We Offer Various Types of Equipment, Truck & Trailer Financing Programs |
They Depend Upon Credit, Asset Type & Residual Amount |
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Equipment Finance Agreements (EFA) are fixed-term loans with equal monthly payments with no residual, where the borrower is the owner of the equipment and the lender has a security interest in the equipment. The borrower deducts as a business expense both the depreciation on the equipment and the interest portion of the monthly payment. |
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TRAC Leases are used for financing Only Titled Equipment - qualified Trucks and Truck Trailers with residuals from 10% to 20%. Lease payments are expensed. The asset is not added to lessee’s balance sheet. |
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First Amendment Leases are used for financing Non-Titled Equipment with residuals from 10% to 20%. Lease payments are expensed for tax purposes. |
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Capital Leases are used for financing Any Equipment with a residual of at least $1.00. Lease considered to be a loan for accounting purposes. Lessee is treated as owner of the asset for tax depreciation purposes. |
