do have options for that. Today constantly checking your personal credit reports and obsessing over every little change in your score can make applying for credit concerning but we try to make the process easy whether your credit score is in the excellent range or the “need some work” range.
Yes, we have programs that offer $1, 10%, and term-residual purchase options. This gives you more options so you can choose what works best for your business.
Most programs allow an early buyout and some offer “no penalty” early buyouts. This will depend on the approval terms and what type of contract you do.
Definitely, if you are buying from an approved equipment vendor. We also have options to finance used equipment you are buying from another business but you would need to call to discuss those details before applying.
No. You will have to fulfill the contract but if you are looking to trade-in your equipment and upgrade to new equipment, that is definitely an option. Most programs allow a discounted buyout so you can upgrade throughout the term. If you are interested in more details on that, feel free to give us a call.
No, when you finance equipment through a lease, it’s a lease-to-own contract where you will pay the monthly payment and then at the end of the term, if you want to keep the equipment, you just pay the purchase option and the equipment belongs to you.
That will depend on your time in business, strength of credit, type of equipment, cost, term, etc. Luckily, Adia Capital has access to the very BEST in options and we can get you all those details with your finance application approval.
Usually, your next payment would be due 30 days after we pay the vendor but we often have 90-day deferred options too
In some cases, you can transfer your contract to an approved applicant if you want to sell the equipment or your business.
It can happen in as little as 4 business hours! Sometimes longer if we have requests for income, proof of business, bank verification, etc.
Yes, payments on our contracts are fixed.
Almost all equipment manufacturers and distributors include training, shipping, support and installation at the time of purchase. In that case you can usually wrap it all into your equipment financing.
No. We offer both leases and Equipment Finance Agreements which works like loans. Sometimes the best type of contract for you is based on your approval but sometimes you would have options for both.
Most of commercial contracts don’t affect your personal credit because the debt doesn’t report to you personally on your credit bureau.