Login Get In Touch

Looking for Financing?

We're here to help! 

Financing Options for You

You won't find a finance application or a quote tool here because we know that the best purchase option for you is guaranteed from your preferred equipment provider. Though you shouldn't hesitate to ask them for financing from GreatAmerica!

We do want to help you be prepared for when you want to finance your equipment. Learn more from the resources below!

Know Your Finance Options


$1 Buyout

A $1.00 buyout purchase option allows you to own the equipment written on the lease upon fulfillment of the lease’s contractual obligation for $1.00.


Fair Market Value (FMV)

An FMV lease can be the most affordable option. It offers the lowest monthly payment, easy upgrade opportunities, or a buyout at the end of the lease for the fair market value of the equipment.

 

Equipment Finance Agreement (EFA)

An Equipment Finance Agreement (EFA) is similar to a loan because the equipment is actually being sold to you and dollars are being borrowed to pay for the equipment. You own the equipment from day one and the funding source has a secured interest in the equipment. The contract is still for a specific term with a fixed payment amount.

 

Rental Agreement

The option to rent your equipment for a period of time, leaving ownership with the finance organization. At the end of the agreement, you have the option to continue to rent the equipment or own it. There is a one-time signing event that covers both the rental and the purchase period. 

Why Finance?


Not sure if you should finance your equipment? Learn more about your options in the video to your left. 

Common Questions

Lease vs. Cash vs. Loan

Financing with GreatAmerica vs. Other Companies

Features

GreatAmerica
Banks
Cash

Cash Flow

Cash Flow Positive

Requires down payment. Installation, maintenance, freight not included

Depletes your cash cushion. Reduces ability to respond to unforeseen expenditures

Credit Lines

Preserve bank lines and conserves capital; creates new credit source

Ties up credit lines

Working capital is diminished and may affect credit

Rate Risk

The rate won't change for the term of the agreement

Likely to be a variable interest rate tied to prime or any economic indicator

Use today's cash for income generating activities

Soft Costs

Leasing covers most soft costs and preserves cash

Rarely covered

Paying for soft costs up front depletes cash reserves

Upgrades

Easy add-on/trade-up; can keep the same fixed term and payment amount

Must manage own disposal of equipment, which hinders upgrade process

Must manage own disposal of equipment, which hinders upgrade process

Tax

Eligible for accelerated depreciation (e.g. Section 179)

Principal is depreciated, only interest portion of loan can be written off

Eligible for accelerated depreciation (e.g. Section 179)

GreatAmerica

Cash Flow

Cash Flow Positive

Credit Lines

Preserve bank lines and conserves capital; creates new credit source

Rate Risk

The rate won't change for the term of the agreement

Soft Costs

Leasing covers most soft costs and preserves cash

Upgrades

Easy add-on/trade-up; can keep the same fixed term and payment amount

Tax

Eligible for accelerated depreciation (e.g. Section 179)

Banks

Cash Flow

Requires down payment. Installation, maintenance, freight not included

Credit Lines

Ties up credit lines

Rate Risk

Likely to be a variable interest rate tied to prime or any economic indicator

Soft Costs

Rarely covered

Upgrades

Must manage own disposal of equipment, which hinders upgrade process

Tax

Principal is depreciated, only interest portion of loan can be written off

Cash

Cash Flow

Depletes your cash cushion. Reduces ability to respond to unforeseen expenditures

Credit Lines

Working capital is diminished and may affect credit

Rate Risk

Use today's cash for income generating activities

Soft Costs

Paying for soft costs up front depletes cash reserves

Upgrades

Must manage own disposal of equipment, which hinders upgrade process

Tax

Eligible for accelerated depreciation (e.g. Section 179)

About GreatAmerica

GreatAmerica is among the largest independent national commercial equipment finance companies in the U.S. and is dedicated to helping manufacturers, distributors, and dealers be more successful and keep their customers for a lifetime. A family-owned business, GreatAmerica was established in Cedar Rapids, Iowa in 1992 and today is organized into eight business units. It has a staff of over 500 employees with offices in Georgia, Minnesota, and Missouri. GreatAmerica also offers innovative non-financial business services to help their customers grow.

Media