3 Main Reasons That Why You Should Think About Leasing Your Crane Equipment
Leasing - If your company needs crane equipment, you need to think of ways to buy it. And instead of trying to use your corporate funds or using a business loan to purchase the equipment, you better choose to lease it. Below are the three ways you can take advantage of leasing crane equipment -
Higher chance of more credit: getting credit is not an easy task. Creditors look for many factors to ensure that they only lend money to reliable companies that they believe will be able to fully repay their debts and interest. And if they don't think you meet their criteria, you have a very low chance of getting approval for financing. And one of the most important criteria that creditors are looking for is your existing credit limit.
If you have already accumulated so much debt that your debt / assets are skewed, you can forget about receiving credit. And leasing becomes economical here. When you purchase crane equipment through leasing, the lease is not shown as a debt. As such, your debt / equity ratio remains intact and you look much more attractive to creditors. So if you are wondering how to finance a crane acquisition, consider leasing.
Include soft costs in the financing: when you buy crane equipment, you not only spend money on the equipment itself, but also extra costs such as transport, installation, adjustment, training of the operator, etc. All these small costs can add up and ultimately a significant part of the final acquisition costs. And if you are planning to buy it through a loan, you must use more money in addition to the loan to actually be able to buy the tap. But by using a lease option, you can forget all such disadvantages, because a lease covers all soft costs. As such, you do not have to spend a cent on your side to get the machine to your location.
Buy the equipment you really want: if you were planning to buy crane equipment with your own resources or with a loan, you will be limited by cost considerations. For example, you like equipment, but because you don't have much to save, you may be forced to pass it on and select a cheaper device. With leasing you can forget such things. Because you do not make any investments in advance, you can literally choose all the equipment you want. The only limit that you must take into account is the monthly payment. And as long as you can meet the monthly delivery, you can purchase exactly the desired equipment, no matter how high the price tag is.
Therefore, keep the above considerations in mind when thinking about how to finance a crane equipment. Do not forget to consult the leasing companies to find out how a lease agreement can help you to buy the crane.
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