Let us lead the way to finance your next vehicle or equipment purchase
Our financing experts can help you get the equipment your Municipality, Fire, EMS or Public Works department needs now. No matter what you need, Republic First National is here to help. Working with a member of our financing team will be like having a personal guide walk you through the lease purchase process every step of the way.
Here are just a few things we can help you finance:
- Fire apparatus
- Police cars
- Lifesaving equipment (AEDs, Turnout gear, SCBAs, etc.)
- Real property
- Pickup trucks
- Snow plows
- Street sweepers
- Dump trucks
- Sewer machines
- 911 Systems
- Road equipment
- Rubber tire rollers
- Wheel loaders
- New Construction
- Expansion and Renovation
Keep in mind lease-purchase financing is not a rental plan. You build equity with each payment and own the equipment at the end of the repayment term.
Advantages of lease purchase financing are:
- 100% financing available
- Competitive and affordable interest rates
- Flexible terms to meet your needs. (monthly, quarterly, semi-annual and annual)
- Delayed payment; start paying next fiscal year
- Lower interest rates due to tax-exempt status
- Hassle-free credit process
- No down payment
- Non-appropriation clause
- Pay it off at any time
- Ownership after final payment
Lease Purchase Financing Option
Lease purchase financing is designed for municipalities or a public agency to finance equipment and real property. Once the purchase of an asset is acquired with lease purchase financing you make periodic lease payments, which have a principal and interest components and a $1.00 buyout at the end of the leasing terms.
For municipalities, lease purchase financing is considered tax exempt. This allows us to provide interest rates that are below standard commercial financing rates. We, as the Lessor, are exempt from paying federal income tax on the interest so we pass those savings on to you in the form of lower interest rates
Municipal lease purchases for municipal departments are characterized by a non-appropriation clause which specifies that the lease may be terminated in the event funds are not made.
In most states municipal lease purchase financing has no impact on your credit availability. Only the lease payment is included in your yearly budget so it does not affect how you allocate your yearly funds and no voter approval is required.
Municipal leasing is one of the most cost effective ways to finance equipment. You are able to cut costs since municipal leasing does not require a bond election or the long-term administration of the bond. And since there is no bond issue you also benefit savings on bond underwriting costs.
If you have a large project at Republic First National we are here to get you the financing you need today. We also have an application only option available to municipalities with the following terms:
- 1-3 year terms up to $300,000
- 4-5 year terms up to $100,000
Lease purchase financing has a simple and hassle-free credit process!