The team at K.L. Security Enterprises, LLC has complied a list of our most Frequently Asked Equipment and Financing Questions and Answers to better serve your needs.
Q: What types of safes, file cabinets and IT Solutions / equipment can be leased from K.L. Security Enterprises, LLC?
Q: What kind of credit score do I need to qualify for financing or leasing of security equipment?
Q: What other factors help determine whether or not I can get approved?
Q: If I decide to lease - what happens when the lease is up?
Q: Why would I want to lease my equipment if I can afford to buy it outright?
Q: When will I be able to recieve my equipment through a lease?
Q: Can I transfer my lease to a new owner if I decide to sell my company or have the need to upgrade to newer security equipment?
Q: Can I add additional security or fireproof equipment to my lease if the need arises?
Q: What information will I be required to to provide on the application?
Q: What do I do and who do I contact regarding warranties on my equipment?
Q: Am I required to insure the equipment that I finance or lease?
Q: What types of safes, file cabinets and IT Solutions / equipment can be leased from K.L. Security Enterprises, LLC?
A:
Each and every product line available through K.L. Security Enterprises,LLC can be financed or leased including: ioSafe Disaster Ready Digital Solutions , FireKing Safes and File Cabinets , Schwab Safes and Fire Files , Fire Fyter Home Security Safes , Data Storage Equipment , and more.
Q: What kind of credit score do I need to qualify for financing or leasing of security equipment?
A: If you can get approved for a low interest Credit Card then you have a great chance of obtaining finance options. A credit score of 600 or higher is a common requirement and a good guide to begin with.
Q: What other factors help determine whether or not I can get approved?
A: Time in business, credit history, type of equipment, as well as bank statements and payment history are all factors that are taken into consideration during the approval process.
Q: If I decide to lease - what happens when the lease is up?
A: With lease terms ranging from 12-60 months on average, it is very important to consider the type of equipment being financed before deciding what to do at the end of the lease. For the most part, you will have four choices on what to do at the end of the lease; return the equipment to the lessor without future obligation, purchase the equipment for a nominal fee ($1.00 buyout is typical), purchase the equipment at Fair Market Value (often offering tax benefits), or renew the lease. Consider what the useful life expectancy of the equipment is before deciding what option is best for you and your company.
Q: Why would I want to lease my equipment if I can afford to buy it outright?
A: One of the main benefits of leasing equipment is the fact that you spread out your investment and allow it to make money for you as you pay for it. When the lease is up, you can either choose to exercise your buyout option or choose to finance new technology. Additionally, when you finance your equipment it may become a Tax write off, which leaves that cash flow for anything else, be it emergencies, payroll, or other immediate needs.
Q: When will I be able to recieve my equipment through a lease?
A:
As soon as terms between the lender and lessee are agreed upon and returned. The lender will require a verbal assurance from the lessee that they are in possession of the equipment before the will release funds to the vendor. Special circumstances can come in to play between the vendor and the lendor if the vendor requires payment before releasing the product to the lessee.
Q: Can I transfer my lease to a new owner if I decide to sell my company or have the need to upgrade to newer security equipment?
A: Yes. The Lessee has the right to transfer the lease to a new owner; however the new potential lessee will be subject to the same credit checks as the original lessee.
Q: Can I add additional security or fireproof equipment to my lease if the need arises?
A: The need to finance equipment is never ending. Once you have leased equipment for the first time, you will understand the benefits and will most likely choose to continue to finance your future needs. Many customers attain a wide variety of their equipment through financing and with a strong and proven payment history, the approval process for future financing will become increasingly easier.
Q: What information will I be required to to provide on the application?
A: Company information such as time in business, ownership information, equipment description, location where the equipment will be utilized, banking relationships, trade or credit references, and a signature.
Q: What do I do and who do I contact regarding warranties on my equipment?
A:
All warranties will remain in your name and all operational issues should be directed to the manufacturer of the equipment.
Q: Am I required to insure the equipment that I finance or lease?
A: Yes. Any and all equipment ( IT Security, data storage, fireproof safes , filing cabinets , etc. ) being financed in a lease must carry insurance for the full value of the equipment. Proof of insurance must be provided before the lender will release funds to the vendor. More than likely, you already have an insurance policy; it's just a matter of adding the new equipment to that same policy.
Call us Toll Free 866-867-0306 to discuss how our finance and lease solutions staff can better assist you or download the Online Application and fax it back to us today!!
- Within the Day Approval™ - Most approvals take approx. 24 hours
- A Dedicated Finance Representative will be assigned to your account
- No Minimum Dollar Amounts for financing
