Leasing Equipment

I write leases for equipment through Lease Consultants.

I really recommend going to your local bank and getting a loan from the people that handle your business checking. They will often give a slightly better rate for multiple accounts.
 
I write leases also, but these are almost always lease-to own. Russ is correct, you will always do better if you can go to your bank, but when you can't, often a lease-to-own is a great way to get new equipment and put it to work to make it's own payments!
 
Yeah I think the ones I was reading on was lease-to-own. I usually just go to my own bank for loans, I was just wondering if anyone had experiences with leasing, good or bad. It doesn't seem like too bad of an option I guess. Not sure what the rates look like though.
 
We almost leased. If we payed on time it wasnt bad. The problem was paying off early. The particular company we talked to did not incentiveize early payoff.

So lets say its a 10000 lease with an option to buy for $1 at the end. and its a 5% annual interest
If you pay off at the end of year one you would expect to pay 10501. (10000 + 5%(500) + $1)

But thats what this company offered. They computed what the end total would be and just divided by 60 to get the monthly pmt. dumb

So we bought with a credit card.
 
I have only leased one piece of pressure washing equipment, that was my vac/reclaim setup in the summer. I have already made double what the lease is worth on the setup because I had it. For a small business a lease can be good because it kept things more within the business, then affecting my personal credit. I was looking for a house a couple years ago and my truck which was leased at the time was not used against what I could afford or borrow. When I had my smaller truck on a loan for my first house, bank didn't see it as a business at the time and it was a PITA. Cash up front is best as it allows you to weather slow periods with little overhead.
 
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