Quoting Artificially "Low" Interest Rates

What we've seen…

Quoted rates may appear to be good on the surface, but if you dig deeper, you may find things like security deposits, down payments, or end-of-term buyouts or fees that elevate the effective interest rate.

Dr. S was quoted 8% but would have paid an extra $6,100.00—an effective interest rate of 35%—had he not talked to us and discovered a hidden pay-off contract provision.

How to protect yourself…

Ask your lender to itemize all fees before, during and at the end of the contract.

Also ask them if the quoted rate includes all costs.

Even after you have their responses, it's important to carefully review the contract, and if necessary, have it reviewed by an attorney to ensure you're protected.

Your overall interest rate may be higher than quoted—especially if you want to own the equipment at the end of a lease.

Lease/Loan Comparison Hotline:

As a no-obligation service for policyholders, you can call NCMIC's Lease/Loan Comparison Hotline. A specialist will compare a lease or loan you're considering to ours—before you sign on the dotted line.

Call 800-396-7157, ext. 6939
Learn more about the lease/loan comparison hotline

While NCMIC does not provide legal advice, we'd be happy to compare it to our contract and point out differences in terms and fees.

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Equipment Loans


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800-915-3007 ext. 5418

Existing Loans

Equipment loans offered by NCMIC Finance Corporation are subject to credit approval. You should consult an attorney or financial advisor for specific legal or tax advice before entering into any financing arrangement. NCMIC and the equipment vendor you select are separate companies, are not agents of one another, and have no authority to bind one another to financial or other contractual obligations.