Finance Resources
Learn more about First Western Equipment Finance and the equipment finance industry by checking out our resources page. Our mission is to educate the business community and align with our partners for continued successes.
Recent Equipment Finance Insights
Section 179 Explained
Section 179 is a valuable tax benefit and one every business should know about. Section 179 lets businesses accept an immediate tax break on the equipment purchase by letting them report equipment purchases on federal taxes as an expense. So instead of another year of “getting by” with aging and outdated equipment, Section 179 may […]
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First Western Equipment Finance Partners with Local Animal Rescue
First Western Equipment Finance has long supported Second Hand Hounds, a local non-profit animal rescue here in Minnesota. On November 14th as part of Give to the Max Day, we have contributed to Second Hand Hounds’ great mission of making an impact on the lives of animals in our community. Thanks to Give MN’s Give […]
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Time to buy new equipment? Business owners can be eligible for a tax break under Section 179
As 2019 comes to a close, this is a great time to take one last look at your upcoming equipment needs and decide if now is the time for an upgrade or expansion. That’s because the enhancements to the existing Section 179 deduction, passed under the Tax Cuts and Jobs Act of 2017, provide more […]
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Frequently Asked Questions
Insurance
When does the insurance certificate need to be in to First Western Equipment Finance?
We prefer that the certificate be sent in with all other documents sent to the account manager. If that isn’t possible, as soon as possible thereafter, to make sure that customers are protected from loss or damage.
Will First Western Equipment Finance contact the agent?
We will follow-up with the agent to obtain the correct documents, but the customer must make an initial contact with their agent to add the equipment to their policy.
Additional information can be found here.
What types of financing does First Western Equipment Finance offer?
First Western Equipment Finance offers a large variety of financing options. We offer EFAs (equipment finance agreements), purchase-option leases, and municipal leases. We also offer flexible terms, such as seasonal and deferred payment options.
What is an EFA?
EFA stands for equipment finance agreement. Unlike a lease agreement where the lessor retains ownership of the equipment and the lessee may have the option to purchase at the end of the term, under an EFA the borrower retains ownership of the equipment financed throughout the term of the agreement.
An EFA may be the perfect solution for those who have experienced a difficulty regarding the end of term payment price, at the end of a lease agreement in the past. With an EFA, since there is no purchase option, there is no difficulty — you already own the equipment.
