What are the Benefits of Leasing Copy Machines and Office Equipment?
There are numerous benefits to leasing office equipment and furniture, however, it is not meant for everyone. Before you even consider the option of leasing, you have to do the math. You may actually end up paying more to lease over a number of years than to simply purchase. You have to consider exactly what you would lease versus what items you would prefer to buy.
Office furniture is probably best to just buy. Unlike technology that you should upgrade every so often, durable furniture is going to last and there is no reason to continually lease. Instead, look into financing the purchase so you don't have to pay all that money up front. Items like computers, copy machines, printers, medical equipment, and other telecommunications equipment are better for leasing. When you add up all these items together, that's a hefty bill. Not to mention technology is always changing. Many companies will allow you to trade in the leased items and upgrade to newer and better models. That's a lot cheaper than repurchasing!
Leasing items can save you money today. If you're a new business, your business loan is only so much money. When you start to think about all the expenses for running the company, they add up quickly. Do you really have the cash to hand out today for a Xerox copy machine and a two dozen computers? By leasing said items you can conserve your working capital and preserve your credit. It's best not to borrow money when you don't have to. Instead, use your credit funds for short-term needs.
Another benefit is that you will only pay for what you use. The photocopy machine you will most likely use continually but you may find that you didn't need that extra fax machine after all. You can now bring back the equipment and have the peace of mind knowing you didn't waste a few hundred dollars on an item you didn't even need.
Lease payments can also be tax-deductible, unlike loan payments. That will most certainly place some extra money in your pocket! Leasing is typically a faster process than loaning. The bank will make you fill out of a stack of forms before even considering you and even then, you could still get rejected. It's much easier to work out a leasing plan with most companies. Worst case scenario, you can't make your monthly payment and the equipment is returned. With a loan, you'll be up to your eyeballs in debt.
From Xerox copy machines to laptops and medical equipment, your business can save a great deal of money by leasing.