When it comes to supplying your business with new machines and equipment, some business owners choose to lease the hardware they need. While that certainly is a viable option, there are advantages to financing equipment that may make this latter alternative seem much more worthwhile. As many as 78% of business owners worldwide prefer to obtain financing and buy their equipment outright to take advantage of these benefits.
Financing options are attractive
In many cases, you take advantage of special programs that can save you money. For instance, many lenders offer financing plans that won’t require an initial down payment. While that will mean monthly installments that are higher, it can help if you can’t come up with that minimum down payment. This can help you save your available cash for other improvements to your business, or for marketing or product development goals.
Stay competitive with the latest innovations
By considering your financing options, you’ll have more resources to keep your equipment up to date. Incorporating the latest advances into the operation of your business enables you to compete more successfully in the global marketplace.
Benefit from a speedier ROI
If you prefer to pay cash for equipment, that may mean waiting for a longer period to obtain the latest advances. Conversely, if you finance the equipment, you can obtain it much sooner, which means you’ll also be benefiting from that ROI faster. The new equipment will pay for itself.
Flexible payment terms
Many lenders help you structure a repayment schedule that works best for your business. This scheduling may mean altering the dates that your payments are due or setting up payments that you can more easily afford. Additionally, companies that specialize in this type of financing may also arrange for the disposal of your old equipment and the installation of your updated machines.
Save more money with bundled services
Financing your new equipment enables you to take advantage of customized packages that can offer discounts from getting your equipment, maintenance, and tech support all from one company. Additionally, financing options can include the ability to lock in a rate that won’t increase with inflation hikes.
Financing the equipment you need for your business can help you stay up to date with state of the art products. This is important in a world where technology is constantly changing the way we do everything. The updated equipment you bring into your operation through financing will help you stay ahead of competitors who may not be taking advantage of these financing benefits.