FAQ’s

What equipment vendors can I do business with?

A benefit of financing with IFS is that you can purchase equipment from just about any vendor that serves your industry. IFS has funded hundreds of different vendors over our 27 year history. Select your equipment and the options, negotiate your best price and let us do the rest.

How long does it take to be approved?

Your application will usually be approved within 72 hours of receipt of full credit package. An example of a credit package includes, but not limited to: Three years of financial statements, application, and a signed proposal. IFS has the ability to move as quickly as our clients need us to move.

What happens after I am approved?

Once you are approved, we prepare lease documents for you to review and sign. In many cases the lease documents are sent out the same day of the approval. After you sign and return your lease documents, IFS issues a purchase order to the vendor for the equipment that you have selected. IFS has the ability to make progress payments to the vendor on your behalf, which allows you to conserve your cash.

What are the tax advantages of leasing?

In some instances you can write off the monthly lease payment as an operating expense, depending on the structure or you can take the equipment as a depreciation expense. Because everyone handles their taxes differently, please consult your accountant regarding the specific benefits for your business.

What factors are used to determine credit worthiness?

The length of time in business, references from your bank and trades, Dunn & Bradstreet report, credit bureau ratings, and your financial statements.

What are the up front costs for financing or leasing at IFS?

Usually, IFS requires the last one or two monthly lease payments up front. Unlike a down payment, these payment(s) are nominal and are applied against your last one or two payments. Typically, the advanced rental requirements represent less than five percent up front for the entire project, including the addition of soft costs A nominal documentation and filing fee is required for processing the lease documents and UCC filings.

Can I add equipment to the lease?

Yes! Each new client is set up on our master lease program. We can add more equipment at any time with the addition of another lease schedule to your master lease agreement. This allows our clients to add more equipment quickly and easily, with minimal amounts of paper work.

Why lease or finance with IFS compared of borrowing from my bank?

Equipment financing with another lender leaves your lines of credit open for other business expenses and needs. Avoid tying up your lines of credit with equipment loans, and keep them open for working capital, and other unforeseen expenses. Diversifying your lending sources makes certain that you remain in control of your own company, and maximizes your borrowing ability.

What about sales tax, installation, freight, and training?

In most instances, IFS has the ability to fund your entire project. We can add many of the soft costs associated with equipment acquisition into the lease. While most banks will only fund 80% of the hard asset, financing with IFS allows you to roll most of the project costs into your monthly payment.