Many times the chores of finding an Equipment Loan can be as involved as getting a Commercial Mortgage Quote. For this reason, more and more companies are using the services of a Business Equipment Leasing Specialist to streamline the process. Every business uses equipment of some sort. Gyms use Gym Equipment, Construction Companies use Construction Equipment and nearly every business uses Computer Equipment Leasing from time to time.
But don’t brokers cost money? Generally speaking; NO. Most time the Commercial Equipment Financing Broker will be set up with many different lenders and will be paid by the lender the Equipment Lease Financing ends up with.
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Leasing is a great option if you’re looking for a new car. However before you sign up to a deal, you should read the following.
These common tricks are used by some leasing companies to make deals appear more attractive:
1) Be careful of enhanced deposits
The most common trick to make monthly payments appear lower is to enhance the deposit (initial payment). The deposit should be roughly 3 x the monthly payment.
2) Beware of the length of the lease
Most car leases last for either 24 or 36 months - this is ideal (for vans, 48 months is also common). Another very popular trick to make monthly payments appear lower is to increase the length of a lease to 48 or 60 months.
This will of course bring down your monthly payments as you are financing the car for a longer period.
Warning: Your warranty is unlikely to be valid after 36 months. Therefore we advise you not to lease a car for longer than 36 months - as you will be responsible if something goes wrong.
In addition, the longer you have the car, the more susceptible you are to wear and tear charges.
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Leasing a car is like paying to rent it for a period anywhere from two to four, or sometimes, five years; you get to use it during that time, but you don’t own it at the end of the lease. The main benefit to lease is that your car lease payments will be lower than the payments you would be making if you were to take out a loan to purchase that same vehicle. Leasing can seem very complex and confusing if it’s your first time, and all the paperwork the dealership will have for you to sign will not help to ease your anxiety, which is why it’s important to understand leasing before jumping into it.
One thing to consider is the length of the lease that will be appropriate for you. Car leases require you to make monthly payments for a specified amount of time, which can range anywhere from 24 months up to 60 months. Another thing to consider when thinking about the length of lease that would be best for you is the number of kilometers you will be using. Most leasing companies offer low kilometer leases, standard kilometer leases and high kilometer leases. It is important to do some figuring and find out approximately how many kilometers you will need, because if you end up going over at the end most leasing companies charge anywhere from seven to ten cents per kilometer you go over on the agreement, which can get pricey very quickly. In contrast, if you don’t calculate the number of kilometers you are going to be using, you could end up paying too much as your monthly payments will be lower with a low kilometer lease because the residual value at the end of the lease will be higher.
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So you’re thinking about a private car lease - but do you understand the differences between Personal Contract Purchase (PCP) and Personal Contract Hire (PCH)?
Traditionally car leasing has only been available to businesses. But nowadays, personal car leases are available to private individuals - And we’re seeing a big increase in the number of private individuals wanting to benefit from the advantages that leasing a car provides.
There are two types of leasing packages aimed at private individuals; PCP and PCH. The two packages are very similar, but there are two key differences.
1) Can you buy the car at the end of the lease?
PCP - Yes. At the end of the lease, you can pay a balloon payment (which is agreed at the start of the contract) and keep the vehicle. Or you can hand the car back and take out a lease on another new car.
PCH - No. At the end of the lease, you simply hand the car back to the leasing company and take out a lease on another new car.
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New businesses and even existing businesses are faced with the same questions when it comes to acquiring and replacing office equipment. Leasing and purchasing both get you what you need with some significant differences. Which way you choose to go will depend on your cash flow, the credit you have left, what you have for working capital, and the equipment you need. Computer equipment leasing and the financing of other equipment will also determine your options later on.
Free Up Your Cash Flow
If you are starting a new business or need to replace several items at once, you will have large amounts of cash going out that can seriously limit your cash flow and working capital. Computer equipment leasing, for example, lets you make monthly payments on your equipment rather than having to dump large chunks of cash all at once.
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