It is inevitable that businesses will need to acquire new pieces of equipment along the way. Since buying equipment can be very expensive, many small businesses find it hard to look for a financial firm due to the slowing down of the economy at present. The financing options can be very limited but don?t worry?you can still boost your enterprise by checking out a loan that will fit your needs.
To help you select the best choice, take a look at the following equipment financing options.
- Capital or finance lease ? This gives long-term borrowing and the option to acquire equipment ? whether you intend to get machine or?tech equipment. This type of financing is perfect for people who want to have new pieces of equipment but cannot borrow sufficient money from banks. Capital lease covers over 75% of the lifespan of the equipment.
- Operating lease - Allows short-term leasing as well as the temporary use of the equipment that will remain the property of the lessor. This is ideal for those who need new equipment for a specific period of time.
- Refinance existing leases- Provides cash-flow alleviation during difficult times when interest rates become lower.
- Skip lease- The best choice when you have a seasonal business like recreational or agricultural company. The options for repayment are flexible and it allows the business owner to decide when to pay within the year.
A number of companies, like the JRG Equipment Loans, provide financing for equipment leasing. Therefore, finding one that will grant you the funds you need to get the equipment you need shouldn?t be that hard. Be sure to pick the financing option that will best match your situation and financing needs.
Source: http://proadblog.com/equipment-financing-options-for-small-businesses/
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