If you’ve ever asked yourself “How does equipment leasing work?”, you’re not alone.
That is why we created this cheat sheet that will show you just how easy and affordable it is.
What is an equipment lease?
What it is: An equipment lease is a type of rental agreement for the use of equipment, for a specific amount of time, and payment amount. The equipment seller (lessor) is the initial owner of the equipment and the equipment borrower (lessee) uses the equipment.
How it works: The equipment leasing process is simple already.To lease commercial equipment from the leading equipment finance companies it only takes 2 minutes with the LeaseQ instant equipment lease quote engine.
To get started, just give us some basic information about the equipment you need. Our online equipment finance platform will make a “soft” credit inquire so there is no impact to your personal credit score. Within seconds, you will get equipment finance rates from equipment lenders. Compare monthly payment plans, choose the best option for you, and lock it in. That’s it.
The upsides to an equipment lease is not having to deal with the high costs of purchasing. Equipment leasing is designed to be financially affordable. The monthly payments are pre-determined, the rate is low and is always flat. Equipment leasing for your small business or startup can mean conserving your cash while still get the equipment you need. With all the cash you are able to hold onto, you get to spend it on other important areas of your business.
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Leasing has other benefits too that makes it worthwhile for your the busy business owner. You get the equipment repaired over time if it breaks down, you get upgrades on the equipment after a certain amount of times, and you get tax benefits from just having an equipment lease.
There are some downsides to an equipment lease. If you’re a startup company, you may run into the problem of having to use your own credit to get the equipment. Depending on how long your lease term is, another disadvantage could be paying more money in the long run.