Questions To Ask How To Finance A Skilled Nursing Facility 6 Tips to Get the Right Equipment Lease Financing Deal

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6 Tips to Get the Right Equipment Lease Financing Deal

Equipment lease financing is very beneficial for businesses, especially those who are financially strapped and operate in a rapidly changing technological environment. In leasing, business organizations do not have to purchase business critical equipment, they just need to pay a monthly rental fee to the leasing firm to use it.

All types of equipment, from large production equipment to small items, such as computers, can be leased from lenders such as banks, finance companies, real business equipment/office equipment rental companies, equipment manufacturers or retailers.

Tips for getting the right deal

1) Find the right leasing partner

Since you are dealing with a leasing company for a long time and it is a question of important assets of your business, be very careful in choosing the right leasing firm. This way you can save time and avoid problems later due to poor lease. Look for a commercial equipment or office equipment rental company that is experienced, has a good reputation, is in good financial standing, and has a business relationship approach.

2) Choose the right strap

When choosing the right lease pay close attention to details such as lease pricing, lease flexibility, balance sheet considerations, equipment obsolescence, estimated period of equipment use and your firm’s credit standing. This analysis will help you reach the right decision regarding the type of lease that is most beneficial for your business and finances. The types of leases you can choose from are capital leases, finance leases or operating leases.

3) Opt for shorter lease-notice and renewal periods

Usually the notice period is from one to six months. And if proper notice is not given, automatic renewal kicks in which can last from one month to 6 months. You can choose short notice and automatic renewal periods to avoid paying unnecessary lease fees.

4) Reduce interim rent

Interim rent is the amount paid to the leasing firm to use the equipment between the equipment acceptance and lease commencement dates. You can opt for delivery and acceptance at the end of the month as the first day of the month is usually the official start day for leasing firms. If you fail to do so, you can request an interim rent limit.

5) Make sure the lease term and estimated equipment usage are compatible

This is important because your lease may expire before your project is finished which can lead to additional expenses and disruptions to work or idle leased equipment that you should be paying for. It may also result in premature surrender of the lease which itself will attract penalty. So be very careful to determine your needs and expected duration of use while determining the lease term.

6) Identify and understand all potential charges

Lease offers are fraught with numerous fees and penalties such as commitment fees; Non-use fee or facility fee, document fee per schedule, lawyer fee, penalty fee for late rent payment, early lease termination fee etc. If you can prove yourself to be a good potential customer you can save a significant amount of money. Depending on your financial situation, market situation etc. So understand all the underlying fees and charges and bargain hard. Remember that if you are a strong candidate there are many business equipment/office equipment rental companies in the market.

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