FAQ Answer About: Equipment-Leasing
- Can I change my mind after signing a leasing contract?
Generally speaking the answer to this question is no, for commercial finance a signed contract is legally binding from the outset, but not always.
For unregulated leasing finance, unless the lender offers a "cooling off" period then the answer is no. Limited Companies and Limited Liability Partnerships with 3 or more partners are currently unregulated. Any other business such as sole traders taking finance of less than £25,001 is currently regulated, however current rules should be checked should this circumstance occur.
If you have changed your mind, but find you are legally bound to the contract then you should investigate the minimum contract term for ending the lease and the potential costs of early termination.
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Related Faq's
- When does the equipment supplier get paid?
- Can leasing finance be paid off early?
- How quickly can equipment finance be arranged?
- Can used equipment be leased?
- Can equipment be leased from more than one supplier?
- Are monthly leasing payments fixed?
- Who is responsible for maintenance of the equipment?
- What if my equipment is damaged or stolen?
- What happens at the end of the lease period?
Case Studies
As "equipment leasing brokers" we have successfully arranged the funding of many asset deals for our business clients in the past. Here are just a few leasing case studies that you may find of interest [more details].
As "equipment leasing brokers" we have successfully arranged the funding of many asset deals for our business clients in the past. Here are just a few leasing case studies that you may find of interest [more details].