Thinking of Leasing Equipment? Here are some Things you should Know

If you are starting your business, you might encounter problems obtaining the necessary equipment. If you do not have the budget to purchase any new fixed assets outright, opting for FMV leases can help you. You will gain access to the items you need and save costs on purchases, maintenance, and upgrades.

But before you sign a contract for an office equipment lease Baltimore, MD, what are the factors you should know before leasing from a third party? Keep reading to find out.

What to Ask Yourself

What Kind of Equipment do you Need?

Almost anything can be leased, but knowing what equipment you need is still important. Depending on the company, they may not have the assets you want. 

How big is Your Company?

Some leasing companies may work with small businesses, while others are better fit for larger corporations. When looking for a leasing company, check out which types of businesses they work with.

What is your Budget?

Of course, it is paramount to note how much budget you have for the monthly fees a leasing company will charge you. Checking your finances may also help determine whether leasing or purchasing equipment is better.

What to Ask the Company

What Industry do they Work With?

Each leasing company offers various fixed assets depending on the industry. Some companies may offer software, some may provide construction machinery, and some may cater to offices.

How Credible are They?

Like availing of any other services, you need to know whether or not the lessor can provide quality equipment. Checking out previous client reviews and testimonials can give you insight into how trustworthy a leasing company is. You should also consider accreditation, support, and warranty policies.

How Easy are they to Reach?

While using leased equipment, you might have questions or encounter issues you want to tell your lessor. When choosing a leasing company, you should check if they are accessible anytime you need help.

What are your Payment Options

Normally, a fixed payment is a payment a leasing company will give you, but this must not be the only option. If your cash inflow ebbs, a skip lease can be helpful. Other payments may include step-up leases and deferred payments leases.

Still, looking for a reliable equipment leasing company? Get in touch with Noreast Capital at their website to learn more about their services.

Juanita Sapp

Back to top