When trying to determine the victor in the age old question of leasing equipment vs purchasing, there are a number of different things a business owner should know in order to make the most informed decision possible when it comes to their equipment acquisition.
Leasing equipment vs purchasing it is a question that, to some business owners, can be answered easily. Some of them tend to believe that if they cash purchase their equipment items instead of leasing them, then they will have made a smarter business move since they now own their equipment items.
What this perspective fails to account for, however, is the idea that spending money all at once on equipment items is going to rapidly deplete a business’s capital reserves. By leasing, a business will have the chance to acquire all of the equipment it needs without having to spend large sums of money all at one time.
Leasing Equipment vs Purchasing
With regards to the debate between leasing equipment vs purchasing, once a business owner truly understands all of the respective benefits of leasing equipment instead of purchasing it, it becomes difficult to make a convincing case in favor of cash purchasing equipment.
The main reason that cash purchasing equipment is not ideal when compared to leasing is that since most businesses are going to require a fairly substantial volume of equipment items, the costs of cash purchasing said items is also going to be substantial.
It is not logistically preferable to be spending large sums of money all at one time when you are trying to keep your business afloat and profitable, and this is what tends to happen with cash purchasing.
Business owners who make the case that they would prefer to cash purchase their equipment because they prefer the instant ownership aspect of it are not realizing one very important detail about leasing. This detail is that depending on which type of leasing agreement your business decides to enter into, you can very easily keep all of your equipment items at the end of the lease.
In this way, leasing equipment is much better than cash purchasing overall, since business owners will be able to slowly pay for their equipment items and the end result is going to be the same (the business will be fully equipped with high grade commercial equipment items), with the business owning their equipment through a final buyout payment.
Financing Options for Businesses Deciding to Lease
For those business owners who have made the decision to lease their commercial grade equipment items, the next area to consider is the financing details of the leasing agreement in question.
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One of the most important financing options facing a business is going to be the option to take out loans for the purpose of making leasing payments on time, and with a level of consistency that will serve to avoid any potential late fees or penalties.
Not only that but for many businesses the lease app process, including the wait for approval for financing (if you actually get it) can be akin to a dental surgery without the gas so to speak…
Unbeknownst to many business owners, there are more time-saving options.
Check out this video to see how to finance equipment with LeaseQ – its fast and easy. And the advantages of leasing are compelling:
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