Frequently Asked Questions

Below you will find answers to several questions that are frequently asked by our applicants and customers. If you need further clarification, or have a question that isn’t included in our list, please contact one of our representatives for assistance.

Financial Questions

• Can I choose the type of equipment I plan to finance?

  Yes, you and your distributor will determine the right mix of equipment based on your needs.

• Do you only finance Dexter equipment for my laundry?

  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.

• What are my financing options?

  We have a variety of financing solutions ranging from leasing, fixed and variable rate loans along with 90-day deferred options.

• Can I get pre-approved for lease or loan?

  We do not provide pre-approval because your final equipment mix determines the amount of approval.

• Do you have a minimum amount required to finance?

  Yes, our loan minimum is $10,000 and our lease minimum is $3,000.

• How long will my financing term be?

  It will vary based on the actual amount financed and your financing product, but we offer terms from two to seven years.

• Do you provide financing solutions for start-up laundries?

  Yes, we can provide financing solutions for startup laundries. In most cases a down payment will be required.

• Do you finance construction costs or store purchases?

  No, we currently only provide financing solutions for equipment purchases.

• Will I have a down payment to the distributor?

  A down payment may be required in some cases. This is determined during the approval process.

• Will my financing solution cover costs such as sales tax, installation and freight?

  Your final amount financed will be determined based on final credit review, and in some cases, these additional expenses may be covered.

• How fast will I receive a decision on my application?

  After receiving a complete application package, we generally make a credit decision within one business day for applications less than $150,000, and within 2-3 business days for applications greater than $150,000.

• Is my approval based only on my credit score?

  No, we look at a variety of criteria during the credit review and do not base our decision solely on credit scores.

• What are the steps involved in the financing process?

  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 your document package for completion.

• What kinds of fees will I be expected to pay?

  We do not charge an application fee, but upon approval and your acceptance of the terms, we require a nonrefundable documentation fee.

• Is there any type of prepayment penalty?

  No, we do not have a prepayment penalty on any of our financing solutions; you may prepay your obligation in-full, without penalty.

• Can I make extra principal payments, or partial prepayments?

  You may make additional principal payments on your loans with us, but not on your lease contracts.

• Do you require personal guarantees?

  Yes, we do require a guarantee on all transactions and, in some cases, may require additional individual or corporate guarantees.

• Why do you need guarantees?

  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.

• When will I get my equipment?

  The delivery of your equipment is determined by you and your distributor. Our representative does contact the distributor once you have completed all of your necessary documents.

• Do you take a security interest in my equipment or business?

  We do file a UCC on the equipment only. Once you have paid in full, we will terminate our secured interest.

Customer Service Questions

• What are your hours of operation?

  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 we will respond to your request as soon as possible.

• I want to pay off my financing. What do I do?

  You may make your request via our website, or by contacting one of our customer service representatives, and we will provide you with a current payoff.

• I am selling my store. Is my financing transferable or assumable?

  Yes, your financing is transferable or assumable if the applicant is approved by our credit department.

• What do I need to do for an assumption or transfer?

  Contact our customer service representatives for details. The applicant will need to complete an application and provide additional credit information as needed. The application is available on our website.

• Are there any fees for a transfer or assumption?

  Yes, after approval we do require a documentation fee.

• Why am I not receiving a monthly statement on my account?

  We do not provide monthly statements, as payments are received by automatic debit. Contact our customer service representatives at any time to review your account.

• I have a variable rate note. How will I know what my payment is each month?

  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.

• How often do you update the changes in prime rate?

  Prime rate is updated on the first of each month as published in The Wall Street Journal.

• I need to know how much interest I paid for the year to complete my taxes. How do I get this information?

  For those customers with a variable or fixed rate loan, we will notify you shortly after year end with your interest paid.

• Will I be billed personal property taxes on my equipment?

  Generally, if you have a fair market value purchase option lease, Dexter Financial Services Inc. (DFS) will report to your taxing authority that we are the owner of the equipment. The taxing authority will bill us and we will then bill you for the personal property taxes. If you have a loan, or $1 purchase option lease, you will be responsible for reporting your equipment purchase as personal property to the local taxing authority and paying any associated taxes directly.

• How do I change my bank account information for my automatic debit?

  You may update this information via our website, by faxing a copy of a voided check to our office, or by contacting a customer service representative for instructions.  Please be sure to include your contract or lease number.

• I need to update my address. What do I do?

  You may change this information via our website or by contacting our customer service representatives with your new address information.

• My insurance provider has changed. Do I need to let you know?

  Yes, please contact our customer service representatives if you have any changes on your insurance.

• Can I change my payment date?

  Our payment date options are the 10th, 20th or 30th of the month. You may change a payment due date to any one of these time periods; provided you remit any applicable fee and partial month payments, as well as, complete the necessary documentation.

• If I have a lease what do I do at the end of the lease term?

  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.