Many people don’t consider equipment leasing for their business because they don’t fully understand the benefits. When leasing equipment you only pay for what you use, you don’t need to take out loans, and you have more capital to use for advertising and other operating requirements. Once people fully understand how equipment leasing works, more people are likely to choose this method, which is why we wanted to share our insights into the frequently asked questions of equipment leasing.
What is a lease and who can lease equipment?
A lease is a rental agreement in which the lessor maintains ownership of an asset, such as a piece of equipment, while the lessee uses it in business activities. As long as the equipment leased is being used for a business or commercial use, anybody can lease. This includes companies, associations, non-profit organizations or individuals.
How do I know if leasing is right for my company?
When deciding whether or not to lease equipment for your company, it’s important weigh what equipment you want to own forever and what might be more practical to lease. After you do this, you will probably see that most of your equipment will fall in the lease category. This is because business needs often change and there is always new technology coming out.
Why not buy my equipment?
Buying equipment requires taking out loans, which uses up your available credit. Using your business’ credit on something that you don’t need to puts restrictions on your other spending that could instead be used for advertising and other operating requirements. See more advantages of leasing your business equipment.
What kind of equipment can I lease?
You can lease almost any equipment that you can buy, including office furniture, medical equipment, dental equipment, veterinary equipment, food and restaurant equipment, computers, software and more.
What kind of leasing programs are available?
Tiger Leasing offers leasing programs to match all needs. Venture Leases are great for start-up companies because we provide 100% financing, whereas Lease Purchases are better for companies that plan to buy out the equipment at the end of the term. Learn more about our leasing programs.
Am I able to cancel my lease?
Leases are non-cancelable but if desired, you are able to upgrade to a more sophisticated piece of equipment. While you can’t remove equipment from your leasing contract, you can add equipment in most cases as long as it costs $5000 or more.
How do I apply for a lease?
The application process for commercial equipment leasing is very easy. All you have to do is fill out a one page credit application, but in certain circumstances additional financial information, such as tax returns, might be needed. Upon approval the lease documents are sent to you where you sign them and a purchase order is issued to your equipment vendor. The equipment is paid for upon delivery of the equipment and then the lease officially starts.
Feel free to contact Tiger Leasing with your equipment leasing questions by phone (212-791-2250) or email (firstname.lastname@example.org).