What is a Lease?
Do I have to give my oven back after leasing it?
No, you do not have to give your equipment back at the end of your lease term. Our leasing program is lease-to-own. Our lease-to-own program means you will have a fixed monthly payment which is 100% tax deductible. Lease terms vary depending on customer needs and can be as long as 66 months for established businesses.
At the end of your lease term, you must exercise your purchase option, which is a one-time payment that can be structured as either 10% of your original equipment cost or a flat payment of $10.00. Once this purchase option is executed, title and ownership of the equipment will be transferred to you, which means that you then own the equipment free and clear.
There are no hidden fees or costs associated with your lease; your entire cost, including your fixed monthly payment, your initial payment, and your purchase option is presented to you upfront before signing. This allows you to budget for your business costs upfront and ensures you will have sufficient cash flow on hand for all of your variable business needs. Financing your equipment through Econolease will not affect the manufacturer warranty on any of the equipment you choose to lease.
Initial payments on leases are generally your first and last month’s payment in advance but can be as low as one monthly payment upfront.
All lease-to-own agreements are open contracts which can be bought out at any time without penalty.
Financing your equipment through Econolease is a quick and easy process that can be completed start-to-finish in as little as one business day.