It's always a pleasure to hear from Jennifer Tran of Econolease, and Jenn is here today as a guest on our blog, to offer some key insights into how to finance the equipment purchases you need for your business.
Econolease Financial Services has been working with Canadian entrepreneurs for over three decades. We strive to provide funding options to support businesses in the acquisition of their equipment. Through our lease, rent and loan programs there is a fit for every profile and project! We want to be there when you open your doors for the first time, for single equipment purchases, replacements, renovations , expanding to a multi-unit operation and more. We customize financial options based on your needs.
We understand that every business has its own unique situation, and determining which product best suits our clients’ needs is what we do best. Looking for reliable, durable, top-quality equipment can prove to be a difficult task when you’re looking to fit within your budget. Should you purchase the equipment you feel is right for your business but is outside of your budget? Should you purchase equipment that fits within your budget but may not be exactly what you need? Here are some of the top ten advantages to consider when leasing equipment:
Leasing can be treated as an operating expense that you can write off on your taxes (including the interest too!).
We pay your suppliers directly on your behalf.
Lower borrowing costs (compared to a credit card) and less money due on signing.
An equipment lease will free up your cash flow to spend on intangible assets (such as the goodwill you create with your marketing and branding).
Flexibility on the lease term to best fit your budget and needs.
You will own the equipment at the end of the term.
Approval process is very quick. 24 – 48 hour turnaround time to get an approval in place.
You can purchase your equipment from a variety of vendors and put it all on one lease.
Frees up available cash and credit lines.
Helps to establish credit history for your business.