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Why would I lease office equipment?
There are two main advantages of leasing office equipment. You don’t have to make a large down payment as in case of outright purchase. You can get away with making a couple of advance lease payments. Before you determine the length of the lease, estimate the useful life of the equipment. If your lease length is less than the useful life, you will never be stuck with outdated equipment. At the end of the lease, you will have the option of upgrading to newer and better equipment.
What are the different types of office equipment leasing companies?
There are three main types of office machines and equipment leasing companies.
- Lease Brokers: Lease brokers are companies that take your lease request to banks or financial service companies that ultimately underwrite the lease. Broker earns a commission.
- Independent lessor: In this category are diversified financial companies, banks and equipment lease specialists that lease directly to the business.
- Captive leasing: Captive leasing is provided by an entity owned by the manufacturer or by a third-party finance company that provides white label financing on behalf of the manufacturer. Captive leasing is not commonly available for office equipment though it is fairly common for leasing industrial goods.
How do I pick an office equipment leasing company?
It may be a good idea to ask your office machinery and equipment rental company to find a leasing provider for you. Equipment leasing companies are likely to have a relationship with many leasing providers. If you already have a relationship with a financial institution, it makes sense to approach them too.
The rental process is similar to getting a loan. The lessor will carefully evaluate your credit and your ability to pay. Get competing rates from three to four equipment leasing companies and pick the best terms. Ask the leasing company for references. Call them and find out if the leasing company has good after sales service. If you hit tough times, is the lessor going to bump up the rates or start repossession at the first opportunity or will they work with you to adjust the payment terms?
