Can You Move Out Of State With A Financed Car Advantages and Disadvantages of Equipment Leasing

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Advantages and Disadvantages of Equipment Leasing

The following is a list of pros and cons that you should consider before deciding to rent equipment.

The first is ownership. The biggest disadvantage is that at the end of the contract you do not own the team. Obviously, this can very well be an advantage, especially in the case of computer equipment where technology changes rapidly.

Total spend The cost of renting equipment is generally higher than buying it, but that’s just assuming you don’t need a loan to buy it. Let’s say you are leasing computer equipment for a total of $5000 over 3 years and paying a fee of $40 per month, the total cost would then be $7200.

Search for funding. Getting a loan is a long and difficult process. On the one hand, a financial institution will require documentation that shows them your credit history for the past two or three years. On the other hand, an equipment leasing company will only ask you for your credit history for the previous semester. This is clearly an advantage of equipment leasing.

Increase cash flow. One of the reasons people prefer equipment leasing is increased working capital. When you don’t have to spend a lot of money on equipment in the first year, you have more availability of financing for your operations.

Leasing equipment can mean you pay more taxes. When you don’t buy equipment you reduce the amount of assets on your books and therefore the depreciation. The equipment lease will be recorded as a business expense and your books will not show any asset acquisition.

Equipment leasing has an advantage when it comes to high-tech equipment. State-of-the-art computers and machines have a fault, they lose their value faster than any other asset, which means that after two or three years they can become obsolete. Technology moves very quickly and it can be costly for you to buy new and expensive equipment that won’t be as efficient after a few years. However, if your company’s policy is to move equipment from one department to another, buying it would not be such a negative.

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