The exact payment will be affected by when you sign the loan, how often progress payments are made to the apparatus builder, and when you schedule your first payment.

SPECIAL NOTE: First payment can be postponed for about one year, so if you know you have the payment amount in your next year's budget. There is no need to delay ordering an apparatus. Call us for a complete explanation of your options.

Lease-purchase is just another way to structure a loan. Lenders like to loan to fire departments because the interest they make on the loan is not taxable. That allows the interest rate you pay to be quite low. The leasing company pays to build your truck, you retain title to the truck, and you take ownership of the vehicle by paying $1 at the end of the lease. From your perspective, there is no difference between this and a "regular" loan except that lease/purchase allows towns to take on the payments without that obligation showing up on the town's official debt load (there is an "escape clause" in the lease agreement, which makes the payments not a legal "obligation" in the minds of financial analysts.) You can talk to the leasing people if you want to learn more about this but the bottom line is that your city treasurer may prefer this method of financing.

Like a regular loan, lease-purchase deals allow you to structure the borrowing so that the lease company makes incremental payments as we build your truck but you do not have to begin paying back the lease company for a specified length of time--usually a year or so to the first payment. You could begin selecting an apparatus right now, apply for your loan the minute your budget is approved and expect to receive a loan almost immediately at a very favorable rate with the first payment as late as one year from now.

Call us at (800) 246-3511 to discuss any financing questions you may have.

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