Banking for Individuals > Leasing

Take advantage of the flexibility leasing has to offer.

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Benefits of Leasing

Leasing is a great tool that can help you conserve and control your cash with typically lower monthly payments and zero to little down payment.

Down PaymentTypically 20%Little or no down payment
FinancingUp to 80% after down paymentUp to 100% with little
or no down
Monthly PaymentsStandard monthly payments typical of a loanMay be lower than monthly loan payments
Tax SavingsCost may be deductible in the first year only and up to a limit determined by the IRS
Depreciation may be tax deductible
Payment, depreciation and even interest may be tax deductible depending on the type of lease
May lower your taxable income
Interest SavingsMay offer a lower after-tax cost
of ownership
Options at Term's EndYou own the equipment,
you keep it
Return equipment to avoid obsolescence, purchase the equipment, or continue leasing the equipment.
(Available options depends on the type of lease.)

Types of Leases

Choice offers several different types of leases, here are 3 of the most common. Our leasing experts will work with you to find the right solution to fit your needs.

Capital Lease

A lease of equipment which represents ownership and is reflected on the balance sheet as an asset. A capital lease, in contrast to an operating lease, is treated as a purchase from the standpoint of the person who is leasing and as a loan from the standpoint of the person who is offering the lease, for accounting purposes. These leases usually end with  $1.00 buy or 10% of the original equipment price.

Tax (True) Lease

A multi-year lease arrangement in which the risks and rewards of ownership are retained by the owner (the lessor) of the leased asset or property, whereas the lessee retains its possession and use for the lease period. The lessor claims the depreciation benefits and the lessee claims the lease payments as capital expense.

Municipal Lease

A tax-exempt lease that mirrors an installment sales contract. Consult your tax advisor to determine potential tax benefits.

Why Lease with Choice?

Local Decision Making and Local Service

  • All decisions are made right here in our local market by individuals who know and live in our community. All lease customers are serviced out of our Grand Forks location, providing you with our #PeopleFirst philosophy.

Fast Turnaround Times

  • Local decision making means your request doesn’t have to travel from location to location for review. This means a shorter wait time for you.

What can you lease?

  • Construction equipment

  • Ag equipment

  • Industrial truck and trailers

  • Commercial buildings

  • Farm shops

  • Grain bins

  • Medical equipment

  • Dental equipment

  • Computers/software

  • Office Equipment (desk systems, phone systems, point of sale equipment)

  • Media

  • Golf Course Equipment

  • Packaging Equipment

  • Refrigeration Equipment

Talk to a Leasing Expert