FAQ - Getting Started or Already a Customer
How do I apply and how long does it take?
Just complete our simple application and submit through our website, or fax it. You will receive an approval response in 2 business hours or less!
Click here to complete our simple application
Download a pdf version of our application and fax to 800-342-6855.
What is the approval based upon?
Bankers Leasing Company reviews your credit history not your credit score, which allows us to give personalized attention to each and every application!
How is the lease payment calculated?
It is based on several aspects such as; time in business, credit history, industry, equipment type, equipment cost, lease term, and the type of lease. We use the cost of the equipment multiplied by a factor to arrive at a monthly payment, plus any documentation fees and applicable taxes.
What is the interest rate?
We are purchasing equipment for your use, not loaning you money, so there is no interest rate as you usually think of one.
Are there any upfront costs?
Every situation is unique therefore we may require a small security deposit advanced payments or a documentation fee.
Can I put money down on the lease?
Yes. Any money you choose to put towards the equipment cost is paid directly to the supplier reducing the amount being financed.
Are there any additional charges?
We do charge a one time documentation fee. We are also required to charge sales tax unless your organization is sales tax exempt. Both the documentation fee and sales tax are included in your lease payment.
Why do I have to pay property taxes?
In accordance to the regulations of your specific taxing authority, we are required to report leased assets for personal property tax assessment. This is typically reported and billed on an annual basis. Bankers Leasing will invoice you for all property taxes as stipulated in the lease agreement.
Am I required to insure the equipment?
Yes, you are required to maintain insurance against loss, theft, damage, or destruction on the leased equipment. You may choose to accept coverage through our program or simply provide coverage through a carrier of your choice. Bankers Leasing Company requires a copy of Property and Liability Certificates naming Bankers Leasing Company as a Lenders Loss Payable and an Additional Insured.
What are lease terms?
Lease terms may range from 12 to 72 months. Lease terms vary based on the equipment and lease program.
When does my lease begin?
In most cases, your lease begins the day we confirm the equipment has been delivered, we have received all the required documents, and the supplier is paid for the equipment. Typically your first payment will be 30 days after that date.
Will I get a copy of my lease?
Yes. Once we process your lease, you will electronically receive a copy of your signed lease document along with a welcome packet containing other relevant information for you records.
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