Find answers to some of the most common questions we receive from our clients

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About Equipment Leasing TracFitness About Equipment Leasing

What is equipment leasing?

  • A lease is a contractual arrangement in which a leasing company (a Lessor, such as TimePayment) gives a customer (the Lessee) the right to use its equipment for a specified length of time (known as a Lease Term) and specified payment plan (usually monthly).
  • Depending on the lease structure, at the end of the Lease Term the customer will have the option to purchase, return, or continue to lease the equipment.

What is the difference between an equipment lease and a loan?

  • Leasing your equipment with TimePayment may be an affordable alternative to a loan.
  • Many lending institutions have very strict requirements businesses must meet before the bank will extend a loan or line of credit. Bank loans usually require a significant down payment that can range between 10% - 20% of the equipment cost.
  • With a TimePayment lease our standard program only requires one advance payment and the documentation fee prior to the start of the lease. TimePayment is able to offer financing to more businesses that have yet to establish a strong credit history or have a compromised credit history through our innovative, multilevel financing products.

What happens at the end of my lease?

  • Refer to the End of Lease Section of your specific Lease Agreement for details. Typically, a Lessee will have an option to buy the equipment, return the equipment, or continue to lease the equipment on a month-to-month basis.


Initial Application Process


How Quickly will I receive a credit decision?

  • Typically customers seeking to finance less than $10,000 will receive a credit decision instantly after submitting your application, or via email confirmation within 2 minutes.
  • For transactions above $10,000 you will receive a decision within 4 hours.

Can I apply for financing even if I have bad credit?

    • Yes. TimePayment has programs that support all ranges of credit.

    Do you provide financing for startups and new companies?

    • Yes. TimePayment provides equipment financing solutions for startups and established companies.

    I would like to purchase equipment for personal use. Is TimePayment right for me?

    • TimePayment extends lease financing to consumers. Typically the maximum exposure, or lease amount, for this type of transaction is $100K. Contact TimePayment Sales at (800) 872-1532 for details, or click here to apply for a quote.

    Can a non-US citizen personally guarantee a lease / transaction?

    • Yes, we do accept non-US citizen applicants if you can provide government-issued documentation that shows you are authorized to be in the US for the full term of the transaction.

    What should I do if my application for financing was declined?

    • Your application was not approved because you did not meet our minimum credit guidelines based on the information provided to us during the application process. You may simply need to submit additional documentation to TimePayment for your application to be approved, or you may have the option of adding an additional Personal Guarantor or a cosigner.
    • Please submit a signed credit application with the additional cosigner or Personal Guarantor to or fax it to 781.994.4775, referencing your original application number, and we will add the information for you.
    • You can also contact Credit Services at 877-868-3800 x1611 to discuss your specific circumstances with a representative.


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