Financing your Sutphen Apparatus
At Sutphen Corporation, we recognize that the purchase of one or more fire trucks can be challenging in today’s budgetary climate. The needs of the fire department are competing with the needs of other areas for capital resources. Additionally the costs of fire trucks have been increasing from year to year. To address these challenges, Sutphen Corporation suggests finding a lease partner with extensive experience in our industry. We have listed a few links to those companies our customers have used over the years.
A municipal lease is the most widely used method to purchase fire trucks. For local governments and volunteer corporations, the tax-exempt interest feature of lease financing provides tremendous value in reducing interest cost. While they are in most cases documented as a lease, these financial solutions have characteristics similar to a loan in that there is a principal component in each payment, and the lease can be paid off early if desired. Once the department makes all payments, the asset is owned free and clear.
Lease Types
Lease to Own and Lease to Return (Turn-in Lease) for local government, volunteer and industrial fire departments
Structures
- Terms Up to 15 years
- Down Payments Optional, not required
- Payment Frequency Annual, Semi-annual, quarterly, monthly or custom
- First payment Due Delay first annual payment up to one year.
- Closing Costs NA
Benefits
- Overcomes budget challenges for every size department.
- Leasing provides level capital budgets year to year
- Ownership – Build equity as you pay
- Lowers maintenance cost by replacing older equipment
- Customize structures to solve almost any funding challenge
- Low tax-exempt interest rates
- Cost of financing lower than cost of waiting