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Skip Navigation LinksHome > Frequently Asked Questions

FREQUENTLY ASKED LEASING QUESTIONS

View Leasing FAQs | View Trucks' FAQs

Frequently, our applicants have questions for us before starting the application process, and we are always happy to talk with them about any kind of question that they have. Based on the variety of questions we're asked, we decided to compile a list of our most Frequently Asked Questions and place it on the website for potential clients to view. We hope that this page will answer any general questions that you may have, but if you have a question that is not here, please feel free to contact us.

Arrow What types of equipment does Boom Truck Financing lease?
Arrow What vendors can I order from?
Arrow Can non-equipment items such as warranty maintenance, sales tax, and licensing be included?
Arrow How long does it take to be approved?
Arrow What are your approval requirements?
Arrow What happens after I am approved?
Arrow How long can I lease?
Arrow How much equipment can I lease?
Arrow How are payments made?
Arrow What are the options at the end of the lease?
Arrow What end of lease purchase options are available?
Arrow What is the interest rate on a lease?
Arrow Who is responsible for taxes?
Arrow Who insures the equipment?
Arrow Who provides warranty coverage on the equipment
Arrow Can the lease be cancelled or paid off early?
Arrow What if my equipment becomes obsolete?
Arrow Are the lease programs from Boom Truck Financing the same as those in other industries?
Arrow Who are Boom Truck Financing's equipment partners?

What types of equipment does Boom Truck Financing lease?
Boom Truck Financing is capable of leasing a diverse selection of equipment. Our most common are Boom Trucks, Cranes, Bucket Trucks, All Terrains, Rough Terrains, Hydraulic Trucks, Crawlers/Draglines, and Conventional Trucks.
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What vendors can I order from?
A benefit of leasing with Boom Truck Financing is that you can purchase equipment from any reputable vendor of your choice. Select your equipment and options, negotiate your best price and let us do the rest!
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Can non-equipment items such as warranty maintenance, sales tax, and licensing be included?
Yes. One of the many benefits of leasing includes the ability to "bundle" a number of equipment items into a lease, including warranty maintenance, sales tax, and licensing costs. This way, you can make one simple monthly payment for an entire purchase or equipment line.
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How long does it take to be approved?
Your simple lease application will usually be approved within 24 to 48 hours! Applications can be made via phone, fax, or on-line over our secure server.
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What are your approval requirements?
During the approval process, we evaluate your business credit history (including bank and trade references), the personal credit history of the owner(s), and the collateral value of the equipment. If your credit history has some negative items, we often can approve a lease with a shorter term and/or a down payment.
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What happens after I am approved?
Once you are approved, we prepare lease documents and overnight them to you. After you sign and return your lease documents, we issue a purchase order for the exact equipment that you have selected. Upon your verification of delivery and acceptance of your equipment, we pay the vendor and your lease begins.
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How long can I lease?
Most leases are written for 24, 36, 48, or 60 months, depending upon the type of equipment. Leases for items that depreciate rapidly (such as computers) are usually shorter terms. Expensive, durable machinery can be leased for terms up to 84 months.
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How much equipment can I lease?
Boom Truck Financing's typical lease amounts range from $7,500 to $1,000,000. For equipment costs under $5000, many of our clients find it more cost effective to finance via alternative measures (e.g. cash flow, credit cards, etc.)
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How are payments made?
Payments can be structured to meet your needs. Our typical payment schedule would include the first and last payments made at the time you sign your lease documents, with your next monthly payment due about 30 days after your acceptance of the equipment.
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What are the options at the end of the lease?
You may purchase the equipment for its purchase option amount, continue to lease, or return the equipment with no further obligation.
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What end of lease purchase options are available?
We offer purchase options to meet your needs:

Arrow $1.00 Purchase option (which is treated as a purchase).
Arrow Fixed Percentage option (our most popular is 10%).
Arrow Fair Market Value option (often treated as deductible expense payments).
Arrow TRAC option
The best option for you can be determined after a brief conversation. We encourage you or your accountant to call us.
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What is the interest rate on a lease?
The amounts charged on an equipment lease are calculated using monthly "payment factors", rather than by using the compound interest rate method that is normally associated with bank loans. Payment factors are based on the term of the lease, the lessee's credit history (both business and personal), and the type of equipment being leased. The stronger and more established your business, the lower your payment should be.
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Who is responsible for taxes?
Because we offer a "net" lease, the end user/lessee is responsible for all taxes. Boom Truck Financing is required by law to collect all applicable sales, use, and property taxes and remit them to each jurisdiction. Tax types and rates vary by state and locality.
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Who insures the equipment?
The lessee is responsible for insuring the equipment against risk of loss, including property and casualty coverage and liability. Lessees typically just add the equipment to their existing policy.
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Who provides warranty coverage on the equipment?
Boom Truck Financing passes through all manufacturer warranty coverage to the lessee. Warranty claims are processed in the same way they would be if the lessee was the owner of the equipment.
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Can the lease be cancelled or paid off early?
No, the lease is a non-cancelable agreement for a specified term that you select at the beginning of the lease. However, we do provide you the opportunity to upgrade, trade-in, or "buyout" your lease before the end of the term.
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What if my equipment becomes obsolete?
In the event that you need to upgrade your equipment during the lease term, we will work with you to meet your goal. We can amend your original lease, assist you with a trade-in of your original equipment, or structure a new lease for you.
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Are the lease programs from Boom Truck Financing the same as those in other industries?
Boom Truck Financing specializes in �lease-to-own� programs. Other industries, such as the automotive industry, encourage the trade-in or upgrade of equipment at the end of the lease. Our �lease-to-own� programs are best suited for equipment that has relatively few changes in technology, is income producing, and is durable in type.

Contact Boom Truck Financing today to learn more about our convenient, competitive, and flexible equipment leasing alternatives.
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Who are Boom Truck Financing's equipment partners?
One key to Boom Truck Financing's growing success is our capacity to team up with �best-in-class� businesses and equipment dealers. Many of our strongest relationships are with domestic equipment manufacturers and their related dealer networks. Boom Truck Financing has also enjoyed very strong relationships with foreign equipment manufacturers who sell their product in the U.S. marketplace.

Many of Boom Truck Financing's vendor relationships are long-standing in nature and supply a �full-service� equipment leasing solution. By offering competitive payment options, prompt service, and strong sales and marketing support, Boom Truck Financing is the perfect alternative to our supplier partners starting their own in-house leasing programs.
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