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When it comes time to choose an equipment lease for your small business, it's important to keep in mind a few key factors. Here are four tips to get you started.
Equipment leases are an important part of many businesses, particularly small businesses. They provide a way to get the equipment your business needs without having to make a large upfront investment. However, not all equipment leases are created equal. There are a few things you should keep in mind when choosing an equipment lease so that you can get the best possible deal for your business. Here are four tips to keep in mind.
Know what you need.
Before beginning the process of shopping for an equipment lease, it's important to have a clear understanding of exactly what your business needs. What type of equipment do you need? How much will you need? When will you need it? Answering these questions will give you a good starting point for evaluating different leases.
Compare terms and rates.
Once you know what you need, it's time to start comparing rates and terms from different leasing companies. Be sure to compare apples to apples—look at the total cost of the lease, not just the monthly payment amounts. Also, take into account factors such as early termination fees and mileage restrictions, if applicable. By doing your homework up front, you'll be in a better position to negotiate with leasing companies later on.
Get quotes from multiple vendors.
In addition to comparing rates and terms, it's also a good idea to get quotes from multiple vendors before making a decision. This will give you additional negotiating power when it comes time to finalize a deal. And speaking of negotiation…
Negotiate!
Leasing companies expect customers to negotiate, so don't be afraid to put your haggling skills to work when trying to secure the best possible deal on an equipment lease. Remember, the worst they can say is no!
Equipment leasing can be a great way for small businesses to get the equipment they need without having to make a large upfront investment. However, not all equipment leases are created equal—there are a few things small business owners should keep in mind when choosing an equipment lease so that they can get the best possible deal for their business. By following these four tips, you'll be in a good position to find an equipment lease that meets your needs and budget.
NLCG offers a variety of financing options for small businesses, including equipment leasing and business lines of credit. We have over 15 years of experience helping small businesses grow and succeed. Contact us today to learn more about our financing solutions!
