Sometimes, a project requires a specific piece of equipment. One of the critical decisions you’ll face is whether to purchase this equipment outright or opt for leasing. Let’s explore the numerous benefits of equipment lease financing to quickly get you the equipment you need to keep your project on schedule.
Cost efficiency
When it comes to financing equipment, leasing offers several advantages that can help your business manage its resources more efficiently. One of the most significant benefits is the lower upfront cost.
Buying equipment can be a substantial initial expense, especially for specialized machinery or technology. Leasing, however, requires a much smaller initial investment, making it a great option if you’re working with a tight budget. Additionally, leasing lets you use your financial resources more effectively. Instead of locking up capital in equipment, you might only need temporarily, you can allocate those funds to other critical areas of your business.
Flexibility
Projects come with varying equipment needs at different stages. Leasing allows you to adapt to these changing requirements without the commitment of ownership. You can easily switch to other equipment or upgrade to newer models as your project progresses or as technology evolves. The flexibility of equipment lease financing helps you remain competitive without the financial burden of owning equipment you no longer need. If, on the other hand, you decide a temporary equipment need has become permanent, a lease with a rental purchase option (RPO) allows you to invest in the equipment for the long term.
Maintenance and repairs
Owning equipment means you’re responsible for maintenance and repairs, which can incur additional costs and demand valuable time and resources. When you lease commercial equipment, the leasing company handles any issues. They ensure the equipment works properly, reducing downtime and saving you the hassle.
Access to the latest technology
Technology constantly advances, and staying up-to-date can be challenging. Leasing equipment makes it easier to access the latest technology and innovations without the hefty price tag associated with purchasing new equipment, and the hassle of selling your old equipment. Leasing means you can upgrade to cutting-edge technology to enhance the quality and efficiency of your work.
No depreciation worries
When you buy equipment, it starts to depreciate as soon as you take possession. Managing depreciation can be difficult and cost your company in the long run. This depreciation can significantly affect the resale value. Leasing eliminates this concern. You don’t have to worry about the decreasing value of the equipment, and you can return it once your project is complete without any further financial obligations.
Storage and transportation
Commercial equipment often requires substantial storage space when not in use. Leasing eliminates the need for long-term storage, freeing up valuable real estate within your facility. Additionally, leasing companies often handle transportation, ensuring the equipment is delivered to your project site when needed and picked up once the project is complete.
Equify Financial equipment lease financing
Opting for equipment lease financing over purchasing can be a strategic advantage for your business. It offers cost efficiency, flexibility, and peace of mind, allowing you to focus on your project’s success without the burdens of ownership. Making informed financial decisions is essential, and when it comes to commercial equipment, leasing is a smart and savvy choice that can significantly contribute to your project’s success.
Our equipment leasing options often require no upfront capital investment, allowing you to upgrade to newer equipment or expand your fleet while conserving your cash. Connect with your local Equify Financial representative and lease the equipment you need to get the job done.