Frequently asked questions
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General Financing FAQ's: General questions about fire truck financing
What is the process to finance a fire truck?
Financing a fire truck has 3 steps - credit approval, documentation, and payment for the fire truck.
The credit process begins when you provide financial information about your revenue, expenses, the assets you own, and any debt you owe. We analyze the information and provide an analysis of the best way for you to save money and get the truck you need.
The documentation process begins after credit approval. We prepare financing documents that contain our agreement about how much money you are borrowing, when and how much you pay back, and other general financing terms. We help you extensively through this process so that you are assured of being in full compliance with all legal requirements.
The final step begins just before your vendor is requesting payment. We obtain information from the vendor and confirm valid insurance. We send you a Payment Authorization so that you are charge of when your vendor is paid.
It typically takes about 35-45 days to complete a fully legal tax-exempt financing at a comfortable pace. We have many ideas how to shorten that timeframe for a more urgent situation.
Why is it a lease-purchase agreement?
A lease-purchase agreement is used to meet the local rules restricting how much debt an entity can have. By using a lease-purchase agreement, the payments can be treated as an operating expense and not a capital expense.
How much do you charge in fees and points?
Nothing. Not one penny. You will not pay anything except for the agreed payments.
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Volunteer Fire Department FAQ's: Questions about fire truck financing for volunteer fire departments
What special process are volunteer fire departments required to follow by the IRS?
The IRS rules require volunteers to do three things:
- Provide fire fighting to a political subdivision via a written agreement,
- Have the political subdivision acknowledge the financing, and
- Hold a meeting open to the public to discuss the financing.
What happens if I don't follow the process?
You may be required to pay back interest, taxes, and penalties if audited by the IRS.
What does ENVIZION Financial do to help me with these requirements?
We offer a unique service to help you legally meet all the requirements. We provide you with documentation to have in case your borrowing is audited and we retain copies in case you need them.
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Fire Truck Planning FAQ's: Questions about how ENVIZION Financial helps fire departments plan for their truck purchases and fleet replacement
What information do I have to provide for the planning reports?
We will request information for the past three years so that we can determine your revenue, expenses, assets, and loan balances and payments. For a Fleet Replacement Plan, we will also request an expected truck replacement schedule.
How much does these services cost?
The costs depend on the service. We offer a money-back guarantee. See the Purchase Analysis, Readiness Report, and Fleet Replacement Plan pages for more information.
How can these planning services help me?
The services can help you save money and time by helping you analyze your financial options on your current truck purchase, determine your financial readiness before buying your next truck, or creating a multi-year budget to adequately equip your department.
