FAQs

Leasing is an alternative to paying for equipment with cash, credit, or a loan. Leases are comparable to a rental agreement, where the Contractor or user pays a monthly fee for a specified amount of time, in exchange for the use of the equipment. 

End of lease options are dependent on the Contractor’s needs or financial goals, and the structures are negotiated prior to and included in the Lease Agreement. North Star Capital offers several purchase or buyout options for Contractors, including fleet management programs that replace old equipment with the latest versions.

Unlike traditional financing, lease contracts are not required to show APR or other direct interest rates. The monthly payment is set by the lease contract, which takes into consideration future residual value, lease term, fees, and charges including interest or other amortized charges.

No, leases cannot be refinanced the way that a loan might. If you are trying to lower your monthly payment, contact us to learn about your options.

Yes, in some instances, Contractors can trade-in old equipment towards the value of new equipment. Contact us if you have a trade-in available.

“Residual Value” is a way to define the value of the Equipment after a certain number of years, usage hours, or another factor. A lease will typically structure payments based on the expected Residual Value at the end of the lease term, which in some instances can lead to lower monthly payments.

Because ownership looks different under a lease, North Star Capital may require the Contractor to maintain a certain level of insurance, and may require the Contractor agrees to terms around how the equipment is used and maintained. These terms are fully outlined in the Lease Agreement. Contact us to learn more.