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Equipment Leasing: Should You?

   By: Leon Chaddock

Like any other product that is out there, you should consider the benefits of owning versus equipment leasing. The difference is that in leasing you do not out right own the equipment but use it and pay for it on a daily, weekly, monthly or yearly basis. The fact that you do not own the equipment means that you do not have to fork over a large sum of money to make the purchase. Yet, is this is the right choice for you and your business? It is important to weigh the pros and cons of equipment leasing in your individual situation to determine this.

To help you, here are some things that you should consider.

• What is the overall cost of the equipment if you purchased it? If you lease it, how long will it take you to pay this sum? If equipment will cost you a good deal more in the long run, you may not want to work with this. Yet, there are many instances where it can save you money as well.

• Determine your equipment need. What is the value of the investment and is this something that your company can even afford at this point?

• Who will maintain the equipment in the long run? If this is the owner's responsibility, it may be wise to lease from them because they will cover those costs.

• Is there an option to lease the equipment for a certain period of time and then to purchase it at a lower price later? Because the equipment will be worth far less in just a few years, you may be able to get a better, more affordable price at that point.

Equipment leasing has many advantages especially for those who only need it for a short period of time. Yet, making the right decision of your company should be done carefully.

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