Why Lease Equipment?

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Why Lease Equipment?

In a society that places a great deal of value on owning things (houses, businesses, cars, etc.), it can seem a little out of place to lease equipment for your business. However, leasing equipment can be a very viable option for new, established, or expanding businesses. There are also many advantages associated with leasing, and there are plenty of options available for tailoring the lease to the specific needs of your business.

Tailoring the Lease to the Needs of Your Business

First of all, leasing is rather common. Many savvy business owners lease their equipment in order to avoid having to throw it out when it becomes obsolete or pay maintenance costs to fix it. Additionally, because equipment leases require very little (and in some cases none) out-of-pocket and upfront costs, many companies find it convenient to lease equipment in order to preserve liquid capital. In fact, most businesses, no matter their size, age, location, or profitability, lease at least some of their equipment.

Equipment leases are not limited to large vehicles for agriculture, excavation, or building businesses. There are leasing companies that lease out office equipment like cash registers, copy and fax machines, and even computers. It is possible even to lease phone systems. So, no matter what kind of business you have, you likely have the option to lease some of your equipment, freeing up capital for other business related expenses.

Other reasons that equipment leasing is a popular mode of obtaining needed equipment are related to the financial benefits of a lease. There are a variety of lease structures that can be tailored to fit the specific financial situation of your company. Not only does a lease free up capital, but also lease payments under some of the different available equipment lease structures are tax deductible. Make sure you check into the tax deductibility of a lease before you sign, as not all lease payments are eligible.

Additionally, payment options include lease structures that have extra features. There are equipment leases that allow you to defer payments for a few months in order to get a revenue flow before making monthly payments. Other payment plans include seasonal payment options. This means that school districts and agribusiness can take advantage of plans that allow them to pay less during the summer, when revenue is lower, and more during the fall and winter, when revenue increases.

Finally, the multiple options available at the end of an equipment lease make the process more palatable. Many lease structures offer the option to buy the equipment at the end, so if you are set on owning your equipment, you can do so. Other structures will allow you to trade in your equipment for an upgrade when you renew your lease (the operating lease provides continual upgrades). And it is also possible to sell your equipment if you have a capital lease.

The Smart Business Move

Leasing the equipment you need for your business can be a smart business move. Study your options and familiarize yourself to the advantages of leasing versus those of owning. And then make a decision that will best help your business to achieve success.

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