Frequently Asked Questions
Some questions people ask us
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 37 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.
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 to borrowing from my bank?
Equipment financing with IFS 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.
As a vendor, why should I offer financing alternatives?
The simple fact is that you may never know why you could be losing a sale. Your potential customer may want your equipment, but may have been recently turned down by their lender. Unfortunately, most business owners are too proud to tell you this. By offering our financing programs, you increase your potential to close more sales. Creative equipment financing at IFS is just another tool in your tool bag, and at no cost to you!
How can I use financing as a sales tool?
Most equipment sales people have heard their prospects say at least once, “I can’t afford your equipment right now.” Use financing at IFS to help close the sale! Show your prospect why they can afford your equipment with our Capital Equipment Cost Justification Guide. This guide will help your customer better understand cash flows with the new equipment. Many times this guide allows your prospect to see that they can positively impact their bottom line without any new sales, or increased margins. Often at this point, business owners realize that they can’t afford not to buy your equipment!
What is the process for approving my customer?
You and your customer are in great hands when working with the IFS team. Your IFS Account Executive will work simultaneously with you and your customer. IFS will help tailor a finance program that will meet and exceed all of your customer’s goals. Your Account Executive will design and forward the best proposal possible to your customer. At that time, your customer needs to simply sign the proposal, include any necessary credit items, and send it back to IFS. This information will then be submitted to our credit department for approval.. Typically, IFS provides your customer a credit approval within 72 hours of receipt of the credit package. Upon credit approval your customer will receive a set of master lease documents to review and sign. When the documents have been received by IFS, we then prepare to fund the transaction. IFS has the ability to help your customer along the way with any insurance issues, UCC searches, or progress payments to the vendor.