Frequently Asked Questions
1. How do I become a preferred vendor partner?
As a preferred vendor, we provide you with tools, advice, and knowledge to help you close your sales with clients quickly and efficiently while maintaining a high level of customer service. To join Blue Chip’s Preferred Vendor Program, just fill out our vendor application form.
2. I have a customer interested in equipment financing options to acquire equipment. How does this process work?
Blue Chip Leasing will work with you to create equipment leasing solutions, so your customers can spread the cost of acquiring your equipment over time. Here is how the process works:
- Quote the customer a lease payment using our easy quote tools.
- Send us a Credit Application with basic client information by fax or email.
- Upon approval, send us an invoice for payment.
- We will draw up the equipment lease agreement and send it back to you for customer signature.
- Once the document is signed, you are free to release the equipment to the customer.
- We will fund the transaction usually the same day and send payment to you.
3. How do I get paid?
Upon receipt of our required lease documentation signed by the customer and delivery of the equipment, we will immediately pay your invoice. This can be paid via cheque or via a direct deposit to your bank.
4. How can equipment leasing increase my profitability?
Selling a monthly payment of $250 is an easier sell than one payment of $10,000. Less sticker shock means less price negotiation. Adding accessories or selling up to a more robust model can easily be added to the lease for an extra $10-$15 per month.
5. Why should I promote equipment leasing?
You are not in business to sell equipment financing and leasing, but to sell product. Equipment leasing allows your client to purchase your product now, absent the cash to do it. More importantly, if you are not promoting easy equipment leasing solutions, your competitors probably are.
6. What equipment do you lease?
We lease all equipment listed here.
7. What are your interest rates?
An equipment lease is not a loan but a rental stream, similar to renting an apartment for a specific term. As such, the normal definition of an interest rate does not apply; however, rest assured that your client’s total cost to rent is in line with similar bank offerings.
8. Can my client own their equipment?
We provide leases that can have an equipment lease purchase option that can be taken advantage of either a little before or at the end of the lease expiry. This option will be clearly identified on your client’s equipment lease contract.
9. How do I quote a client on a lease payment?
Using our easy quote (payment calculator) tool, you can give your client a quick and accurate quote on their expected payments available through equipment leasing. Your Equipment Finance Advisor will design one that is tailored for your business. It is easy to use and takes seconds to generate a quote.
10. Will you lease in all provinces in Canada? What about the United States?
We provide leasing solutions to every province in Canada, except Quebec. If you are a US vendor and a client is buying from you, but will use the equipment in Canada, then we can easily provide the equipment financing. If you are a US vendor and a client is buying from you, but will use the equipment in the USA, then we cannot provide a financing solution.
11. What payment options are available to my clients?
In a nutshell, we can provide almost any type of option that makes business sense to us and to the client, which includes anything from skip payments (no payment during certain months of the year) to a multitude of terms and purchase options. We pride ourselves on our creativity.
12. What are your credit criteria?
We require a basic credit application that tells us a little bit about the applicant (legal name, address, phone, contact, business type and years in business) as well as a general description of the asset to be financed.
13. How long does it take to get the client approved?
For deals less than $30,000, 3-4 business hours. For deals greater than $30,000, 4-8 business hours.
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