eLease Equipment Financing Review
eLease Equipment Financing

Total Rating | 3.5 |
---|---|
Terms & Fees | Good |
Application Process | Good |
Sales & Advertising Transparency | Fair |
Customer Service | Good |
User Reviews | Fair |
Pros
- Transparent terms and fees
- Good public reputation
Cons
- (Potentially) high interest rates
eLease Equipment Financing Overview
eLease is a Florida-based online funder. Though its primary focus is equipment financing, the lender began offering working capital after the 2008 financial crisis.
eLease’s equipment financing options include both leases and loan-like equipment financing agreements (EFA), the latter of which makes up the majority of eLease’s contracts. The company’s rates range from quite good to high, so your mileage will vary heavily depending on your credit rating and how long you’ve been in business.
Read on for more details, or check out our equipment financing alternatives.
Table of Contents
Services Offered
eLease offers:
Types of Equipment Covered
- Medical
- Business
- Computers
- Construction
- Fitness
- Heavy
- Office
- Restaurant
- Dry cleaning
- Agricultural
- Printing
- Network
- Software
- Telecom
- Metalworking
- Trucks
- Production
- Security
- Manufacturing
- Woodworking
Borrower Qualifications
eLease doesn’t post definitive borrower guidelines. The lender does claim to be willing to work with new businesses and even companies that have had a recent bankruptcy, but at a premium:
Time in business: | N/A |
Credit score: | Unknown |
Revenue: | Unknown |
Terms & Fees
Here are the terms and fees for eLease’s equipment financing:
Amount: | $3,000 – $500,000 |
Term length: | 2-5 years |
Interest rate: | 4% – 35% |
Down payment: | First and last month |
Buyout agreement: | $1 Buyout; Fair Market Value; Equipment Financing Agreement (EFA) |
Additional costs: | Administrative fee |
Effective APR: | Learn more |
eLease’s primary service is equipment financing. As small business equipment needs range from short- to long-term, having the ability to choose between plans that let you own or return the product are welcome.
Most of eLease’s equipment financing takes the form of equipment financing agreements (EFA). Somewhere between a loan and a lease, an EFA transfers ownership to the borrower while still carrying very similar wording to a lease, usually even including the option to keep or return the equipment. The terms are, however, between “lender” and “borrower” rather than “lessor” and “lessee.”
A $1 buyout lease is an option designed for businesses looking to own their equipment long-term. The entire cost of the equipment is figured into the lease so that, by the end of your term, you’ve effectively paid for the product (plus interest). At that point, you can formally purchase it for $1. While typically more expensive than a loan, a lease of this type helps you avoid liens and can cover the entirety of the equipment costs — most equipment loans will not cover the entirety of the cost.
If the equipment in question is likely to become obsolete quickly, a fair market value (FMV) lease might be more appropriate. These agreements come with lower payments. At the end of the term, you can either return the item or buy it at its value at the end of the lease. This number can vary based on a number of factors and is often negotiable.
eLease’s rates are based primarily on your credit rating and the amount of time you’ve been in business. When you sign your agreement, you’ll be expected to pay the first and last month, plus an administrative fee. If you prefer, you can also make a larger down payment and then finance the remaining balance.
Application Process
eLease’s online application form is a bit longer than those of many online funders, but it still shouldn’t take much more than a few minutes to complete. You can also request a quick quote.
If you prefer to talk to a representative first, you can reach the company by phone.
Sales & Advertising Transparency
eLease’s website isn’t particularly informative. There’s some information about the types of equipment the company is willing to finance and the fact that eLease also offers working capital loans. There’s also a contact number and a video for vendors. The blog isn’t updated very often.
Customer Service & Technical Support
I found eLease’s staff easy-to-reach and helpful, with limited high-pressure sales tactics. The company doesn’t have a very large user-review footprint online. eLease can be reached by phone or through the company website.
User Reviews
Negative Reviews & Complaints
eLease has an A+ rating with the BBB with only one complaint registered in the last three years. Reviews are scattered and varied. Some criticisms of eLease include:
- Delays: Some customers reported a drawn-out approval and funding process.
- Customer Service: Related to the delays complaint above, some customers found staff hard to reach or unhelpful in resolving their concerns.
- Out-Of-Date Marketing: A minor gripe, but some of eLease’s marketing material isn’t up to date. I’m looking at you, blog.
Positive Reviews & Testimonials
There aren’t a ton of reviews of eLease out there at the moment. But some of its virtues include:
- Customer Service: eLease did manage to eventually address the complaints mentioned above to the customer’s satisfaction.
- Options: eLease offers a number of different financing options that should cover most small-to-medium-sized equipment needs.
- Most Industries Covered: eLease will finance most types of equipment.
Final Verdict
eLease serves most industries and offers versatile equipment financing options at—at least potentially—competitive rates. The only substantial red flag with this company is that there isn’t much of a user review footprint, either positive or negative. This isn’t necessarily damning, but you should treat it as what it is: a question mark with regard to reputation. eLease’s willingness to work with new and financially troubled companies may make this funder one of the better options available for some businesses.
As always, you’ll want to scrutinize any offers you receive and, if possible, get offers from different funders before you commit to one. If you aren’t sure where to start, check out these equipment financing alternatives.
Featured Free Corporate Card
Ramp ![]() |
---|
Ramp offers a free corporate card for virtually any business. Start earning rewards with your corporate spending today. Get your free card.
Featured Free Corporate Card
Ramp ![]() |
---|
Ramp offers a free corporate card for virtually any business. Start earning rewards with your corporate spending today. Get your free card.
No Comments
Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.