Depending on the type of business you run, equipment can be one of your greatest expenses. Along with the cost of purchasing the equipment you need to do your job, you have to pay for maintenance, repairs and replacement.
For many growing businesses, that shiny new piece of equipment, while it may be required for your business to grow, can cause significant stresses to your business cash flow. There is always an option to buy equipment second hand but that is not without risks, particularly when it comes to warranty and repair.
One potential solution is to rent equipment or lease to buy.
Reasons to lease or rent equipment
Renting equipment like a coffee machine or other industrial machinery means you do not need to worry about managing a major upfront expense.
What’s more, because you are renting or leasing, you will not be stuck with an outdated model five years down the track when the newest version comes out. The company supplying the equipment may provide options to upgrade at the end of your lease or rental period, so your business can make use of the best technology available.
When you lease or rent equipment, some business may offer maintenance packages, ensuring your equipment remains functioning and allowing you to focus on growing.
Finally, older models of equipment tend to be less energy efficient and become unreliable over time. By renting, you are giving your business the best opportunity to use the most energy efficient and technologically advanced equipment available. This may help put additional cost savings back into your business.
How to finance rented or leased equipment
By choosing this option, you can bring the best quality machinery into your business without having to manage a large upfront cost. Regular payments will help you create a more balanced budget and you can explore the option to purchase your equipment at the end of the leasing period.
If you have a clean credit history and have been in business for two years, you may be eligible for asset finance. Get started by filling out the form below: