Church Furniture Leasing Program

Equipment Leasing has grown in popularity as an attractive option for an organization to acquire equipment and furniture critical for successful day-to-day operations. Leasing provides a simple approval process in comparison to other forms of financing, often securing an approval within 24 hours of submitting an application. ChurchPartner and Hampton Ridge Financial have teamed up to help educate and guide your organization in making the best decision available and matching your cash flow to a monthly payment within your organization’s budget. Whether your organization has been around for many years, or a is just getting started, Hampton Ridge Financial wants to help you grow by offering affordable payment options.

Approval Process and Criteria

1. Complete our simple one page application

2. The last three months of your organization’s bank statements may be required upon request

3. A personal guarantor is required

The stronger the personal guarantor, the more options your an organization will qualify for

History of installment debt required (auto loans, mortgages, or secured credit lines)

Good credit history for 1+ years and 5+ open credit lines

If you have had a previous bankruptcy: must be discharged and new credit established since dismissal

Must live in close proximity to the an organization and an active member

Lease will not report on personal credit report as long as an the organization does not default

Leasing Program FAQ

Since equipment leasing is not always as familiar as other forms of financing, our goal is to educate and help you to understand why leasing should be considered as a form of financing your new equipment. Here are some of the most frequently asked questions we have received.

Why Lease?

Leasing is a practical and cost-effective way to acquire the latest technology and equipment.

Low upfront costs (typically 5-15% down payment required)

No additional collateral is needed to secure a lease. This will keep your credit lines open, and avoid having to tie real estate or other assets of the organization into the transaction.

Maintain your cash reserves by avoiding the full purchase price

Acquire a variety of equipment in one transaction (furniture, A/V equipment, etc.)

Leasing provides affordable monthly payments with flexible terms and can be structured to match the cash flow needs of your organization.

Arranging your lease is easy with simple documentation and quick turnaround.

Do I have to pay sales tax on the lease?

If your organization is sales and use tax exempt, then just simply provide the proper exemption certificate from your state and sales tax will not be collected on the lease. If you are not sales tax exempt, sales tax will be collected per your state/county/local sales tax laws on your monthly payment.

Can I pay the lease off early without penalty?

In essence, yes; but with a lease you are signing up for a stream of payments and are not getting the same benefit to early payoff when comparing to a loan product. We always recommend choosing the shortest term your budget will allow to limit your out-of-pocket expense.

What happens after my final lease payment?

This is where the term “Lease” is often confusing. There are different end of lease options, depending on the program that your organization qualifies for. Some organizations can even qualify for programs where you simply own the equipment after their last payment is made. The different options that you may qualify for are listed below:

Term Residual Lease or $1/out: The organization owns the equipment after the last scheduled payment is made.

10-15% Purchase Option: After the final payment is made, the equipment can be purchased for 10-15% of its original value. Once the organization executes the purchase option, ownership of the equipment is transferred to the organization. Most organizations will qualify under this program.

Fair Market Value (True Lease): This end-of-lease option is desirable when the organization knows in advance they do not want to own the equipment at the end of the term. If technology changes and new models are available in the coming years, this is a way for the organization to upgrade to brand new equipment and simply keep the same payment with brand new equipment.

How long does the process take?

The leasing process can be completed as quickly as 3-5 business days. From application to funding, you will work with one dedicated leasing specialist who will assist you with any questions or concerns that you may have.

We want to again reiterate that our goal is to educate you and answer any questions you may have in regards to how an equipment lease can benefit your organization. If you have any questions, please contact Hampton Ridge Financial at and we will be happy to assist you. You may also contact us here.