Every business needs immediate access to the best equipment in order to operate successfully and make profit. Equipment financing gives your business the best opportunity to buy equipment in the most effective manner. One excellent way to obtain equipment finance is through a lease. A lease is great for businesses because it does not squeeze cash flow or tie up receivables, credit cards, or bank lines.
Equipment finance through a lease offers your business a competitive edge by minimizing tax liability and protecting against equipment obsolescence. And also it gets more appealing to businesses because they do not need large amounts of collateral in order to get approved. Its way easy to acquire the equipment your business needs-without much of a hassle.
Your business can acquire just about any type of equipment through equipment financing, some are:
- Agricultural equipment
- Computer equipment and software
- Audio/Visual equipment
- Office furniture and equipment (copiers, fax machines, etc.)
- Photo processing equipment
- Construction and Industrial equipment
- Restaurant equipment
- Telephone systems
- Manufacturing equipment
- Medical equipment
- Point-of-sale systems
- Tractors and trailers
Generally speaking, there is a lender out there for every type of equipment financing. No matter what you need to purchase or lease for your business, you can find a lender that is more than willing to customize a plan to match your every need. However, some industries are more commonly serviced than others. These include:
Three Types of Leases
A growing number of companies have come to realize that leasing equipment is often times better than taking out a loan to make a more traditional purchase. Before you decide for or against this, here are the three types of leases to become familiar with:
Benefits of Leasing Equipment
1. The ability to always have the most modern equipment, giving you the chance to improve your business and stay one step ahead of the competition.
2. Allows you to have a more consistent budget
Traditional Equipment Loan
For those who are not interested in leasing, the ability to secure an equipment financing loan is available.
Questions to Answer
1. Are you interested in upgrading to the most modern equipment every few years?
2. Do you have the desire to own your equipment outright at some point in time?
3. What would the monthly payment be for a lease and traditional purchase?