Frequently Asked Questions
- Why do a loan instead of a lease?
Our business today is mostly comprised of loans. Customers like loans better because they know that some leases are confusing and hide the amount owned at the end of the term. They have had or heard of horror stories about end of term leases. With a loan, you know what you will pay in the beginning, the middle and the end of the term. Loans also simply the process because the value of the equipment is not an issue.
- I need to replace the sumps and piping at one of my sites, but the installation costs will be more than the equipment. Can you finance the project?
Yes, we finance 100% of installation and equipment costs. We could make a loan for this project using a 3, 4 or 5 year term. In some cases we can offer up to an 8 year financing package.
- How long does it take to get started once we are approved and what is the process?
Once a customer has signed our commitment letter, we can overnight the loan documents to the customer right away. Funding can be paid to vendors as soon as the documents are signed and sent back.
- Can you pay the vendor the down payment and progress payments they want?
Petroleum vendors work with equipment manufacturers who require down payments when equipment is ordered. The usual time frame for the delivery for some equipment, like dispensers and tanks, is 8 to 12 weeks. In addition, Vendors usually have to pay the manufacturer for major equipment when it arrives. We have the ability to start a loan right away and make several payments to your vendors so that they can order equipment. However, we will never make a payment without your permission, so you control the deal.
- Do you offer financing that covers more than one project?
We have a “Loan Line” program that will give you a line of credit that can be used for several projects. Your rate is locked-in during a 6 month installation period for these ongoing projects.
- Can you finance Re-Branding or Re-Imaging projects at one or more sites?
USEC offers loans for all aspects of re-branding and re-imaging. We can finance fascia reworking, re-hanging of lights and fixtures, new signs, repainting, and any other aspect of your re-branding or re-imaging project.
- Do you offer Working Capital loans?
We offer working capital loans from $15,000 to $150,000. These loans are offered on 36 to 60 month terms.
- We have spent funds out of our cash flow to upgrade our sites. Can we get that funding back with a loan from USEC?
We make many loans to companies who need to inject money back into their cash flow, which has been depleted over time by paying for site upgrades. The process is very simple; the customer submits the standard application package along with the project invoices or cancelled checks. We can reimburse project funding of $100,000 and up.
- I have a dealer who has been in his current location for less than a year. Can you help with financing his petroleum equipment upgrade?
The Jobber who said “there are a lot of ways to skin a cat” was right. We have funded some loans where the customer did not have the usual time in business required, which is 2 years. If you are faced with these issues, give us a call and let us tell you about how we helped other customers with their projects.