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!
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.
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.
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.
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.
Not sure if you should finance your equipment? Learn more about your options in the video to your left.
Don't be in the dark about your Dun & Bradstreet business rating. Learn how your PADEX score works and more.
No credit decision is created equal. Find out what you need to know about your business credit.
When you finance your equipment using a $1 out or Equipment Finance Agreement, you may qualify for tax exemptions.
Building your business credit is similar to building your personal credit, but it's not the same. Learn the 8 steps of building your business credit.
Bigfoot isn't real and neither are these myths about financing. Don't let misconceptions keep you in the way of financing your equipment purchase.
Don't get overwhelmed by a long and drawn out finance process. Go from application to close with our simple 5 step process.
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) |
Cash Flow Positive
Preserve bank lines and conserves capital; creates new credit source
The rate won't change for the term of the agreement
Leasing covers most soft costs and preserves cash
Easy add-on/trade-up; can keep the same fixed term and payment amount
Eligible for accelerated depreciation (e.g. Section 179)
Requires down payment. Installation, maintenance, freight not included
Ties up credit lines
Likely to be a variable interest rate tied to prime or any economic indicator
Rarely covered
Must manage own disposal of equipment, which hinders upgrade process
Principal is depreciated, only interest portion of loan can be written off
Depletes your cash cushion. Reduces ability to respond to unforeseen expenditures
Working capital is diminished and may affect credit
Use today's cash for income generating activities
Paying for soft costs up front depletes cash reserves
Must manage own disposal of equipment, which hinders upgrade process
Eligible for accelerated depreciation (e.g. Section 179)
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.