The automotive industry is a competitive and complex market with new technologies changing the way dealers and repair shops deliver products and services. Leasing automotive equipment can be an excellent financial decision for businesses looking to provide competitive service to customers. The following are a few examples of common automotive equipment products that can be included in an auto equipment leasing program:
- Battery chargers
- Car lifts
- Floor jacks
- Diagnostic equipment
- Exhaust systems
- Wheel balancers
- Brake lathes
- Tire changers
- Paint booths
- Specialty tools
- Pressure washers
- Parts washers
- Storage units
Questions to Keep in Mind
When deciding whether or not to upgrade or add-on automotive equipment to your business, there are certain questions to keep in mind before making a purchase or signing up for a lease:
- What is the purpose of the equipment upgrade?
- Are there any new automotive equipment trends that might be a good choice for my business?
- Will the equipment contribute to my bottom line?
- Does my budget align with my business needs?
Automotive equipment is not cheap and your business should evaluate whether a costly investment is worthwhile to both employees and your customers.
Leasing vs. Loans or Cash Payments
Whether you’re looking to acquire automotive tools for your repair shop, or a new fleet of vehicles for your delivery business, the upfront costs can add up. There are certain benefits that leasing provides in comparison to a loan or cash payment:
- Tax Benefits: Lease payments are often tax-deductible as an operating expense, saving you money.
- 100% Financing: Unlike a typical loan, you can finance 100% of the costs associated with a lease, including things like training, installation and shipping expenses.
- Cash and Credit Freedom: When you use a leasing program, you keep your existing lines of credit and cash flow untouched, giving you ultimate flexibility for other business opportunities.
The Tiger Leasing team has experience working with automotive equipment leasing programs and would be happy to develop a customized solution for your unique business needs. Contact us to learn more about how we deliver success to our customers.
Labels: Equipment Leasing