Every business needs new equipment at some point. Existing equipment gets old and outdated, and additional equipment is often needed to grow a business. Nearly 80% of companies in the U.S. lease finance equipment.
There are many advantages to a lease financing solution over other financing options. Here are the reasons we feel are most important to our customers:
- Credit Availability – Leasing preserves lines of credit. Save bank borrowing capacity for other needs or emergencies.
- Quick Approval – At Noreast, you can be approved for your equipment purchase as quick as 2 hours whereas traditional banking approvals can take weeks.
- Conserve Working Capital – Get the equipment and technology needed today while spreading payments over time. Capital budgets can be used for other business expenses and more productive operational uses.
- Flexibility – Changes in the economy, emerging competition and expansion require flexible options for a small business. Leasing allows a business to grow or change with the tide quickly, without large up-front costs.
- Obsolescence becomes Obsolete – Technology changes rapidly. The software and equipment purchased 2 years ago is most likely outdated. With leasing, when the term is over, there is the option to purchase your equipment, trade it in or return it outright. We keep our customers’ businesses at the forefront of their industry through leasing.
- Tax Advantages – For most leases, businesses can deduct monthly lease payments. The benefits and amount changes annually, so they should consult a tax advisor for more information on IRS Section 179.
- Budget Friendly – Leased equipment can create income for a business that far exceeds the cost of a monthly lease payment. Budgets can be stretched to obtain additional equipment that couldn’t have afforded otherwise, through fixed monthly payments.
- No Down Payment Required – Unlike some loan programs, customers can finance 100% of their equipment, and include additional costs such as software, shipping, installation, maintenance and training into the total package.
- Fixed Monthly Payments – Leasing allows customers to use equipment they need, for as long as they need it, with a fixed monthly payment. If interest rates skyrocket, their payment does not change.
- Choose Payments and Terms – You know how much your business can afford to spend on your new equipment. With leasing you can pick the best payment solution for your business. Extended terms, flexible payments and equipment upgrades are all available.
Contact us to speak with a Noreast Representative to discuss how leasing can benefit your businesses bottom line.