Financing & Leasing FAQ




For specific questions regarding financing and leasing options, contact Alex Arenes with General Financial directly at (407) 300-6516.
Who can obtain financing & leasing?
Anyone using the equipment for business purposes (or for a hobby farm) can apply for financing.  Sometimes riding mowers and vehicles are purchased for residential use - such purchases do not qualify.  If you are using the equipment to make money, you are eligible for financing or leasing, even if you do not have a registered business.
What types of equipment can be leased or financed?
Any Ag or Commercial/Construction equipment can be financed as long as it is not solely for personal use. It must be tied to some kind of business or hobby farm.  Semi trucks are basically the only exception – trailers can be financed, but semi trucks themselves cannot be financed because they are rarely used for Ag or Construction (usually used for over the road hauling). 
Are there any restrictions to the equipment that can be financed?
There are some age restrictions - there can be exceptions, but usually only equipment 15 years old or newer can be financed. Tractors can be financed up to 30 years old or newer.
Is there a minimum or maximum amount of financing or leasing available?
The minimum purchase price to be eligible for financing or leasing is $5,000.  There is no maximum.
When and where can pre-approved financing be used?
A pre-approval can be used for Auction purchases and for purchases off of IRAY’ Equipment Sales.  The important factors are the type of equipment and dollar amount the individual is looking to be pre-approved for.
How long are pre-approvals good for?
A pre-approval is good for 90 days and can easily be extended if needed. 
How long does processing the application take? 
Once General Financial has received the application, they usually have an answer within only a few hours. Application processing will always be completed within 2 hours unless additional information is needed.
What types of financing and leasing is offered?
Terminal Rental Adjustment Clause (TRAC), Fair Market Value (FMV), Buck Out, Capital & Operating, and Sale & Lease Backs can all be offered; once your application is approved you will be able to discuss which option is the best for you the details of the offer
What types of payment options are offered?
Another great benefit is we can offer all kinds of payment options – you can set up a payment plan to pay monthly, other quarterly, semi-annually, annually.  There are also specials for farmers where the payment date can be set to be after harvest, and specials for construction businesses where there can actually be no payments due during some predetermined slow months of each year.
Visit the primary Financing & Leasing page to find the buttons that bring you to either the Ag or Construction/Commercial financing & leasing applications.
If you have any questions, don’t hesitate to give us a call or contact us here!
For specific questions regarding financing and leasing options, contact Alex Arenes with General Financial directly at (407) 300-6516.



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I.R.A.Y. Companies

11935 Hwy 95 NE, Foley, MN 56329

Phone: (320) 968-7230

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