Frequently Asked Questions

Frequently Asked Questions


Sure — but it’s not a big one. With leasing, you still make a monthly payment. And because we’re not a bank, we can make your financing terms more flexible. Ownership is the biggest difference: With a lease, your monthly payment is for use of the equipment.

Expect to make two advance payments – the good news is that’s often less than the cost of a down payment for other financing methods. Plus, you can include delivery and installation fees in the lease. We also collect a documentation fee, disclosed to you prior to issuing your documents. It covers the other costs of your lease, such as lien searches, site inspections, UCC filings, and any other fees associated with your transaction.

Your lease structure determines that. With some leases, you can purchase the equipment; with others, you return it to the lessor. Before you enter a lease, make sure you understand the terms of your lease and how they affect your lease-end options — of course, Legacy Finance can help you understand what you options are at the end of your lease.

Your lease structure also determines your potential tax benefits. Legacy will help you find a structure that fits your financial needs. We also suggest you consult your accountant or tax advisor to make sure that your taxes are filed correctly.

Your lease term could be from 24 to 84 months, depending on the equipment you choose. Legacy can also include skip payments or seasonal adjustments to help your business meet its financial needs.

Legacy Finance Group will provide you with the flexibility and personal attention you deserve. We do the research on the product, then explain it to you with our signature service.

Would you pay a new employee a five-year advance to work for you? Of course not. Then why spend your operating capital on costly equipment expenditures? A Legacy loan or lease allows you to keep your capital working for you and your business. Generate profits while you pay for the equipment.

The only time that ownership of an asset earns profit is when it appreciates in value — like real estate. If not, a better choice is to use the equipment only while you need it, and that’s the benefit of a lease.

It may appear that banks charge lower interest rates than finance companies most of the time. You may have a “low” bank rate, but you are required to leave part of your own money in the bank. Covenants also require you to maintain certain financial ratios. Your bank may also enforce collection rights to all of your business and personal assets. In short, there may be more restrictions and fewer protections than appear at first glance.

Yes! We’ll finance soft costs such as delivery, installation, set up, training, sales tax, and even software.

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