6 Steps to Leasing Large Equipment
- September 16, 2018
- Posted by: Baxit Qureshi
- Category: Large Equipment Financing
Equipment leasing is used across numerous industries. While most small businesses are aware of their equipment financing options, it seems midsize to large companies aren’t always as aware of their options when it comes to their large, heavy-duty equipment needs. Whether you work in construction, farming or another industry that depends on heavy equipment, and banks have denied or may possibly deny your application, you’re not out of luck!
Business financing companies, such as the KPC Group, offer large ticket leasing equipment options and won’t deny you based on your credit history. Instead, they take an overall look at the quality of your company’s financial history. Wondering about the process for getting this done? Here are six easy steps to leasing the equipment your needs:
Step 1: Know Your Needs
Learn what top-notch equipment you need for your business, what tasks the machinery will help you accomplish and how long you will need it.
Step 2: Consider Your Finances
What’s your cash on hand? What does your expected cash flow look like? Decide whether getting a loan or leasing will work best for you. With a loan, you will pay less over the life of the agreement, but you can expect higher monthly payments as well as floating interest rates. With a lease, you will pay more over time, but you will pay less for your monthly payments.
Step 3: Research
Now that you have decided on your method of financing, it’s time to do research. Find the best place to purchase your equipment and find a reputable business financing company that offers equipment leasing. Be thorough, and spend time reading through the companies’ websites.
Step 4: Get Quotes
You are undertaking what could be a long-term arrangement, so you need to be comfortable and informed about the business financing company you decide on. A word of caution: the cheapest quote may not be the best option for you. Quality is always key.
Step 5: Negotiate
As I mentioned above, this is an important business arrangement and you should find an agreement that works for your needs and financial situation. This is essential. Do not settle until you find the right arrangement for your needs.
Step 6: Confer with a Financial Adviser
This is the last step before you can put your new equipment to work! Have a financial adviser take a look at your options. You don’t want to miss out on any tax deductions.
Equipment leasing gives you the flexibility to use the machinery as long as you need, so you aren’t stuck paying for something you no longer have a use for years down the road. It also allows you to have the most up-to-date equipment without needing to purchase each new model.
At The KPC Group, you can get started on your path to leasing the large, heavy-duty equipment your business desires, today! Our CEO, Copelon Kirklin, is looking forward to hearing from you. Contact him directly at firstname.lastname@example.org.