What is
required of my new business? Keystone
has stringent requirements for start-up businesses (under two years of current
ownership). We will review the personal credit history of all principals,
each of whom must personally guaranty that the lease obligations will be
met. We also require that a business bank account and a business telephone
listing be established prior to the lease beginning. Lease payments will
be made by ACH (automatic withdrawal).
How much
equipment will you finance?
With a simple application - $20,000. We will also consider going to
$30,000 if you provide certain additional material; i.e., tax returns and
financial statements.
What kind of
rates apply to this program.
Frankly, this program is considerably higher than our very competitive standard
leases. For example, a $20,000 computer on a five year lease would be
about $660.00 a month. The lease would start with a deposit
and a $150.00 application fee. The deposit is not an extra
payment. It will be applied to your last payments. At the end of the
lease there is a one dollar purchase option.
Why are these
programs so onerous?
Unfortunately, industry
experience with new companies has been very unfavorable. We encourage you
to try your local banker for financing prior to considering this program.
OK. I'm
ready to go. What do I do next?
Call for a
quote. If you like it, we will send a written agreement, spelling out the
terms. Send this back with the advance payment, including your $150.00
application fee. If we approve the application, your advance payment will
be applied to your lease. If we cannot approve your credit application, we
will return all but the application fee. (This is the only program in
which we keep an application fee -- it is a small part of our actual expenses in
working on start-up applications.) IF WE APPROVE YOUR APPLICATION, AND YOU
DECIDE TO NOT ENTER INTO THE LEASE, WE WILL KEEP YOUR FULL DEPOSIT. The
bottom line is this: If you, the owner of a new business, do not have a
good credit history, do not send an application. If you do not intend to
go forward, don't even think about sending in an application. This policy
is in place to protect our hard working staff from being exercised by those
who are not serious
.
KEYSTONE EQUIPMENT LEASING, INC.
All you need to know about leasing
SINCE 1983