TimePayment
1.2
2.8
Overall Score
Author: Kaitlyn Short
TimePayment Corporation is an equipment financing and leasing company founded in 1986 in Burlington, Massachusetts. The company provides financing for business equipment up to $1,000,000+ and offers affordable monthly lease payments.
TimePayment serves small businesses to large corporations and works with all types of credit histories. The company's services are best suited for business owners needing quick access to capital for equipment acquisition.
Top Ranked Companies
The Good
- Available Equipment Lease Types
- Customer Portal
- Other Benefits
Available Equipment Lease Types
With TimePayment, businesses of varying size have the opportunity to apply and obtain equipment financing to help fund new or existing projects. Even startups are eligible for financing, which can't be said for many competing lenders.
So how does financing with TimePayment work?
Borrowers have several lease structure options through TimePayment. Small business owners can choose a commercial lease from $500 to $1,000,000+ or a consumer lease for residential equipment up to $15,000. Lease terms range from 14 to 60 months.
Borrowers can also choose from lease-to-own, fair market value, and split funding leases. Once a lease term ends, borrowers can buy the equipment in full or continue to rent monthly.
Customer Portal
Borrowers can manage monthly payments through an online customer portal account on the company's website. Customers are able to set up automatic billing payments, download leasing contracts, and view invoices and payment history.
This company also offers educational resources on its website and Customer Service Representatives are available by phone or email to answer any questions about the leasing process.
Other Benefits
Other benefits offered by TimePayment include the following:
- A broad credit window, which lowers the barrier to entry for lease programs
- Fast approval and funding within 24 hours
- Fixed monthly payments
- Lease payments may be tax-deductible
- Several equipment leasing options
- Manage payments through an online account
The Bad
- Equipment Needs Only
- Pre-Contract Fee Disclosure
Equipment Needs Only
As explained, TimePayment facilitates equipment financing only.
Pre-Contract Fee Disclosure
Transparency is important to TimePayment, so lease contracts disclose all fees and other related terms and conditions for each lease including prepayment penalties, origination fees, monthly insurance and administrative fees, and closing costs.
But for the first time equipment borrower with no prior knowledge of the pricing structure of an equipment lease, public disclosure on the website would be useful, even if full disclosure is not the norm for an equipment leasing firm.
The Bottom Line
TimePayment is well-suited for any age or size business that needs equipment financing. Borrowers can choose from several lease types from 14 to 60 months and make automatic billing payments online. If you're interested in pursuing a lease, you can get a free quote through a lease calculator on the company's website.
While all potential fees are outlined in customer contracts before they are signed, be aware that multiple TimePayment reviews express a negative consumer experience leasing with this company on the basis of fees. If you work with TimePayment (or any lender or leasing company), make sure you understand all financing terms and conditions prior to signing a contract.
