FAQ – Equipment Leasing and Financing Frequently Asked Questions.

What is your minimum and maximum equipment lease transaction size?

Our equipment lease transactions range from $100,000 to over $6 million.

What is progress funding, and how can it help me?

Progress funding is a great option and added service to an equipment lease transaction. Once your equipment lease approval is obtained, you will have the option of funding deposits or invoices as the equipment is being ordered, delivered and/or installed. Instead of paying for equipment that is not in place you will only be paying for the portion of the equipment that is in place. Once all of the equipment is accepted as delivered, installed and working, the equipment lease term will commence for the full payment as agreed.

What is the typical time period customers have to wait to receive funding?

Once we have a signed letter of intent outlining the terms of the transaction, we guarantee 30 business-day approvals.

What is an LOI?

A letter of intent (LOI) will define the terms of the lease transaction with items such as; monthly payment, equipment cost, lease rate factor and length of the transaction.

When will the vendor be paid?

Once all documents are signed and received, we will release the funds within 24 hours.

What type of credit score do I need to be financed with your company?

A credit score of 650 and above is important in order to gain financing.

Do you pull a credit report when I apply for equipment financing?

Yes. It is important to know we will only pull a credit report with your permission.

What do you do about credit checks?

At Tetra, we view every transaction differently. It is important we obtain a credit check on the owners of the potential lessee. We will also utilize Dun and Bradstreet for a credit check on your company as well as other credit checks to determine credit worthiness.

How old does my business need to be to qualify for equipment leasing services?

Businesses that have been established for at least 3–5 years are preferred; however, through our creative financing options, we are able to provide equipment leasing for companies such as start-ups.

Can you pay down payments on my invoices?

Yes, we can pay a down-payment portion of an invoice on a partial acceptance. This is when progress funding will come into place.

What do you need to set up an equipment lease?

How an equipment lease works:

  • Submit a request
  • Business review: We will go over your financial package and structure your deal
  • You receive a letter of intent outlining the terms of the equipment lease
  • Final approval process
  • Review, prepare and sign documentation
  • Release funds
What are security enhancements?

Security enhancements are, in part, steps taken by Tetra to limit risk and strengthen the transaction. These steps may include one or more of the following enhancements; a security deposit, for which customers provide a deposit that is held in a CD to secure the lease, a letter of credit from an approved bank, free and clear additional collateral owned by the company, and/or free and clear real estate.

What are my options when my equipment lease term is up?

At the end of your equipment lease, you have the option of purchasing the equipment, returning it, and/or extending your lease period.

Quick Application

    Same Day Response