EQUIPMENT FINANCING 101
Office equipment is the jam to your doughnut – without it, your business is nothing more than a plain bun with – perhaps – a sprinkling of sugar. In order to run a successful practice, you need that gooey deliciousness to hold it all together and offer real substance, but with today’s competitive world constantly offering ‘bigger and better’ of everything, it can be hard to budget appropriately. After all, the latest computer is only as good as its predecessor was before.
And that’s where we come in.
So, let’s get down to business, shall we?
Designed specifically for the purchase of business equipment, this type of financing – whether loan or lease - allows you to spread the cost on an otherwise-costly expenditure over the course of its lifetime. In preventing you from making huge outlays at once, it helps maintain cash flow and give greater certainly in budgeting – all whilst allowing you to invest in both capital and equipment (and/or technology) without breaking the bank – especially as it also offers accelerated tax allowances.
Leasing, in particular, gives the added benefit of avoiding inflation, as it allows you to pay for tomorrow’s equipment at today’s prices, as well as keeping up with the latest innovations through upgrades. On the flip side, the overall cost of leasing will be higher than what you would have paid for the equipment outright, but unlike many other lenders, we don’t put a limit on how much or how long you can use the equipment for. Whichever way you choose to go, however, the real benefit of equipment financing is that the equipment itself acts as collateral, meaning it’s a pretty risk-free way of borrowing money whilst simultaneously enhancing your practice.
… did someone say doughnut?