What Should You Know About Leasing Medical Lab Equipment?

Why should you purchase medical lab equipment when you can easily lease? Read on to find out more about medical lab equipment leasing.

leasing medical lab equipmentThere are many misconceptions about leasing equipment (medical lab equipment included) that have been going around for so many years. Leasing is a cheaper option as opposed to making cash purchases especially if your equipment has to be changed on a regular basis to keep up with technology. Below is a discussion of some of the myths about leasing medical lab equipment.

Used Medical Lab Equipment

Used medical lab equipment is cheap to obtain. You can get the best high end and most advanced equipment at a cheaper price. Moreover, chances of paying for malfunctioning equipment are minimal unless you go to a supplier who has a very bad reputation. Remember that just because your equipment is new and has just been unwrapped doesn’t guarantee that it won’t fail. Used medical lab equipment is also readily available unlike new equipment which you have to pre-order.

One disadvantage of used equipment is that it does not come with a warranty. In addition, it may not last as long as you would like it to depending on how long it had been in use before you acquired it.

Myths Of Leasing Medical Lab Equipment

One of the myths that go around is that leasing is only for new medical facilities which do not have enough money to spare. This is not true because established facilities opt to lease some of their scientific medical equipment as opposed to making cash purchases. A medical facility will analyze the costs that they will incur if they purchase the equipment as opposed to leasing it. For instance, if they make an analysis and find that it would cost thousands of dollars just to purchase equipment that they would probably use just for two months, then it would make sense to instead lease it at a fraction of the price.

Secondly, most people believe that leasing is a long term contract and you cannot get out of it. This again is not true because most leases have “out” clauses that allow you to terminate your lease at any time. Early termination of a lease may incur you extra costs but at the end of the day, you will not be bound by it.

Medical Lab Equipment Leasing With Bad Credit

If you have been unfortunate enough to have your credit score tainted, this can make it very difficult for you to find a trust worthy company that is willing to help you with your damaged credit issues. Many companies out there are willing to make your equipment leasing experience cost effective, efficient and easy. Believe it or not, they are willing to lease to you even if you have ever filed for bankruptcy.

Why would these companies approve your lease if you have such a terrible credit score? The answer to this question is very simple. Leasing companies know that their clients have financial difficulties and therefore the terms and conditions on their contracts are not financially demanding. They make the application process less stressful as compared to when you go to a bank to request for a loan.

Used Medical Lab Equipment Leasing

Applying for a lease for used equipment should not be a difficult task but getting approved for it can present quite a challenge for most medical facilities. However, with a few tips, the process can be made less stressful.

The first thing that you should do is check your credit standing. Ensure that you do not have a poor credit status. Many leasing companies are reluctant to lease to medical facilities with damaged credit or no credit score because they consider them to be a risk factor. This problem will however be addressed in another section below.

Get an Instant Quote on Your Equipment Lease, Free

The second thing that you should do to get approved for a lease is to prepare all the necessary documents. You should have your financial statements in order, your projections for the business, a list of equipment that you need, financial statements, tax returns and any other documents that will help to speed up the approval process.

Final Word

Earlier it was mentioned that if you have damaged credit or you have no credit score at all, it might be difficult for you to get a lease. The good news is that it is not entirely impossible because LeaseQ online platform will only make soft credit inquiries which will have no impact on your credit score.

LeaseQ is the leading source of hundreds of finance companies which are willing to give you free and instant quotes on equipment that you need. Their financial experts will also give you any assistance that you require and help you to choose the best lease options available.

For more information on leasing medical lab equipment, simply CLICK HERE.