37 FAQs Found
Customer Service Related FAQs
What is a One-Time Documentation Fee?
New lane does not charge an application fee. We may charge a fee to compensate us for processing the documents and reimburse us for the fees incurred with filing UCC-1 financing statements. When applicable by law, taxes may be applied to this fee.
What is an Advanced Rental Fee?
Depending on credit and other factors, some customers are required to pay an upfront advanced rental fee in order to finance their purchase through NewLane . The advanced rental fee is applied to your account at the very beginning of your contract and will ultimately become your first and/or last months' payments.
What is a UCC-1 Financing Statement?
A Uniform Commercial Code-1 (UCC-1) financing statement is a legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor. (A “debtor” is a person who owes a debt to the creditor as typically specified in the agreement creating the debt.)
How can I find my contract number number?
Your contract number is located in the detail section of your invoice and begins with the letters APP. You can also find it at the top of the screen in our Customer Portal.
What is a rental payment?
This is the regular monthly/quarterly/annual payment amount, according to your contract.
Does NewLane accept personal guarantees?
If your business does not have sufficient commercial credit, you can provide us with a personal guarantee. This means that you and/or other individuals agree to be personally responsible for fulfilling the terms of your agreement and making payments.
What is a $1 buyout?
A $1 buyout lease finances the entire cost of the equipment with only a $1 residual value. When your lease payments are completed, you can purchase the equipment at $1. Then New Lane registers the equipment and pays property taxes which are billed to you.
What is the Insurance Fee?
Your lease contract may require you to have insurance that protects the equipment against all risks of loss. There are two options available to you: Either you can cover the equipment under an existing commercial policy and provide us with proof of that coverage, or We will secure coverage for Newlane interest in the equipment and and bill you a fee for such coverage. This fee is called an Insurance Fee.
What is a stipulation?
A stipulation is a credit requirement that must be fulfilled before a deal can be funded. Our credit team has a list of conditions that each application must meet prior to the application being booked. Depending on the stipulation, certain proof, information or documentation must be supplied by the customer and approved by the appropriate new lane Finance department for our internal credit team to “clear” the stipulation.
Vendor Related FAQs
What are the advantages of financing for my customers?
Financing allows your customers to conserve cash, manage budget, and acquire the latest equipment technology without a significant upfront investment.
What kind of support do vendors receive when setting up a financing program?
Vendors receive comprehensive support including training on financial products and a dedicated account manager to ensure the program’s success.
Are there specific industries or types of equipment that are easier to finance?
While financing is available across a broad range of industries, equipment with high resale value like heavy machinery and medical equipment typically sees quicker approval and better terms.
Do you work with vendors nationwide?
Yes, we partner with vendors across all 50 states, providing comprehensive financing solutions throughout the USA.
Can I offer financing to customers with less than perfect credit?
Yes, there are financing programs available even for customers with subprime credit scores, helping you broaden your market reach.
How quickly can my customers get financing approval through your programs?
Most financing applications can be processed and approved within a few hours, enabling fast transaction completion.
How does financing impact my business’s cash flow?
Offering financing can improve your cash flow by speeding up the sales cycle and allowing you to complete larger transactions more frequently.
Does offering financing help with customer retention?
Yes, offering financing can improve customer retention by providing flexible payment options that encourage repeat business and long-term loyalty.
What happens if a customer defaults on a financing agreement?
In case of default, our risk management team works closely with vendors and customers to find a resolution that minimizes financial impact.
Can vendors influence the financing terms offered to their customers?
Vendors can work with finance partners to develop promotional financing offers or special terms that align with sales goals and customer needs.
Broker Related FAQs
What qualifications are needed to become a finance broker with NewLane?
Brokers typically need experience in the finance industry (we typically prefer two years' time in business), a strong understanding of credit and a network of potential clients.
Does NewLane offer working capital?
No, NewLane does not offer working capital.
What types of commission structures are available for brokers?
Commission structures vary, with most brokers earning a percentage of the financed amount, bonus structures for high volumes, or special incentives for certain products.
What assets or industries won't NewLane consider?
Restricted Assets: Water-bound equipment, satellite dishes, solar panels, leasehold improvements, copiers, tanning beds, rental fleets/RVs, limos.
Restricted Industries/Sectors: Foreign embassies and entities, sovereign entities, cannabis-related entities, U.S. Federal Government entities, casinos and gambling, adult entertainment, owner-operators.
Can brokers specialize in specific types of equipment financing?
Yes, brokers can specialize in sectors such as medical, IT, or construction equipment financing to cater to niche markets.
Do you work with brokers nationwide?
Yes, we partner with brokers across all 50 states, providing comprehensive financing solutions throughout the USA.
What type of lender is NewLane?
We are an A and B paper lender, offering equipment financing agreements, FMV leases, and dollar-out leases.
What types of terms does NewLane offer?
Deferments, terms up to 72 months, deferments (30 - 90 days typically) with touch payments, delivery guarantees and more.
Business Related FAQs
What factors influence the terms of equipment financing?
Factors include credit history, financial health of the business, the type and condition of the equipment, and market conditions.
Are there tax benefits to financing equipment?
Yes, businesses can often deduct the cost of leased or financed equipment as a business expense, reducing taxable income.
What happens at the end of an equipment finance term?
At the end of the finance term, the business typically has the option to purchase the equipment, renew the lease, or return the equipment, depending on the contract.
What areas do you serve?
NewLane Finance operates nationwide across all 50 states in the USA, providing financing solutions to businesses regardless of location.
Can non-profit organizations apply for equipment financing?
Yes, non-profit organizations can apply for equipment financing, though they may need to meet specific criteria and provide detailed financial records.
Can I upgrade equipment before the financing term ends?
Some financing agreements include provisions for upgrading equipment during the term, subject to new financing agreements.
How does equipment financing affect my business credit?
Properly managed equipment financing can help build your business credit profile as successful repayments are often reported to credit bureaus.
What is the typical interest rate for equipment financing?
Interest rates vary based on factors like creditworthiness and economic conditions, typically ranging from 6% to 30%.
Is it possible to finance the full cost of the equipment?
Many lenders offer financing for the full cost, although some may require a down payment depending on the credit situation and the type of equipment.
Can I pay off equipment financing early?
Early payoff is often possible, but it's important to check if there are any prepayment penalties stipulated in your financing agreement.
NewLane Finance
Based in Philadelphia, NewLane Finance is the premier financing network trusted by brokers, vendors, businesses, and practices to deliver fast, tailored equipment financing solutions.
We're a subsidiary of WSFS Bank, the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. With nearly 200 years of experience, WSFS provides us the strength and stability to support your financing needs nationwide.
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