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Small Business - Frequently Asked Questions

Leases

1. Terms and Collateral

2. Applying and Processing

1. Terms and Collateral

1.1 What types of equipment can be leased?

A wide range of equipment is eligible for leasing, including but not limited to computers, business machines, furniture, telephone systems, medical equipment, and industrial equipment.1

1.2 How long can I lease equipment?

Typically lease terms range from 24 to 60 months, depending on the type of equipment covered by the lease.

1.3 What happens at the end of the lease term?

Depending on the type of lease you choose, there are several options available at the end of your initial lease term. Generally, these options may include one or more of the following:
  • Continue to lease the existing equipment
  • Upgrade to new equipment
  • Purchase the equipment
  • Return the equipment

1.4 Can I combine several equipment purchases from different suppliers in one lease?

Yes, you can bundle multiple equipment purchases into one equipment lease, which offers you the convenience of one consolidated monthly payment.
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2. Applying and Processing

2.1  How long does it take to process a lease application?

The response time depends on the size of the lease request. Generally, we can make a decision on applications for lease requests under $100,000 in a few hours.

2.2  Are there a lot of required documents?

The streamlined lease documentation is simple and easy to complete.

2.3  What types of credit requirements are there for leasing?

Generally, businesses that have been in existence for at least two years with a satisfactory credit history are candidates for leasing.

2.4  When does funding happen?

Upon receipt of the signed documents and delivery and acceptance of the equipment, we will send payment to the equipment vendor(s) and supplier(s).

2.5  How do I get started?

Call the lease processing center at 1-877-307-6756; a leasing specialist will help you with your equipment leasing request. You can also contact your nearest Union Bank branch for a lease application.
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