USA & Canada

Bank of Cardiff  (Application)
Ruben Goldstein
866 234-5454 /114
818 584-8937 /fax
rgoldstein@bankofcardiff.com

Questions & Answers

Q - What credit score is required? I have had some past credit issues and was recently turned down by my bank.
A - While there is no credit score that guarantees an approval or decline, generally customers with a 620+ credit score will have the best chance of being approved. We understand that many small business owners have had some credit hiccups so we encourage you to call us to discuss your exact situation so we can discuss your equipment financing needs.

Q - I don't have a lot of money to put down...what is required?
A - Generally only your first and last payments in advance are required.

Q - I have experience in the stone industry but I have never owned a business before and most companies I have spoken with require 2 or 3 years time in business...do you approve start-ups?
A - Yes, we approve new businesses.

Q - How fast does the approval take? I need my equipment fast.
A - We can get your business approved and equipment shipped out to you within two days.

Q - Can I finance used equipment?
A - Yes

Q - Do I have to put 60% down myself (Canadian)
A- YES

USA

American Equipment Finance
Download Application 
Len Baccaro, Vice President
908-542-9330 ext. 202
908-542-9333 /Fax
201-650-0743 /Cell
258 King George Rd.
Warren NJ 07059
lbaccaro@aefllc.com

Congress extends the amount that small businesses may

Write-off for capital expenditures: $134,000! in 2010

Business Equipment

Business owners who acquire equipment for their business: machinery, computers, and other tangible goods, usually prefer to deduct the cost in a single tax year, rather than a little at a time over a number of years. This deduction is known by its section in the tax code, a Section 179 deduction.

Under Section 179, businesses that spend less than $530,000 a year on qualified equipment may write-off up to $134,000 in 2010. The rules are designed for small companies, so the $134,000 deduction phases out when a business purchases more than $530,000 in one year. (Companies cannot write off more than their taxable income).

Benefits of a Non-Tax/Capital Lease

The benefit of a Non-Tax/Capital Lease is that it can take advantage of Section 179: expense up to $134,000 if the equipment is put in use in 2010. In addition, you may depreciate any excess on the depreciation schedule for that asset. Examples of Non-Tax/Capital Leases include a $1.00 Buyout Lease, an Equipment Finance Agreement (EFA), and a 10% Purchase upon Termination (PUT) Lease. Example: Assume you finance business equipment, put it in use in 2010, and take advantage of Section 179. Your tax savings could be significant:

Equipment Cost Example: $300,000

Section 179 Write Off:                                                                                   $ 134,000
($134,000 is the maximum Section 179 write-off in 2010)

Regular 1st Year Depreciation:                                                                    $ 33,200
(Calculated at 5 years = 20%; ($300,000-$134,000) x 20% = $33,200

Total 1st Year Deduction:                                                                            $ 167,200
$134,000 + $33,200 = $167,200

Tax Savings Assuming Rate of 35%:                                                         $ 58,520
($167,200 x .35 = $580,520)

1st Year Net Cost after Tax Savings:                                                         $ 241,480
($300,000 - $58,520 = $241,480)