6 Important Tips to obtaining the right lease on equipment

     

If getting equipment through a lease instead of buying it out right is the way to go for you here are some tips that you can follow to make sure you get the right type of lease for your situation. The following are six tips to make it go a bit smoother for equipment leasing, leasing, leasing company.

Tip 1: Find the right lease partner.

Try to find a equipment leasing company that you will be able to use on a long term basis. Doing this correctly will ensure the safety of you businesses assets. Be sure to research the leasing firm before you pick it. Doing this process correctly will also save a lot of time and avoid a lot of problems in the future with the standard lease. Be sure that the firm you decide to go with is very experienced, have a great reputation, and most important be sure they have good financial status.

Tip 2: Choose the right equipment lease for you.

Make sure that when you are going through this process of choosing a lease that you pay close attention to the lease pricing. Talk to the firm about their lease flexibility, balance sheet considerations, and the time allotted on the equipment itself. The types of leases that you can choose from are a capital lease, a finance lease, and an operating lease.

Tip 3: Opt for short End-of-lease notice and renewal periods.

In most instances leasing companies go by lease lengths of a one month to a six month period. In most cases if you let the company know in time they will automatically renew the lease. You can even opt for that to happen automatically after a period of time.

Tip 4: Minimize Interim rent.

Interim rent is what is paid between the equipment lease signing and the lease starting date for the already delivered equipment. If you have the equipment delivered on the end of the month before the lease is due to start you will not have to pay for time not used. This allows you to start using the equipment on the starting date of the lease.

Tip 5: Make sure that the lease term and the projected equipment use match,

You must pay very close attention to this one so that the time does not run out on your lease before the project is in its completion state. The opposite may also happen. You could have the project finished and still be paying for the equipment that you are not using.

Tip 6: Pay attention to all fees.

If you do your research and discuss your terms you will locate any potential fees and avoid doing things that get them. It will guarantee a good relationship with a reputable company.