Page Title
Navigation Bar Placeholder
Equipment Financing
Industry Links
Machinery Financing
Why Lease?
  • Extends Current Credit Lines - Leasing Provides a
    non-conflicting source of credit, thereby increasing
    your borrowing base.  Leaves current credit lines
    open and available for other uses.
  • Conserves Working Capital - Cash isn't tied up;
    instead is available for other uses.  Nearly 100%
    financing.
  • Convenience - of a monthly payment vs. a large
    cash outlay.
  • Budget Protection - Acquisitions not contemplated
    by a budget can be accomplished through leasing.
  • Fights inflation - Lease cost remains constant.  Your
    are paying with tomorrows money for today's needs!!
  • 100% Tax Deductible - Payment with a true lease.
  • Choice - You decide end term options.
  • Flexibility - Multiple equipment purchases can be
    incorporated into a single lease.
  • Assets Paid For - Leasing allow the asset to be paid
    for as it generates revenue
Frequently Asked Questions
  • What does it cost to apply for a lease?
  • It doesn't cost anything, unlike with most lending
    institutions.
  • How long of a term can I lease for?
  • Terms range from 12 months to 60 months.  We
    can extend to 84 months on certain types of
    machinery.
  • What is the credit criteria?
  • The business must maintian a satisfactory
    payment history with its suppliers.  The minimum
    requirements of the business banking
    relationship are generally only a low four figure
    balance.  We also review the personal credit of
    the owners of the business and look for
    relatively clean credit history.
  • Does all of the Machinery have to come from the
    same vendor?
  • No, you may get equipment form multiple
    vendors.
  • Who has rights to warranties and licensing for
    the machinery?
  • The warranties and/or licensing offered by the
    manufacturer are passed on to you.
  • Can I defer or skip payments?
  • Yes, we offer deferred and skip payments as
    well as seasonal.  For these programs, we will
    need to set it up at the beginning of the lease.
  • What is the interest rate?
  • The amounts charged on an equipment lease
    are calculated using monthly "rental rate", rather
    than using a compound interest rate method
    that is normally associated with conventional
    loans.  Rental rates are based on the lessor's
    ability to effectively manage risk and costs
    associated with equipment ownership, while
    passing on the economic savings to the lessee.
  • May the equipment be returned at any time?
  • No, the lease is a non-cancelable agreement for
    a specified term that your customer selects at
    the beginning of the lease.  Leases are
    available for terms ranging from 12 to 120
    months (depending on machinery type), and
    can be upgraded or added on.
  • Can I lease used machinery or machinery coming
    from somewhere other than a vendor?
  • Yes, we can lease used equipment.  The
    equipment can come from an end user, an
    auction or a vendor.
  • Can I lease equipment that I already own or
    refinance equipment that I currently have with
    another leasing company?
  • Yes, we can write you a check for equipment
    that you already own if purchased within 120
    days and then just make payments to us on a
    term usually up to 36 months.  You can also
    lease equipment that you already have on lease
    with another company, in case you want a
    longer term.
  • Is the lease transferrable?
  • Yes, as long as the new lessee's credit qualifies
  • When do my payments start?
  • In most cases we collect the 1st payment at
    lease signing, your next payment will be
    approximately 30 days after the equipment has
    been delivered.
  • Can I lease costs or software?
  • Yes, we can provide 100% software leases and
    soft costs such as training, installation and
    extended warranties and support packages as
    part of a lease for all types of machinery.
  • Can I return the equipment and stop making
    payments?
  • No, the lease is non-cancelable.  You may
    return the equipment after all payments have
    been made or may get a discount for paying off
    early.
  • Do you offer leasing to new businesses?
  • Yes, we do leasing for newer businesses.  We
    require a minimum of 6 months in business.
  • How long does the leasing take?
  • The credit approval generally takes about 24
    hrs or less for applications up to $100,000.
  • What is the first step to get this process started?
  • Complete the lease application, then fax it, or
    call us with the information.
  • What are the options at the end of the lease?
  • The end use/lessee my purchase the euipment
    for its then fair market value (or such other
    amount if previously agree to in writing by Mid
    Continent Capital), continue to lease, or return
    the equipment with no further obligation.
  • Who is responsible for taxes?
  • Because this is a "net" lease, end user/lessee is
    responsible for taxes.  Mid Continent Capital is
    required by law to collect all applicable sales,
    use and property taxes and remit them to each
    state.
  • Who insures the machinery?
  • The lessee is responsible for insuring the
    equipment against risk of loss including property
    and casualty coverage and liability.  Lessees
    typically just add the machinery to their existing
    policy.
  • Who provides warranty coverage to the
    machinery?
  • Mid Continent Capital passes through all
    manufacturer warranty coverage to the lessee.  
    Warranty claims are processed for the lessee in
    the same way they would be if the lessee were
    the owner of the equipment.
  • May non-machinery items such as software and
    maintenance be included?
  • Yes, one the many benefits of leasing includes
    the ability to "bundle" a number of equipment
    items into a lease including software, service
    and support costs.  This way a lessee can make
    one, simple monthly payment for an entire
    system or machinery line.
  • Is there a minimum amount for the equipment
    cost?
  • Yes, we only provide funding for leases over
    $2,000.
  1. Please complete a credit application
  2. MCC will generally respond within 24hrs with a credit
    decision.
  3. Lease document will be prepared by Mid Continent
    Capital, Inc.
  4. Documents then need to be properly executed by the
    Lessee.
  5. Lessee returns the documents with the equipment
    invoice to MCC.
  6. MCC will then call the customer for verbal acceptance.
  7. MCC will then pay the vendor with 24hrs.