There are many different types of lenders out there with many different lending requirements. As with most things in life,  you were taught to think to keep it simple as much as possible.  As lending has changed over the years, many lenders have developed their own  in house formulas to qualify their desired  applicants. One of these recent lending models is an application only program. It sounds just like it indicates and what it seems to mean.  We are going to discuss how this relates to the leasing industy and how it can assist you in your decision making for your financing.

An application only leasing program can save the applicant much needed time in the lending process if all the lending and applicant's criteria match up properly. This program can save the applicant from obtaining prior years income tax returns for the lender, corporate and personal,  a recent personal financial statement of  husband and the wife, and prior months bank statements, etc. This whole process of obtaining these documents can be timely, expensive and very annoying.

Each lender has different types of application only lease programs. Some apply to the seasoned applicants with three or more years in business and possibly a personal credit score of 680 or higher.  Obviously, this will eliminate many prospective applicants, but this is the lender's intention. Other lenders may consider the start up business as part of this application only program and their criterial may be completely different. It is obvious that this may be confusing at first but properly a good investment the applicant should spend some time on. Not only is the lender qualifying you,  you are doing to them in a reverse way.  

Either way, if if you don't qualify for this application only program, the lender usually still has the option for you to qualfiy the old conventional way, full documentation.  Sometimes it is worth it when all facts are considered once a leasing proposal is accepted by the lender and presented to the applicant.

If you have any questions, give us a call and would be happy to discuss these different type of financing programs

http://www.cclgequipmentleasing.com