How Do Equipment Leasing Companies Work?

If you run a business, you know how much equipment is needed in the workplace. From fax machines and printers to computers and specialized hardware, a lot of different equipment goes into running a successful business. Top equipment leasing companies like Noreast offer an excellent range of services to help businesses grow and ensure they have the necessary facilities to serve their customers.

How Do Equipment Leasing Companies Work?

The Basics

Many folks don’t realize the benefits of leasing office equipment or even that leasing equipment is possible. In fact, it’s becoming an increasingly popular practice, allowing businesses of all sizes to expand their operations in a cost-effective manner.

And there are so many different options, allowing you to get the best deal for yourself and your business. Whatever you’re looking for and whatever your needs, leasing could be an amazing option for you.

What Kinds of Equipment Can You Lease From Top Equipment Leasing Companies?

When it comes to leasing, if you can think of it, you can get it. All kinds of equipment are available, allowing you to expand your business capabilities. From simple office furnishings like desks and chairs to printers, fax machines, and printers, you’ll be able to get exactly what you need.

Standard office equipment is often leased as standard, including desks and chairs, but more specialized options, like medical or culinary equipment, are also available. Equipment is normally ordered straight from suppliers, so you’ll benefit from an enormous range of quality products.

Top-Quality Customer Service

When you lease from Noreast, you’re guaranteed excellent customer service. You’ll be assigned a representative to take care of you and your company, ensuring you get the best out of your lease and have access to support whenever you need it. You can call your representative within business hours or access online help whenever you need it, ensuring round-the-clock support.

Not only will your representative be available to help with any questions about the process and any issues that may come up, but they’ll also provide the training your staff will need to operate the equipment, giving you a complete, well-rounded customer experience. As one of the top equipment leasing companies in the country, we’re committed to going the extra mile for our clients.

Which Businesses Can Lease Equipment?

All kinds of businesses are making use of equipment leases, but it’s a particularly popular option with small and mid-size businesses. In the modern world, start-up costs are increasing, and customers demand increasingly specialized equipment. That’s why the cost-effectiveness, flexibility, and added bonuses which come with equipment leasing are a great option for all kinds of businesses.

Established businesses that have been running for a year or 2 and built up a strong credit rating will find it easiest to lease equipment. But new businesses can lease too, with certain extra requirements and conditions. Whatever the status of your business, be sure to gather as much relevant information and documentation as possible, including credit reports and bank statements. Our staff will work with you to ensure the right deal for you.

Flexibility

There are as many different kinds of lease agreements as there are types of equipment to lease. Whatever kind of equipment you’re looking for, however long you need it, and what you want to happen at the end of the lease are all flexible. Whether you want to end the agreement, purchase your equipment, or upgrade to new equipment, you’ve got the options you need.

The different options offer something to suit all kinds of businesses and each has its own distinct advantages. Whichever deal you choose, you’ll benefit from our expertise, as well as the added bonuses of a lease agreement.

The Fair Market Value Lease

For a flexible deal that offers the chance to acquire your leased equipment on a permanent basis, the fair market value lease is a great deal. This deal gives you multiple options at the end of your lease, allowing you to buy your equipment at market value come to the end of the agreement if you wish. You can also choose to return or upgrade the equipment.

If you do wish to retain your equipment at the end of the lease, we offer financing options to suit your needs. This is a great way to enjoy flexibility when you’re not sure what route you’ll be taking some months down the line.

10% Purchase Option

Another agreement that offers both flexibility and great financing options is the 10% Purchase Option. This arrangement allows you to buy your leased equipment at a fixed 10% of its original cost. At the end of your agreement, you can still choose to return the equipment if you decide you don’t want to buy it after all or continue the lease if that’s more appropriate for your needs.  

It works almost like a standard financing agreement, only with no hidden costs, added flexibility, and dedicated customer support. This is an increasingly popular option with businesses of all kinds.

The $1 Buy-Out

This lease is popular with folks looking to expand their inventories slowly and sustainably. It allows businesses to buy their leased equipment at the end of the agreement. As the name suggests, it allows customers to buy their equipment at the end of the lease agreement for a dollar, so it’s perfect for businesses who are certain they want to retain the equipment they’ve leased.

While this agreement functions similarly to a standard purchase on finance, the fact you’ll avoid interest is a huge advantage, while it also offers flexibility in the event you decide you don’t want the equipment after all.

10% Security Deposit Lease

Offering the lowest monthly payment of any lease agreement, this option is perfect for businesses looking to pay a nominal upfront fee, then benefit from low costs throughout the leasing agreement. You’ll pay a 10% security deposit up front and benefit from lower costs throughout the agreement. This is one of the cheapest ways for any business to access new equipment.

At the end of the agreement, you won’t lose your deposit as long as you’ve adhered to terms and conditions. The deposit can also be used to extend the lease or be refunded on return of equipment, offering yet another degree of flexibility. The usual options to return equipment or extend the lease are available too.

Other Lease Options

Certain Specialized lease options are also available for businesses with different requirements. Seasonal leases are available for companies that experience limited cash flow at certain times of the year. This is perfect for businesses needing equipment at only certain times of the year. Step leases are a good option for newer businesses, offering lower payments to begin with and slowly increasing over the course of the agreement.

For those on a budget, a deferred payment plan is a deal, allowing you to begin payments between 60 and 90 days after taking delivery. This deal is perfect for businesses expecting to drastically increase revenue streams after leasing equipment, for example, companies hiring a new cohort of salesmen.

The Benefits

There are so many benefits to choosing to lease your office equipment, rather than buying it or getting it on finance. The affordable and flexible structure of leasing allows you to invest in plenty of equipment that might otherwise have been too costly for you to buy outright. Many businesses only need equipment for a set period of time, perhaps leasing half a dozen desks and computers for a few temps hired for a year-long project.

It’s also a great way to save on storage and maintenance. And many businesses use leasing as a way of quickly writing off obsolete technology. In the hyper-advanced times we live in, equipment is often rendered obsolete within a year or 2 of manufacture, meaning you lose prestige and appeal in the eyes of your clients.

Is Leasing Right For You?

If you’re looking for accessibility, value, and flexibility, leasing is absolutely right for you. A simple look at the benefits and flexibility on offer will be enough to convince most business owners, and the top service you’ll receive from Noreast staff should underline what a great option this is for your company.

It saves you having to store and maintain a bunch of equipment you don’t need in the long term. It’s also an incredibly economical option. No interest rates allow you to spread the cost without needing to invest in costly and complicated financing procedures.

The Process

The leasing process couldn’t be easier. You’ll select your preferred leasing agreement, the equipment you need, the length of time you need it for, and the supplier you want to lease from, then make an application to the leasing company. Our experienced and helpful staff will assist you every step of the way, helping you over any hurdles that may arise.

You’ll arrange financing and the details of the lease, then pay a deposit before taking delivery of your equipment. At that point, you’ll benefit from the equipment you’ve leased and be able to use it to your advantage as you grow your business.

Want to begin the leasing process or find out more? Contact Noreast Capital today for a great deal!