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Program updated: 4/1/2023
Equipment finance programs are subject to completed application and
credit approval process.
The
iGage extended finance program features a simple application,
intuitive easy-to-understand documentation. It is underwritten by our long-term, bank affiliated
partner First
Western Equipment Finance.
First Western Equipment Finance is a national equipment
financing and leasing lender.
Formerly
Advanced
Acceptance; First Western Equipment Finance is a division
of First Western Bank & Trust in Eden Prairie Minnesota.
The [
application
] is a single page and typically takes only a few hours for approval.
The program, application process and contracts are designed to be
intuitive and easy-to-understand.
We do what we say we will do
with no gimmicks or hidden terms. We want to be your long-term
partners, not just for one purchase but for all your future survey
equipment needs.
iGage 10-24 3.99% Program Description
(updated April 1, 2023)
The program is simple:
10%
Down payment; $150 Application/Document Fee, 24-Monthly Payments,
3.99% APR Financing;
For example if you purchase an $11,000 complete
iG8a Base Rover pair with X-PAD data collection
software:
$ 1,250.00 down payment (includes the $150 document fee)
$ 429.88 per month for 24-months ($10,317.12)
$ 11,567.12 Total Payments
The Down Payment is 10%: $11,000 * 10% = $1,100.
The Document Fee is $150.
The Rate Factor is 0.03908: $11,000 * 0.03908 = $429.88 / month.
There is an initial Down Payment, then one month later the first
of 24 Monthly Payments is due.
The interest rate is 3.99% APR.
The final/total additional cost of financing including the document fee
is $567.12; which is $22.68 per month, or 5.16%.
You can pay off the agreement at
anytime.
There is a $5,000 finance minimum.
Hardware (like robotic total stations, GNSS receivers and
accessories), Field Software (like X-PAD, SurvPC) and Software
(like Carlson Survey Desktop) can be financed.
Because the first monthly payment is not due until 1-month after
the 10% down payment, this program lasts 25-months total.
This
program is a reported commercial credit transaction and may help you establish
credit for a new business.
We offer flexible lease terms and
equipment finance programs designed to help you succeed: your needs
come first. In addition to the standard program, we also offer $1.00 buyout
leases, deferred payment programs and seasonal payment programs.
We can help you improve cash
flow, you can avoid big down payments, and you can get 90%
financing. In addition, our leasing and finance programs are usually
faster and easier
than bank financing. This program may provide you with tax
benefits (consult with your accountant to confirm benefits.)
EFA / Leasing Insurance Requirements
Insurance is required for the
term of extended financing:
Property Insurance for the value of the equipment naming FWEF
as the 'Loss Payee'
General Public Liability Insurance naming
FWEF
as
'Additionally Insured' on leases.
We strongly recommend that you
insure all of the equipment that your business needs to be
productive with 'Named Equipment Insurance' sometimes known as
'Inland Marine'.
Ask your insurance partner if the equipment will be
covered if:
It is stolen from a locked pickup truck
It is stolen from an unlocked pickup truck
It is stolen while setup on a job
It is stolen from a hotel room
It is on a job site and is backed over by an earthmover
It is stolen from your office
Equipment loss due to theft is a real issue, you should never be in
a position where the loss of an instrument that you are still
financing will destroy
your practice.
The Process
1. We can help you determine the equipment you wish to purchase
and provide you with a firm price quotation including delivery
costs. Let us know that you are interested in extended financing
and we will provide a short application form with the written quotation.
2. Compete the
application, sign it and fax or email it to the fax-number/email-address at the top of the application.
Include a copy of the quotation that you want to accept.
3. Upon approval, you will receive lease documents for
completion. Return the documents and your equipment will usually
ship within a day!
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