Common Questions
A lease is simply an agreement where the owner of a specific asset (the lessor) grants certain rights of possession and use of the asset to another party (the lessee). The lessee gets the benefits of the asset, just as if they owned it. The lessor receives periodic payments in exchange.
What are the advantages or benefits of leasing?
There are quite a variety of benefits to leasing, and different ones apply in different situations. The ones that apply to you will depend on your specific circumstances and objectives. Some of the main reasons businesses or organizations choose to lease include:
- Improved management of cash flow and working capital.
- Managing equipment efficiency and obsolescence.
- Deferral or reduction of taxes.
How long has Westport Leasing been in business?
We have been operating for over 15 years.
Where do you get your money?
The investment capital for our leases comes from a variety of sources. These include banks, insurance companies, pension funds, securitization and private investors.
What geographical areas does Westport service?
We service all of Canada and the continental USA.
What kinds of assets will Westport lease?
We focus on long term assets and products used for commercial purposes. Our preference is for information technology, office automation, manufacturing and light industrial equipment. We do not finance any inventory, leasehold improvements or real estate. For a more detailed list of equipment types we will consider click here.
How can I decide if leasing is the right choice for me?
Leasing is the right choice for you if you don't have the capital reserves to purchase needed equipment, or the time to wait for a bank loan. It should also be considered when an asset will depreciated in value over time, or is likely to be upgraded or replaced frequently during the life of the business. For more information click here.
What kinds of businesses lease their equipment?
Westport's clients include almost every type of enterprise and organization, from small home-based businesses to large Multi-National corporations. Our services are also increasingly popular with Government agencies, Strata Councils, and other members of the Non-Profit sector.
Can a self-employed individual qualify to lease?
Yes! Westport deals with many self-employed and home-based business enterprises.
Can businesses with less than two years of operating history qualify to lease?
Yes. Westport offers special programs and alternatives to help younger and even start up businesses.
What is the minimum equipment cost that can be leased through Westport?
The minimum transaction size is $2,000.00
What is the maximum equipment cost that can be leased through Westport?
The maximum lease amount Westport will consider is $10,000,000.
What lengths of lease terms are available?
Normally, lease terms are between 24 to 60 months. Westport will also consider terms as short as 12 months, or as long as 84 months where appropriate.
How do we decide the best length of lease term? The length and structure of a lease should always be tailored to your individual needs and circumstances. You should carefully consider the following:
- How long do you expect the asset will remain useful and productive for your business?
- What is the highest payment amount that will comfortably suit your cash flow budget?
- Are you planning to reduce taxable income through leasing?
What information must we supply to get approved?
Westport strives to make the application process as quick and convenient as possible. The information required will very depending on the amount requested and the credit profile of the applicant. Most applications involve only a simple one-page form. Larger or more complex transactions will require a review of the applicants' financial statements.
How long does it take to be approved?
Westport's approval process is very quick. Approval response times can vary based on the amount requested and credit profile of the applicant. Smaller transactions for established businesses can be completed in a matter of minutes. Larger and more complex requests may take 48 hours or longer as we verify references, etc.
Westport makes every effort to approve all transactions in the shortest possible time, as we recognize that new equipment can be critical for our clients' success.
Westport Leasing Corporation
11198 - 84th Avenue Box 33026
Delta, B.C. CANADA V4C 2L7
Phone: (604) 681-1260 | Fax: (604) 681-1680