Once a business has chosen the equipment they wish to acquire, the next step is to decide how to pay for the acquisition. Over the recent years equipment leasing has become a preferred method of equipment financing for small and medium-sized businesses. However, choosing the best equipment leasing company to work with has its challenges. Aside from obtaining a desirable secure lease rate, businesses should consider hidden fees, lease terms, and the risks of unreliability or scam. It is crucial for businesses to thoroughly research each possible equipment leasing company and look out for key indicators of a company that would best fit the needs of the acquisition.
Equipment leasing companies differ in many ways whether it’s by specific industries served, various lease agreement types, transaction amount, or types of equipment accepted. Some equipment leasing companies may only focus on a single industry such as agricultural, office or printing equipment while others focus on the specific types of equipment. Companies may offer a broad range of lease agreement types or may only stick to a fair market value lease option. There are companies that vary based on term length and/or total finance amount. While some offer financing for up to $2,000,000, others may only stick to small-ticket transactions under $100,000. Choosing the best equipment leasing company to work with depends on many key factors including the size of your company, your geographic location, the type of equipment you need.
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Once the equipment leasing companies have been narrowed down by your personal criteria, it is important to look for qualities in experience, expertise, reputation, performance ability, and customer relations. The easiest place to start is with the company website, as well as online presence and customer reviews. Although online information is not always 100% reliable, companies with a stronger online presence and experience reviews are less likely to be a scam in comparison to those you can’t find any information about at all. A company that provides updated information and company news on their website, as well as demonstrates consistent positive reviews is a good sign.
After you’ve done your online research and are ready to speak with someone at the company directly, it is important to ask particular questions in regards to your acquisition. Ask how familiar the company is with the industry and equipment you need and discuss their experience and expertise in the leasing business. You should also find out what kind of support their representatives provide, what your payment options are, and if there is any room for negotiation. It is also important to learn what the company’s policy is if something breaks and what type of buyout lease options and/or tax benefits are offered, if any. Finally, you should ask what information the equipment leasing company needs from you and an estimated time frame of completion. Once you’ve done all your research and asked all the questions you need, you can always ask for and check customer, vendor, bank and trade references for the equipment leasing company. If you still have any doubt in mind, you can contact each reference and verify the information given to you by the company.
This all may seem like a lot of effort but choosing the best equipment leasing company for your needs is worth spending the extra time. By taking the time to do your research, you eliminate the risk of being scammed and greatly reduce time wasted with unqualified companies. A little bit of effort in the beginning saves a lot of time and work in the end.
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