You can find all the important information regarding DFCU leasing here, such as the requirements, who qualifies, and the modes of repayment.
DFCU Leasing is a contract whereby the bank purchases the assets your business needs and, in its capacity as owner, leases them to you for a specific amount of time, say 3 – 5 years.
By doing this, you may utilize the asset without adding further stress to your cash flow.
Equipment, commercial vehicles, and machinery can be purchased through leasing, at affordable prices. Following the terms of a written agreement, Dfcu Bank (the lessor) leases you (the lessee) an asset for a specific period in exchange for predetermined rental payments at a specific interest rate.
Here, you’ll find all the important information about DFCU leasing, requirements, who qualifies, repayment options, and more.
Who qualifies for the DFCU lease?
Businesses that have been properly registered; firms, partnerships, sole proprietorships, and people who can show a consistent cash flow to cover rent obligations.
Requirements for DFCU leasing
- Certificate of Incorporation
- Resolution to Borrow
- Certified Company form A9 and 7
- Copy of Partnership Deed
- Memorandum and Articles of Association
- Information about partners
- Two years’ worth of audited financial statements
- Two passport photos for each signatory who is a legal entity
Benefits of DFCU leasing
- Repayment terms are adjustable, ranging from 1 to 5 years, depending on the leased assets.
- The bank will provide a dedicated Relationship Manager available to help.
- Lease payback terms are designed to correspond to your company’s cash flow pattern.
- The major security is made up of the leased property.
- The operating capital needed is not connected to equipment, allowing you to expand your business.
Who identifies the machinery and supplier in leasing?
The client chooses the machinery that satisfies their personal or professional needs. However, before paying for it, the bank has to confirm that it is of good and marketable quality, comes from a reliable provider, and is reasonably priced.
In the case of leasing, does the client have any obligations?
With the understanding that the customer uses the leased asset and maintains it in good working order, Dfcu Bank (lessor) retains complete ownership of the leased asset throughout the lease period. Throughout the term of the lease, the client is obligated to keep the asset fully insured.
The bank offers insurance financing through our Insurance Premium Financing (IPF) program, and the customer is responsible for paying for it during the lease term.
Repayment options that are available with the Dfcu Leasing offering
Repayments are set up to work with your company’s cash flow. The best example is that of a school where their payback schedule will be set up such that it coincides with the start of each semester.
Typically, a lease lasts between two and five years, depending on the type of equipment financed and the lessee’s anticipated cash flow.
Conclusion
Simply said, Dfcu leasing makes it simpler to get a good vehicle/equipment for less money. This is because you just pay for the vehicle or equipment used for an agreed period, not the actual car.
Check out the benefits of DFCU leasing, requirements, what to expect, and more, all listed in this article.
