Leasing heavy equipment can be the most financially sound method of acquiring equipment for many businesses. The process is easy but it is not as straight forward as many people think.
The process of leasing heavy equipment should be handled with care in order for companies to experience the full advantages it comes with. If leasing is not done right the first time, it can become a very costly mistake. Unless you have a highly experienced team in your company, you should never undertake the leasing process on your own; instead, you should hire a professional to help you procure your equipment.
Reasons You Should Hire A Professional When Leasing Heavy Equipment
They Can Evaluate Your Lessor
Unless you have expert knowledge of all the elements in a lease agreement, it would be impossible for you to go from one equipment leasing company to another trying to find the one that offers you the best value. Selecting the right leasing company involves a lot more than comparing leasing rates.
A leasing professional will help evaluate the finer details in your lease agreement so that they can determine the risks and their costs. This will help them choose a leasing company that will best meet your needs. They will also ensure that you are making a comparison between lessors who can help you acquire equipment with minimal risks.
They Can Provide A Better Buy Vs. Lease Analysis
A leasing professional can help you accurately analyze the difference in cost between leasing and purchasing. In many cases, the cost of leasing isn’t accurately analyzed because hidden costs are rarely ever factored in. Leasing professionals can help you factor in all the hidden costs so that you are able to make smarter financial judgments about which method of acquiring equipment is the most feasible.
They Can Negotiate Better Terms And Conditions
During negotiation of leasing agreements, a professional can help you avoid getting into a lease whose terms and conditions can dramatically increase the cost of leasing.
If you enter into an agreement without adequate knowledge of any additional costs, they can accumulate and eventually, you might end up suffering unexpected and unnecessary expenses.
When leasing heavy equipment you should be particularly weary of the end-of-lease contractual language used such as return of equipment requirements, fair market value definition, buy-out clauses and extension terms.
Your method of acquiring heavy equipment can become compromised if you do not negotiate lease agreements that protect you at the end of the lease. A leasing professional can help mitigate some of the risks that come with end-of-lease-options.
They Can Help You Resolve Leasing Problems
Sometimes you can find yourself in a leasing situation where you are facing excessive or unexpected leasing costs and this mostly occurs at the end of your lease term.
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A leasing professional will help you in such kind of situations because they know how to deal with equipment leasing companies. They can use their expertise to come up with timely solutions that can prevent you from paying extra cash.
How To Choose The Right Leasing Professional
Given the many advantages a leasing professional can offer you when leasing heavy equipment, it is only right that you choose one that is highly qualified and capable of getting the job done right the first time.
Many businesses do not know where to begin searching for a leasing expert but the first place you should begin is through word of mouth. Ask relatives, friends, associates and even consult a professional organization for recommendations.
The professional you choose should be well acquainted with the leasing industry and should understand how “the game is played”. They should be familiar with the language used in heavy equipment leasing and easily identify pitfalls in your equipment lease. If a professional tells you that all leases are standard, then you should find another professional because all terms and conditions in a lease can be negotiated. Moreover, leases can be adjusted to suit your business’s needs.
Your leasing professional should also be able to:
- Protect your legal rights
- Demonstrate loyalty by representing what is in your best interest
- Present you with options and inform you of the risks involved
- Recommend solutions to any issues that may arise within your lease agreement.
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