Can I Buy My Lease Out From The Finance Company Lease Versus Own

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Lease Versus Own

The basis of success…

A common challenge for all companies is how to pay for the equipment needed to perform their services. Even among experts and professionals, opinions often vary. The only thing you need to recognize is that every business is unique and there are no standards that work for everyone. Only you know what your capital reserves are and what kind of reserves your business will need from month to month. While some companies are more sophisticated than others, only you have access to the full spectrum of your financial situation today and the forecast of liabilities to come. Not only is it essential that you prepare properly; it is crucial.

In the beginning, one of the first professionals you should consult with is a tax professional. This person can see your business as a whole and then match your business needs with the appropriate tax plan. It is an accepted belief that proper tax planning is the primary step to a successful business. After correctly identifying your needs, now is the time to strategize your method of operation. To help you with that method, we’ve put together a simple list of the pros and cons of renting versus buying equipment. This list is generic but reveals industry norms of features and benefits. As you review, apply these characters to your business and see how it fares. Good luck!

own

1. When you decide what equipment to use, you are buying it. The equipment is yours to do with as you please.

2. By purchasing the equipment, you have immediately created an asset for your business profile.

3. Depending on what your equipment is and how your company is structured; you may be entitled to certain tax benefits, such as writing off the expense in the first year. (Consult with a tax professional)

4. There are no payments. (You own it.)

5. Now that you have the equipment, you have the option to resell it. (At a lower price)

leasing

1. The first benefit is that if you don’t have the reserves to buy, a lease is a viable option.

2. If you are going to buy with a bank loan, then the bank would probably require a 20% down payment. When renting equipment, the standard is that you are required to pay a month or two in advance and that’s it.

3. Even though you’re leasing the equipment, it’s still an asset to your business.

4. Even if you have a monthly payment, you also have the option to upgrade your equipment before it becomes obsolete.

5. When you acquire assets, you want assets that appreciate not to depreciate. With many equipment materials required to operate, they will depreciate after the first year of use.

6. By leasing all your equipment, you can write off up to 100% of your payments as a business expense. (Consult with a tax professional.)

7. Most items can be rented, such as phones, furniture and computers, not just heavy machinery.

8. Choosing a lease allows you the flexibility to maintain capital reserves for payroll and miscellaneous expenses that may occur.

9. There are numerous types of leases that can suit your business profile and the needs of your business.

10. Rental rates are “fixed” and range from 12 to 60 months.

As you can see, the features of renting are far superior to buying or owning the equipment for many companies. Eight out of ten businesses prefer leasing to buying. The list you just reviewed points out the key components of both options, but with deeper research, you’ll find that renting offers many more opportunities to fulfill your desires.

Talk to an equipment leasing professional to find the right lease for your business. It’s good business!

JR Talk

Real estate and commercial financial advice

JRParler@yahoo.com

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