Commercial entities utilize a wide range of equipment each day. Many pieces of commercial equipment can be quite costly. For businesses without the capital to invest in the purchase of vital equipment, leasing can be a great alternative.
Here are three tips that you can use to streamline the equipment leasing process for your company in the future.
1. Ask About Included Costs
It's important that you take the time to find out what costs are included in your equipment lease. Most companies are prepared for the monthly lease fee that is associated with accessing commercial equipment but overlook the unexpected costs associated with setting up the equipment.
Certain costs, referred to as soft costs within the leasing industry, may not be included in all lease agreements. Be sure that you verify whether or not the soft costs of delivery, installation, and warranties are included in your lease. This will help you avoid any surprise expenses after securing the equipment your company needs.
2. Ask About the Upgrade Process
Advancements in technology are constantly improving the equipment that companies rely on each day. In order to ensure that your own company remains as competitive as possible within your market sector, you need to have access to the most advanced and up-to-date equipment available.
Leasing your equipment typically means that you aren't required to keep the same piece of equipment for an extended period of time. Be sure that you ask your leasing agent about the upgrade process before you sign your lease. You want to avoid any early termination or lease transfer fees that might make it difficult for you to upgrade your commercial equipment in the future.
3. Ask About Maintenance
Maintenance plays an essential role in the performance of any commercial equipment. It's vital that you are prepared to invest in maintenance for your leased equipment if you want to protect your company against any potential liability. Some leasing companies offer maintenance packages that can be included in the total cost of your lease. These packages ensure that a trained maintenance professional will service all of your leased equipment regularly.
Being able to prove that you have secured the required maintenance over the life of your equipment lease will release your company from liability for the cost of damage or wear the equipment may have sustained while in your possession. Leasing your commercial equipment can help you maintain your cash reserves while ensuring you have access to reliable equipment for your company.
Contact a local commercial equipment leasing service to learn more.