Buying new equipment outright can often be the best decision. However, there are circumstances whereby the benefits of leasing outweigh those of purchasing.
Benefits of Leasing Equipment
Aside from a reduced cash outlay, there are many benefits to leasing equipment:
Low debt on your balance sheet helps you secure financing to fund your business.
NRSCO Finance Partners
We work primarily with two companies that offer financing options.
Econolease – www.econolease.com
If you decide you want to lease, we will put you in contact with Econolease. We never see a customer’s financials. We will forward our quote to the leasing company and then they will work directly with you to determine the terms of the lease. In most cases you put down first and last month payments, make the monthly payments for the term of the lease, then at the end of the term you either pay $10.00 or 10% and you own the equipment. Econoloease also offers the flexibility of a weekly rental program.
Silverchef – www.silverchef.ca
Silverchef offers weekly equipment rentals. They also permit upgrades. For example, if you rent a 20-quart mixer for the minimum of one year and determine after 3 months that it is too small you can return it and get the 40-quart mixer that you need. You can upgrade but not downgrade.
Buy or Lease
If your equipment requirements are relatively small and you have the money or can get a low-interest loan then buying may be the best alternative. However, if your equipment requirements represent a significant investment leasing may be a better option. Why commit a large amount of cash when you could use that money to further build your business?
At NRSCO we offer you the flexibility to make the buying decision that best suits your circumstances. Give us a call. We would be happy to answer any questions you may have.