Which Commercial Equipment Rates are better: Leasing or Purchasing Rates?

Looking at commercial equipment rates, what’s the best way to get the hardware you need?

commercial equipment ratesOne of the most important parts of any home and any restaurant is the kitchen, because the kitchen is where all food is worked on and made, whether it’s a home cooked meal or a five star dinner. Kitchens depend on two very important factors for their quality as well as their ability to handle quite a few people at once: chefs and equipment.

The cook is the one who really makes the meal, of course, but the quality of hardware is an extremely important factor in just how well a kitchen runs. If you’re a home owner and you don’t worry too much about your hardware, that’s one thing, but restaurants absolutely depend on the quality of their commercial kitchen equipment to run well.

However, even low quality equipment can be pricey, never mind getting the best hardware you can possibly find to get the job done. Restaurants depend on their kitchens to improve the appeal of their restaurant exponentially, and as good as the chefs and cooks are, they can’t get the job done if they don’t have a good setup.

Restaurants will often look into commercial equipment rates and see whether leasing or purchasing kitchen equipment is the better option.

Commercial Equipment Rates for Purchasing Hardware

Purchasing hardware is normally pretty straightforward, but if you can’t afford the cost, there are other ways to get assistance in buying the equipment you need. When purchasing equipment for a business, you can claim it as an asset for your business and you’ll get some funding for it, or you can just take out a loan to get the funds you need.

The only downside with loaning is that you have to pay it back with interest, which is why it’s advisable not to loan more than you can afford to pay off with interest, especially if your interest rate is too high.

Normally the interest rate depends on the bank you loan from and your credit, but either way, if you loan too much, the interest rate will end up being quite a bit to pay for.

The downside to purchasing is having to pay again to repair and/or replace the hardware in such a short time span, and that can be made worse if you have to get a loan.

Commercial Equipment Rates with Leases

The advantage to leasing versus purchasing is that the rate you pay can be handled much easier for a company simply because you pay the same rate every month for the duration of the lease. The commercial equipment rates are low, flat, and every month, which is much simpler versus high, upfront payments or loans with obnoxious interest rates.

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Plus, with leasing, you can set up your lease so you get equipment repaired for you without having to pay ridiculous prices just to get the hardware fixed. If the hardware needs to be replaced, that can be done as well, and some leases have upgrades set up either throughout the lease or at the end of the lease.

That way, if you continue your lease you get the latest new hardware, or if you choose, you can just purchase the hardware at a reduce rate.

Is Leasing your Best Option?

Leasing can be extremely helpful for a company because you can get all the equipment you need without blowing through all of your funding. However, you need to know what you want as far as a lease in order to get the equipment setup you want for your business.

A lease is ideal, but every lease is different, and they all depend on who is getting the lease as far as the type of business, experience of the business, and financial structure of the business.

With restaurants, the high cost, high income setup makes some leases better than others, so you need to research the leases as far as the commercial equipment rates and the lease period, as well as deals that are placed in the lease like upgrades and such.

To learn more about commercial equipment rates through leasing, click here.

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