Financing

North American Track has partnered with First Pacific Funding to better serve our customers and to offer various financing options. First Pacific Funding is a national lender based out of the Pacific Northwest with satellite offices across the United States. They tailor financing packages specifically to meet each customer’s individual needs.

Q: What is the minimum purchase and credit score needed to qualify for financing?
A: If your sale is $2,000 and you have a credit score of 600 or above you can qualify for financing.

Q: How long does it take to get approved?
A: Average time to get approved is usually just 1-2 business days.

Q: Is a down payment required, and if so how much?
A: There is no down payment required!

Q: Can the lease be paid off early?
A: You can satisfy your lease at any point. There is no early buyout penalty.

Q: What are the tax benefits of the different lease options?
A: In general, the payment on a “true” lease (fair market value or 10% buyout option) can be treated as a fully-deductible operating expense, whereas the interest and depreciation can be deducted on the “finance” lease ($1.00 buyout option). Be sure to consult with your accountant to determine which option provides the best tax benefit for your company.

Q: Why lease when I can borrow from the bank?
A: Disadvantages of bank loans may include the loan process (requirement for a business plan, loan committees, etc.) and stricter documentation and fiduciary guidelines resulting in slower approval and additional charges.

Other disadvantages often include the requirement for additional collateral (both business and personal), substantial down payments, variable interest rates and an unwillingness to finance soft costs such as installation, software, training and shipping. In addition, a lease will allow you to maintain your credit lines with the bank or conserve your cash for other operating requirements.