If you need to get some expensive equipment for your business, then equipment leasing can be the best way to go. To put it simply, equipment leasing is a way of renting an item for a set period of time. It can be a great way to help a business to get the resources that it needs to grow and expand.
The benefits of equipment leasing
One of the main benefits of this type of finance is that you can pretty much lease anything you need. Most of the catering equipment which you see in restaurants and hotels can be leased, as well as expensive machinery.
If you need furniture, vehicles, or even plants; you can probably get them with a lease. Lenders can offer a huge variety of items, which gives you the opportunity to lease them. Plus, if you only want to rent the piece of equipment for a short amount of time, then you can!
It's also great for money, too. Instead of needing to spend a lump sum all at once you can spend smaller amounts of money. This can make your business look better and can free up cash for other areas that may be in need.
Who can benefit from leasing?
Pretty much any business can benefit from these types of loans. They're great for new businesses that want to get better equipment, but don't have the money to get them - and they're also good for businesses that have been running for a longer time, too.
Different types of leasing
There are different types of leasing and lenders will usually specialise in a particular type (or a few). There is finance leasing, contract hire, lease rental and operating leases - and they're all different from each other.
The type of leasing can depend on the item which is being leased and also what you plan to do when the agreement is finished. With a finance lease, you won't own the item at the end of a set time period, but you can instead chose to rent it for longer or return it to the lender.
You can save money
You can save a lot of money by leasing and this is great for all kinds of businesses. For example, if you paid for a piece of expensive equipment in one go you'd lose a lot of money - possibly from a business savings account. This event can leave you cash-strapped and unable to cover other business expenses, but leasing can help to ensure that this doesn't happen.