Equipment Lease vs. Equipment Loan
Picking the Best Financing Model for Your Equipment Purchases
It’s pretty rare these days that a business has the free-standing cash to purchase all the equipment it needs. Prices of equipment continue to soar. Besides, it’s not always advantageous for you to tie up all your business cash into equipment.
Most people are turning to financing to get their equipment. It makes perfect sense! You’ll be earning revenue off of the equipment while you pay it off. Not too mention breaking a large sum into smaller manageable payments.
Should you get an equipment lease or an equipment loan? Do you turn to a lease broker? Or do you talk to your bank for a loan?
Getting the right commercial trucks or heavy equipment is paramount for your business to function and grow.
Let’s face it. Heavy equipment is expensive. It’s tough for the small businesses out there, the backbone of our economy, to afford enough equipment to compete with the bigger guys. Even the most seasoned contractor may start feeling a little lightheaded when they see the sticker prices and for the uninitiated… Well it can push their blood pressure beyond the “healthy” range.
You’ve spent hours finding the perfect equipment for your business. You’re finally ready to buy it, but how will you finance the equipment? Now the important question to answer is “should I lease or buy?”
We have been asking our customers to submit stories on how they came to be business owners and the trials they have faced. In this blog series, we are sharing these stories so that others looking to jump into the world of small business have some information before making the leap. Each of the customers taking part in this series is happy to impart the wisdom they have gained in hopes that other new business owners will be able to use it to their benefit.