Frequently Asked Questions
Where is First Midwest Equipment Finance located?
First Midwest Equipment Finance (FMEF) is headquartered in Elk Grove Village, IL. We also have offices in Pittsburgh, PA., Jacksonville, FL., Houston, TX., Nashville, TN., Boise, ID., and Phoenix, AZ.
What can be financed?
FMEF finances standard Construction Equipment, Machine Tools, Transportation Equipment, Environmental Equipment, basically anything that doesn't float, fly or is involved in real estate.
What is the process like?
As soon as FMEF receives an application, it’s carefully reviewed by the credit department in our office. Many transactions are approved without financial statements or tax returns.
Once your application is approved, which normally takes 24 hours, we will call you to go over the specifics of the approval. If you accept our offer, we will prepare and email the documents to your attention. Upon receipt of your executed documents, FMEF issues a Purchase Order to the vendor on your behalf. After the equipment is delivered and installed the vendor can be paid and your regular monthly payments begin.
Why is financing important in today’s economy?
In order to lower your manufacturing costs and stay competitive with foreign markets, you must acquire the most advanced machinery and the latest manufacturing technologies available. Usually this requires an investment of your hard earned cash. First Midwest Equipment Finance offers flexible affordable financing and leasing programs to help make your business dreams a reality.
Where do you provide financing?
First Midwest Equipment Finance provides equipment financing, leasing, and loans throughout all 50 states.
What is the most popular financing program?
100% Financing | 60 Month Term | Fixed Interest Rate | $1.00 Buy-Out
First and Last Payment in Advance
Can I finance used equipment?
Certainly, the staff at First Midwest Equipment Finance are experts in used equipment financing! Late model used equipment provides good productivity at an excellent value. FMEF understands the equipment your buying and know its importance to your business.
How much information do I have to provide?
Many transactions are approved with our simple online application! If additional information is needed, we will contact you. We understand your time is valuable and our paperwork is minimal.
How long does it take to get approved?
Many transactions are approved in about 24 hours, and most are approved the same day. Larger or more complicated leasing transactions usually take a few more days. FMEF utilizes a unique funding model to provide a wide credit window.
Are there any tax incentives available?
Businesses purchasing, financing, or leasing new or used equipment in 2015, 2016, or 2017 can elect to expense up to $500,000 each year under IRS Section 179. These rules are designed for small companies so the $500,000 writeoff is reduced dollar-for-dollar as total equipment purchases exceed $2,000,000 in a calendar year.
In addition to the Section 179 deduction, 50% Bonus Depreciation is allowed for new equipment purchased, financed, or leased and placed into service before January 1, 2018, regardless of the amount of new equipment that is purchased in 2015, 2016, or 2017 . . . resulting in sizeable tax savings for new purchases.
Is FMEF licensed to do business in California?
Yes, First Midwest Equipment Finance is registered as a California Finance Lender (Lic. #603I407) with the California Department of Corporations. Please click the link for additional information: http://www.corp.ca.gov
The information presented above is not specific accounting, legal, or tax advice. Consult with an accountant or other tax professional to confirm your eligibility for tax incentives and benefits.