Is your business in need of office equipment? For many business owners, especially new business owners, the idea of purchasing equipment outright feels impossible. You can get the equipment you need in a way that fits your budget better if you opt to lease instead of buy. Here are some benefits of leasing to consider.
Lower Initial Expense
When you lease, you don’t have to come up with a high upfront cost for your purchase. Instead, you can spread out the cost over the months you are using the system. If your cash flow is tight, this will allow you to get the equipment you need, without a high upfront cost.
Faster Tax Savings
Leasing makes an easier tax deduction when compared to the purchase of new equipment. Instead of having to depreciate the cost of a machine you purchased, you can deduct the entire expense the day you start paying the lease.
Buying a copier means you are stuck with that copier until you are ready to fork out a lot of money to buy a new one. Leasing means you can upgrade to the next, better model every time your lease expires, which is typically every couple of years. You no longer have to worry that your machine will become obsolete. Since changes in office equipment technology seem to happen almost weekly, this helps you stay ahead of the game.
Easier Terms Than Loans
Getting a lease is typically easier than getting a loan for a business purchase. If you have a poor credit situation or if you need to keep your monthly costs low, you can get the equipment you need at a price that works for you with a lease. Also, if your business is new, you may not be able to get a capital equipment loan. Banks typically want to see a few years of financial records before they will offer this type of loan, which you won’t have. Leasing puts the equipment in your office without hassle.
For many businesses, especially new businesses, leasing office equipment is a great option. Affordable monthly payments, up-to-date technology and flexible terms combine to make this a positive choice for many businesses. If you are looking to lease, contact the team at CBT for help.