What are rates and terms?

The rates and terms are dependent upon equipment, credit risk, length of time that you have been trading. However, rest assured we will always find you the best deal.

How long does it take?

Once we have the information that is needed, which can invariably be dealt with over the telephone, no more than 24 hours.

We equipment can be financed?

A list is available.

What information do you need, to gain credit approval?

Normally filling in a simple form, that we will do for you. This is dependant on the amount of money you need to borrow, we may need some form of financial information for the larger facility.

What would typically happen at the end of a leasing agreement?

Either the rentals will cease and the equipment must be returned to the owner or the agreement may provide for an optional secondary period. Typically, any secondary period will be entered into automatically, unless the customer gives notice that this is not required. However, the customer will be advised in good time to avoid entering into any unwanted continuation. If entering a secondary period, the rental may continue unaltered as in the primary period, or may be reduced to a nominal annual sum (often referred to as a Peppercorn rental).

What should I consider a suitable term for contract?

This depends on the expected useful life of the equipment which it covers. Many customers will be driven to lease the equipment over longer periods for budgetary reasons. If you find it difficult to estimate how long the equipment will last, consider how long it lasted before; if this type of equipment is new to you, be uided by your supplier or indeed your leasing company.

What happens if I change my mind after signing an agreement?

It depends. Technically when you sign a leasing agreement, it is a commitment on the customers part to enter into a contract which becomes binding when accepted by the owner (the Lessor). The only time you have to change your mind is prior to that agreement being signed by the owner.

The watchword is if you have changed your mind, communicate immediately by phone or fax. The the owner, not just the supplier.

What is the FLA?

The FLA (Finance and Leasing Association) is the organisation which has resulted from the coming together of two representative bodies (the Finance Houses Association and the Equipment Leasing Association). It represents the interests of its member companies who account for 80 per cent of all the finance and leasing companies in the country.

Much work has been carried out by the FLA to ensure self regulation of the industry and members are required to strictly adhere to published guidelines.

What should I look for before signing an agreement?

Check to see if the Lessor company is a member of the FLA and make sure that you see the FLA Checklist for customers (published with Platinum Finances leasing agreements).

The crystal mark of the Plain English Campaign is a further aid to more clearly understanding the agreements, but it is not, in itself, a guarantee that the contract is fair.