FAQs

Leasing FAQs
  • What is a Lease?
  • What's my rate?
  • Can I buy out early?
  • Can I replace existing equipment?
  • What if I’m still shopping?
  • Can my equipment come from different suppliers?
You find equipment, we buy it for you. You make payments to us for the use of the equipment over the term of a contract (typically 24-60 months). In most cases, you are given the option to purchase the equipment for a nominal value at the end of the term.
The real question should be What’s my risk? Leases are generally priced to risk, meaning the riskier the transaction, the higher the rate. At Econolease, rates generally start around 5%.
You can pay out a lease at any point in the contract. The cost of doing so is generally equivalent to the outstanding balance of payments. Sometimes discounted buyouts can be negotiated. If you know an early buyout may be required, ask us in advance. In some situations we can structure it into the contract. Typically buyouts happen when an operator is looking to sell off or wind down a business. There’s no great value to a buyout as it negates many of the advantages the lease delivered in the first place.
Equipment trade-ups are common place in leasing. A vendor takes back the original equipment and assigns a trade-in value which is deducted from the cost of new equipment. The difference is typically calculated and added into the customer’s monthly payment.
If you’re still shopping and haven’t finalized all your equipment needs, not a problem. Let us know a ballpark amount and we’ll get you a pre-approved credit line. You can draw down off the line as you add equipment. It’s easy.
You can work with as many different dealers as you’d like. We can pay each dealer separately, even though you’ve only signed one contract with us.