"ELITE" PROGRAM
Companies who are well established with strong credit and preferred assets may qualify for our Elite program. Our Elite program has no down payment. In some cases, more information may be required for lowest possible payment.
"UNIVERSAL" PROGRAM
The program name says it all. This is our most popular program. Businesses discover this is a great program because payments will be customized specifically for each customer's budget. This program encompasses a wide range of credits, including startup businesses. Empire can design programs that fit every business owner's needs whether it's a tax deductible lease or finance agreement where the depreciation it taken.
"ALTERNATIVE" PROGRAM
Empire believes all businesses deserve a second chance. If other finance companies have turned you away because of a prior bankruptcy, tax lien, judgement or other past credit issues, this program is for you. To overcome past credit problems, Empire's consultant will explore all options to secure financing. Our goal is to keep the down payment to a minimum and keep money in your pocket to help re-establish your credit. If you have a story to tell, we are here to listen.
*Not all customers will be approved.
STRAIGHT FINANCING
A loan in which the principal as well as the interest is payable in monthly or other periodic Installments over the term of the loan.
LEASING PROGRAMS
$1.00 Buy Out
Choose this option if your customer wants to pay for the full amount of the equipment over the term of the lease. At the end of the lease, your customer will pay $1.00 and own the equipment. Interest expense and depreciation may be deducted for tax purposes.
10% or 20% Put
A Purchase Upon Termination (PUT) is a popular option that allows you to have a lower monthly payment by moving 10% or 20% of the original value to the end of the lease term. At the end of your lease you can purchase the equipment for the residual amount.
TERMINAL RENTAL ADJUSTMENT CLAUSE OR TRAC LEASE
This lease allows for a residual, that ordinarily might be considered nominal to be declared at the lease inception. This provision in the tax law provides for the Lessor and Lessee to agree on a residual amount that is disclosed in the lease documents. This allows the Lessor to use the depreciation and pass a lower cost to the Lessee, who can deduct their lease payments from their taxes. The TRAC Lease works similar to a loan with a balloon payment, with the added flexibility of a lease. The cost is generally much lower than fixed rate financing, because of the Lessor value to the depreciation. In addition to a lower overall cost, the Lessee can expense their payment from their income. With this type of lease the payment may be 100% tax deductible and may be treated off-balance sheet for accounting purposes.
*Consult your tax accountant for your specific tax situation. |
