Equipment Leasing Advantages

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Equipment Leasing Advantages

Whether just starting a business or whether you are already established, you probably already know the importance of having the right equipment. However, it is not always possible to find or finance the capital needed to buy the equipment and pay your other business expenses. The good news is that equipment leasing is a viable option when purchasing the equipment you need is not.

If you choose a lease program that fits your company's needs, there are plenty of advantages that can be gained by leasing equipment. But, before making any decision of this nature, you should carefully research your options and decide which lease structure is right for your business, as well as whether or not leasing is the best option for you.

Is Equipment Leasing the Best Option for You?

First of all, leasing can help you preserve capital. If you are looking to keep some capital on hand, leasing equipment is a good option. Instead of spending the capital on buying equipment outright, you make a lower monthly payment that can help you maintain your capital for other expense needs.

Equipment leasing is also an advantage when it comes to taxes. Financing the purchase of equipment, or buying it outright, does not yield ongoing tax benefits and you have to factor in depreciation. When you lease equipment, however, it is possible in many cases to find a program that allows you to deduct your payments.

Leasing equipment for your business also provides the ability for easier upgrades and transitions. If you expect to expand or reduce your business relatively soon, then having a lease can help you either purchase adequate equipment quickly, or it can help you get rid of it easily (by returning it at the end of the lease) when you reduce the size of your business. Additionally, leasing allows you to easily upgrade equipment in some cases (especially an operating lease) and can be very helpful if you need new technology to remain competitive in your industry.

Another advantage that equipment leasing has is that it is often easier to get a lease than it is to get financing through a bank. A bank requires more strenuous credit checks and may even require a business plan before it will lend you money to purchase equipment. Or, if the bank has already lent you money to start up or expand your business, then it may not lend you more if it turns out you are a little short on the equipment funds. Most equipment leasing companies, however, will allow you to lease equipment up to $100,000 on the strength of your own credit, and the ability to make a monthly payment.

Equipment Leasing Fitting Your Business Needs

By choosing an equipment lease option that fits your business needs, it is possible for you to obtain the equipment you need without some of the hassles associated with bank financing or using capital to purchase the equipment outright. Even if you plan to purchase your equipment in the future, an equipment lease can be a good way to get started until you are in a position to do so.

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