Leasing your office equipment is a great option for the modern business, because it allows you to keep your office stocked with updated equipment with a fraction of the initial cost. If you are going to lease your office equipment, make sure you are doing so wisely. Here are some tips you can follow to help make the process a positive one for your company.
1) Choose the Right Lease Term
How long you lease the equipment will affect how much you pay each month. The longer the lease agreement, the lower your monthly rent will be. However, this can force you to stick with a piece of equipment that’s not meeting your needs quite as well, so balance a reasonable lease term with a reasonable monthly payment. Two years is often an ideal term to consider, though your needs may vary.
2) Understand the Return Rights
Before you sign a lease agreement, make sure you understand the terms under which you can return the equipment. What if the equipment has problems or your needs change? Make sure you have a reasonable option to return it if needed. Also, know what happens if you have to terminate the lease early. There will likely be a fee of some sort for this action, so it’s important to know what it is up front.
3) Consider the Option to Purchase
If you can, negotiate with the company to have the option to purchase the equipment at the end of your lease term. Negotiating this at the start of your lease may help you get a better deal.
4) Ask for the Right to Upgrade
Finally, ask for the option to upgrade during the lease term if your needs change. You never know when new technology will hit the market that you could benefit from or when your demand will change. Most companies will be unwilling to let you downgrade to a cheaper unit, but you may be able to get the option to upgrade.
Remember, leasing your office equipment can be freeing for your budget, but you need to be smart when choosing a company and a lease agreement. If you are looking for more information about leasing office equipment, contact the team at CBT for information on our current lease models and leasing options.