Variable-Rate Loans
Our variable-rate note program is available to all of our Dexter equipment customers, subject to credit approval. The interest rate fluctuates with prime rate each month. Prime rate used for calculating interest rate on new notes will be that which is published by The Wall Street Journal on the first day of the then current month (Prime rate floor may apply).
For those applicants who have owned/operated an existing business for at least the most recent two year period, notes will be calculated at Prime Rate plus X percent based on the following amounts financed:
| Amount Financed | Note Term | ||
|---|---|---|---|
| 36 to 60 Months | 72 Months | 84 Months | |
| $10,000 - $49,999 | Prime + 4.75% | N/A | N/A |
| $50,000 - $149,999 | Prime + 4.25% | Prime + 4.25% | N/A |
| $150,000 - $299,999 | Prime + 3.75% | Prime + 3.75% | Prime + 3.75% |
| $300,000 Plus | Prime + 3.50% | Prime + 3.50% | Prime + 3.50% |
- Rate and approval subject to change if note is not funded within 60 days of approval.
- Replacement equipment projects may qualify for financing up to 100 percent of list price (including freight, delivery, install, tax, etc.).
- Notes will typically be written for terms of 36, 48, 60, 72 or 84 months.
Minimum amount financed per note term is as follows:
| Note Term | Minimum Amount |
|---|---|
| 36, 48 or 60 Months | $10,000.00 |
| 72 Months | $75,000.00 |
| 84 Months | $150,000.00 |
| 96 Months* | $300,000.00 |
| * Non-standard term, for qualified customers | |
- No application fee, non-refundable commitment fee required once you agree to terms of approval (applied to a scheduled installment and documentation fee if promissory note closes).
- No prepayment penalty for full, or partial, prepayment of note.
- Landlord waiver/subordination form required for transactions greater than $75,000, but less than $150,000.
- Agreement to assign real estate lease required for transactions greater than $150,000.
- Monthly payment will be set up on automatic draft from bank account.
- Proof of insurance required for transactions greater than $75,000.
- Copy of building lease required for transactions greater than $75,000.
- Dexter manufactured equipment must represent at least 75% of equipment package.
- Equipment packages containing non-Dexter manufactured washers (including top loaders), dryers and/or card systems are subject to higher interest rates.
Within our variable-rate promissory note program, we offer a 90-day deferred option. This means that your first scheduled payment would be due approximately 120 days from inception, allowing you to start earning revenue on your equipment purchases prior to having to make your normal monthly payments.
