Beacon Funding specializes in a different niche industries.
We offer leasing and financing to businesses that need tow trucks, boom trucks, septic pumper trucks, embroidery equipment, screen printing, and landscaping equipment.
One of the many benefits of leasing or financing includes the ability to "bundle" a number of equipment items into a lease or financing agreement including software, service, and installation costs. This way, you can make one simple monthly payment for an entire system or equipment line.
If interested in bundling multiple equipment types together, speak to a Financing Consultant today.
Beacon's typical lease and finance amounts range from $7,500 to $500,000.
For equipment costing under $5,000, many of our clients find it non-beneficial and cost effective to lease or finance via alternative measures (i.e., cash flow, credit cards, etc.).
A great way to learn how much you can afford is to get pre-approved.
Yes! There is no age restriction on the equipment we finance. As long as the used equipment is in good shape, there’s a good chance we can finance it!
Beacon Funding can finance any used equipment you find even from a third-party.
In the unlikely event that you need to upgrade your equipment during the lease or financing term, we will work with you to meet your goal. We can amend your original lease or agreement, assist you with a trade-in of your original equipment, or a new lease/agreement can be structured.
If you have questions, be sure to talk to a Financing Consultant.
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During the approval process, we evaluate your business credit history (including bank and trade references), personal credit history of the owner(s), and collateral value of the equipment. If your credit history has some negative items, we can often approve a lease with a shorter term and/or a down payment.
Visit this page to learn how to qualify.
No, unlike many lending institutions, Beacon Funding does not charge any application fees.
Applying has no cost or commitment. Click here to apply now.
An important part of our credit decision is based upon the personal credit bureau report of the owner(s).
These reports are typically very accurate and reliable and allow us to provide you with a quick credit decision. Historically, we have found that the payment patterns of privately-held businesses mirror that of the owner(s).
Beacon Funding looks at five different criteria to help you get approved. Keep in mind: Your application doesn’t need to be perfect. However, the more strengths you have in each area, the more likely your credit package will qualify for approval.
Once you are approved, we prepare the proper documents and send them via DocuSign.
After you sign and return your lease documents, Beacon Funding issues a purchase order for the exact equipment that you have selected. Upon your verification of delivery and acceptance of your equipment, we pay the vendor and your lease begins. Your first payment is due about 30 days later.
Most leases or financing agreements are written for 24, 36, 48, or 60 months, depending upon the type of equipment.
Leases or financing agreements for items that depreciate rapidly (such as computers) are usually shorter terms. Expensive, durable machinery can be leased with terms up to 84 months.
No, having an equipment lease or financing agreement does not include a compound interest rate that is normally associated with bank loans.
Once you activate your lease or agreement, you have a fixed monthly payment (based on terms, corporate pay history, personal and business credit, time in business, etc.) and will not change during your lease/agreement term.
For your estimated monthly payment, try our Monthly Payment Calculator.
While there is typically no financial benefit to paying off the lease early, it is an option.
However, the sum of your payments will be still be the same if you pay off your lease or financing agreement in 6 months or 36 months. We do provide the opportunity to upgrade, trade-in, or "buyout" your lease or financing agreement before the end of its term.
Our typical payment schedule includes the first and last payments made at the time you sign your lease or financing documents, with your next monthly payment due about 30 days after your acceptance of the equipment.
If you’re enrolled in ACH your payments will auto debited from your account on a monthly basis.
If you have any past due payments, you can make a payment through the Customer Portal at any time.
Your business doesn’t have to buy equipment straight away with cash to receive potential tax savings. Instead, you can conserve your cash and receive tax benefits.
Learn more about potential tax benefits your business may qualify for when you lease or finance equipment.
Under Section 179, you are allowed to deduct all or part of qualifying equipment in the same year you acquired it. Learn more about Section 179 and how you can use it here.
Beacon Funding passes through all manufacturer warranty coverage to the customer.
Warranty claims are processed in the same way they would be if the customer was the owner of the equipment.
Because we offer a "net" lease, the end user/lessee is responsible for all taxes.
Beacon Funding is required by law to collect all applicable sales, use, and property taxes and remit them to each jurisdiction. Tax types and rates vary by state and locality.
The customer is responsible for insuring vehicles against risk of loss including property and casualty coverage, and liability. Customers typically just add the vehicles to their existing policy.
We do offer insurance for non-vehicles.
It depends on a number of factors such as year, model, and condition of your equipment.
- For details on how much it cost to finance a tow truck, visit this article.
- For details on how much it cost to finance a boom truck, visit this article.
- For details on how much it cost to finance a septic pumper truck, visit this article.
- For details on how much it cost to finance a screen printer, visit this article.
- For details on how much it cost to finance an embroidery machine, visit this article.
We offer purchase options to meet your needs: $1.00 purchase option (which is treated as a purchase), fixed percentage option (our most popular is 10%), or fair market value option (often treated as deductible expense payments). The best option for you can be determined after a brief conversation. To learn details, talk to a Financing Consultant by scheduling a meeting.
Learn more about lease-to-own purchase options here.
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