Who qualifies for a tax-exempt lease and what is it?

Municipalities, municipal fire and EMS departments, public works departments, educational institutions, state agencies and volunteer fire departments all qualify for lower, tax-exempt rates. That means that we, the Lessor, do not have to pay Federal Income Tax on the interest income generated on the agreement which translates into lower rates for you, the customer.

Can you finance used apparatus?

Yes! We'll need to know the year, make and model or the vehicle along with its mileage. Terms will vary depending on the apparatus' age.

What are terms on fire trucks?

Fire truck terms extend from 1 - 15 years.

What are terms on ambulances?

Ambulance terms extend from 1 - 7 years.

What are terms on loose equipment

Depending on how much equipment is being purchased, terms range from 1 - 5 years. Sometimes as long as 6 years.

How are payments structured?

Payments can be structured either monthly, quarterly, semi-annually or annually. Let us know what fits best within your budget, and we'll devise a payment plan that works best for you. Still paying on existing debt, but need new equipment? We can devise a step payment program where payments are lower the first few years until older debt is paid off. Ask us how this program can work for you!

Is a down payment required?

Typically no down payments are required.

What is the buyout at the end of the term?

With a lease purchase p lan, the buyout is $1.

What financial statements are required for credit approval?

For municipalities, we request two to three years of audits along with a current year budget. For nonprofits, we look for two to three years of 990 tax returns or year-end financial statements, a copy of the current budget, one month of bank statements (checking, savings, CDs, investments) and a copy of the articles of organization. We also have a credit application completed.

How long does documentation take?

On average, the documentation process takes two weeks; however, it can be completed in as little as a week. For volunteer fire departments, the process is slightly longer because a public hearing must be held. That increases the turnaround time to about three weeks.

How long does it take to pay a supplier once the documentation has been sent back?

Funding can occur within 48 hours. This allows adequate time for the paperwork to be reviewed, for insurance to be secured and for the supplier to provide its invoice.

Who is listed as the owner on the title?

The lessee will be listed as the titleholder with Republic First National and/or its assigns listed as lienholder.