4 Biggest Myths About Business Equipment Leasing

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Buying business equipment can become expensive if you’re a startup or small business, or even a bigger company recruiting a large amount of new employees. Equipment leasing is available to those who need equipment fast and can’t afford to buy it outright. Leasing can be seen as a helpful way to hire what you need for a certain amount of time, instead of purchasing. You can also lease equipment and buy it back slowly in monthly instalments, so you do own it in the end. If you are on the lookout for computers, office tools or anything else for your business, you can consider leasing.

When it comes to business equipment leasing, there can be a lot of misleading information out there; make sure you aren’t fooled by the myths. Here are some examples of the biggest myths about business equipment leasing…

1. It’s worth equipment leasing to hire what you need quickly

This isn’t always going to be helpful as you might end up paying large instalments for equipment you don’t own. If you can afford to pay the lease off in a few months and you will own the equipment after this time, then it could be worth it. However, you could always use a convenient payday loan to purchase the equipment and pay it back when you can. Investing in the equipment and buying it outright is probably worth it if you’re going to use it for a long period, hiring isn’t for everyone.

2. You can’t cancel your lease contract

For many companies you won’t be able to cancel your equipment leasing contract, but this can also be seen as a myth by those who decide to buy the equipment outright. Not everybody will have this option and some might have to revert to emergency payday loans to buy the equipment outright, it might be a better option to go for the payday loan in the first place and avoid leasing equipment.

3. It will cost too much money and be expensive to pay back

Using a business equipment leasing plan doesn’t have to be expensive, especially if you’re hiring equipment that is in your proximity to pay off. If you don’t need equipment for a long time and would like to hire a few computers for less than a year, it may well turn out cheaper than buying them outright. It all depends on the leasing company you go for; it’s worth spending some time researching your options.

4. Offering leasing will negatively affect equipment companies sales 

Leasing can cause mixed opinions, but offering flexible finance solutions for customers can be useful and beneficial in the long run. Those who can’t afford to buy equipment outright at a particular time will be able to reap the benefits of hiring that equipment. These customers will likely make more profit/ improve their businesses than if they didn’t have the equipment at all.

We hope this has helped you weigh up your options when it comes to business equipment leasing, and now it should be easier for you to spot myths around this controversial topic.

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