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What is the interest rate on a lease?
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The amounts charged on an equipment lease are calculated using monthly "rental rates", rather than by using a compound interest rate method that is normally associated with bank loans. Rental rates are based on the term of the lease, the lessee's credit history (both business and personal), and the type of equipment being leased. The stronger and more established your business, the lower your payment should be. For an estimate of a monthly payment, try our Lease Calculator.
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What methods of payment are accepted?
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We only accept checks by mail. We cannot currently support payments online, phone or fax payments.
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What is the grace period?
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The additional period of time to make payment on a lease without penalty is 5 days.
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Do I need insurance for my equipment?
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Yes, our leased equipment must always be insured. Beacon Funding can provide you with the insurance on your equipment (title vehicles excluded) if you do not have your own.
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Why am I being billed for insurance?
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Equipment leased by Beacon Funding must always be insured. If you have not supplied proof of liability and property insurance naming Beacon Funding Corporation as an additional insured and loss payee, then you have automatically been added to our company's insurance policy.
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Can I get a copy of my current invoice?
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To obtain a copy of your current invoice, please call our collections office at 800-356-5332. Coming soon in the CRC, you be able to access your account online to print a copy of current invoices.
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How do I set up my lease for automatic withdrawal from my bank account?
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We do not have the ability to support this feature at this time. Please mail in a check payment to our collections office.
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How much do I owe?
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For billing inquiries, please call our collections office at 800-356-5332. In the future, you will be able to access your account online in the CRC!
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How do I know if you have received my payment?
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Please call 800-356-5332 at this time to see if your payment has been applied. A Payment History section is coming soon in the CRC so you will be able to access this information online.
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Where do I mail my payment?
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Please mail all payments to:
Beacon Funding Corporation
Accounts Payable
28 Lord Road, Suite 230
Marlborough, MA 01752
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What is my payoff?
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Please contact our Accounts Payable department at 800-356-5332 for this information.
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What is personal property tax?
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As Beacon Funding is the legal owner of the equipment until the contract is paid in full, occasionally taxing authorities will send us personal property tax bills. When this happens, we will pay it but bill you for the amount we were invoiced for.
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How do I change my mailing address or other account information?
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To change your address or any other contact information, please email questions@beaconfunding.com with the changes. Or you can fax the changes to 508-229-7899. The My Account section is coming soon in the CRC where you will be able to update your information online.
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How can I get a credit reference?
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To get a credit reference, fax a request with your written authorization to 508-229-7899.
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Can I get a pay history?
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To obtain a pay history please call our collections office at 800-356-5332.
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I've paid off my lease but there is still a UCC filed on me and my equipment. Can this be terminated?
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Please call 800-356-5332 and ask for Accounts Receivable.
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Who do I contact with equipment problems?
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Please contact your equipment supplier for resolution of your equipment problem.
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Who can I contact to lease more equipment?
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Please contact the sales consultant you originally worked with or call 800-356-5332 for direction.
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How do I arrange to have another party assume my lease transaction?
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Please contact Accounts Receivable at 800-356-5332.
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