- How does Clicklease work?
Customers select their equipment and apply for Clicklease financing. When the customer is approved, they review and sign a lease agreement. Then Clicklease buys the equipment directly from the us for full invoice amount. The customer leases the equipment directly from Clicklease.
Business equipment leases work a little differently than the leases customers may encounter in their personal life. When someone leases a car, they bear limited responsibility for maintenance and liability. When the lease term is up, they return the car with ownership.
At Clicklease, they try to make their leases more like traditional financing, so they build a purchase option into every lease agreement. Typically, at the end of the lease term, the customer makes three more monthly payments, and they own the equipment outright. The customer is also responsible for maintenance and repairs throughout the lease.
- Do you require a down payment?
Clicklease does not require a down payment, but they do charge a documentation fee at the time of signing. The documentation fee typically ranges $79-$499 depending on the size of the lease. This “doc fee” is an underwriting tool, not a down payment and doesn’t go toward the balance of the lease.
- What are the “rates”?
Because Clicklease offers leases, rather than loans, they don’t have an “interest rate.” Instead, their leases attach a set surcharge at the beginning of the lease which is then spread out between each payment.
To determine the total amount a customer will pay of the full lease terms, they can multiply their monthly payment amount by the total number of payments.
The benefit of a fixed fee instead of an interest rate, is that customers never have to worry about compounding interest, like they would with a credit card.
- Can I pay it off early?
At any point prior to your 5th regular monthly payment, make one payment of the entire original invoiced amount (any payments already made are not deducted from the buyout amount).