Financing FAQ

Q: Can I choose the type of equipment I plan to finance?
A: Yes, you and your distributor will determine the right mix of equipment based on your needs.

Q: Do you only finance Dexter equipment for my laundry?
A: No, we also can provide you financing solutions on the additional equipment used in laundries such as change machines, carts, folding tables, soap vendors, etc.

Q: What are my financing options?
A: We have a variety of financing solutions ranging from leasing, fixed and variable rate loans along with 90 day deferred options.

Q: Can I get pre-approved for lease or loan?
A: Currently we do not provide pre-approval since your final equipment mix determine the amount of approval.

Q: Do you have a minimum amount required to finance?
A: Yes, our loan minimum is $10,000.00 and our lease minimum is $3,000.00.

Q: How long will my financing term be?
A: It will vary based on the actual amount financed and your financing product, but we offer terms from 2 years to 7 years.

Q: Do you provide financing solutions for start up laundries?
A: Yes, we can provide financing solutions for start up laundries. In most cases a down payment will be required.

Q: Do you finance construction costs or store purchases?
A: No, we currently only provide financing solutions for equipment purchases.

Q: Will I have a down payment to the distributor?
A: A down payment may be required in some cases. This is determined during the approval process.

Q: Will my financing solution cover cost such as sales tax, installation and freight?
A: Your final amount financed will be determined based on final credit review, and in some cases, these additional expense may be covered.

Q: How fast can I can I get an approval on my application?
A: Our representative will evaluate your request. We will inform you of our credit decision within 2 business days or less, after receiving a complete application package.

Q: Is my approval based only on my credit score?
A: No, we look a variety of criteria during the credit review and do not base our decision solely on credit scores.

Q: What are the steps involved in the financing process?
A: After your application is approved we will send you a commitment letter stating the terms of approval. You will sign this letter and return it to our offices along with your advance payment and documentation fee. After receipt of the signed letter we will overnight the complete document package for your completion.

Q: What kinds of fees will I be expected to pay?
A: We do not charge an application fee, but upon approval of your application and your acceptance we require a nonrefundable documentation fee.

Q: Is there any type of prepayment penalty?
A: No, we do not have a prepayment penalty on any of our financing solutions.

Q: Do you require personal guarantees?
A: Yes, we do require a guarantee on all transactions and in some cases may require additional individual or corporate guarantees.

Q: Why do you need guarantees?
A: Our business is to provide financing solutions and we require the assurance that our obligation be given the same concern as other debt relationships. We also rely on this guarantee to avoid any possible transfer of assets to avoid obligations.

Q: When will I get my equipment?
A: The delivery of your equipment is up to the individual distributor and your needs. Our representative does contact the distributor once you have completed all of you necessary documents.

Q: Who will get the funding once the transaction has been completed?
A: We will pay your distributor directly for the purchase of the equipment.

Q: Do you take a security interest in my equipment or business?
A: We do file a UCC on the equipment only. Once you have paid in full we will terminate our secured interest.

Q: If I should sell my store at a later time is this financing transferable?
A: Yes, our financing solutions are transferable to qualified applicants.

Q: Will I get a monthly statement or invoice?
A: No, we require all of our customers to pay each month by an automatic debit.

Customer Service FAQ

Q: What are your hours of operation?
A: You may contact our office 8:00-5:00 Central Time. You may also leave a message for our representatives before or after hours and they will respond to your request as soon as possible.

Q: I want to pay off my financing, what do I do?
A: Contact one of our customer service representatives who can provide you with a current pay off or make your request from our website.

Q: I am selling my store is my financing transferable or assumable?
A: Yes, your financing is transferable or assumable if the applicant is approved by our credit department.

Q: What do I need to do for an assumption or transfer?
A: Contact our customer service representatives for details. The applicant will need to complete an application and provide additional credit information as needed. The application can be printed from our website.

Q: Are there any fees for a transfer or assumption?
A: Yes, after approval we do require a documentation fee.

Q: Why am I not receiving a monthly statement on my account?
A: We do not provide monthly statements. Contact our customer service representatives at any time to review your account.

Q: I have a variable rate note, how will I know what my payment is each month?
A: Each time there is a change in variable rate you will receive a notice in the mail detailing the current prime rate and your new payment amount.

Q: How often do you update the changes in prime rate?
A: Prime rate is updated on the first of each month as determined in the Wall Street Journal.

Q: I need to know how much interest I paid for the year to complete my taxes, how do I get this information?
A: For those customer’s with a variable or fixed rate loan, we will notify you shortly after year end with your interest paid.

Q: Will I be billed personal property taxes on my equipment?
A: If you have a lease, Dexter Financial Services, Inc. (DFS) will report to your taxing authority we are the owner of the equipment. The taxing authority will bill DFS who will bill you for the personal property taxes. If you have a loan you will be responsible to report your equipment purchase as personal property to the local taxing authority.

Q: I need to change my bank account information for my automatic debit?
A: You can simple fax a copy of a voided check to our office with a request to update your account information. Be sure to include your contract or lease number. Or you may update this information from our website or contact our customer service representatives for instructions.

Q: I need to update my address, what do I do?
A: You may change this information from our website or contact our customer service representatives with your new address information.

Q: My insurance provider has changed do I need to let you know?
A: Yes, please contact our customer service representatives if you have any changes your insurance or fill out a request on our website.

Q: Can I change my payment date?
A: Our payment date options are the10th, 20th or 30th of the month. You may change a payment due date to any one of these time periods. There will be a fee along documentation to complete prior to any changes.

Q: If I purchase more equipment can I roll my additional purchase into my current financing?
A: No, we do not consolidate our financing but we can provide you with new financing and use your current information on file if it is recent. You may need to provide additional documents as required by the credit department.

Q: I have a variable rate loan and want to change it to a fixed rate loan, can I do that?
A: Currently we do not refinance any of our products.

Q: If I have a lease what do I do at the end of the lease term?
A: If you have a $1.00 purchase option, we will debit your final $1.00 along with your final full regular payment. If you have a fair market value purchase option we will contact you directly to arrange your final payment. After your final payment we will forward a bill of sale.