Why Consider Equipment Leasing over Purchasing

When it comes to your business, your people and equipment are invaluable assets. Having up-to-date, working equipment is just as important as having dedicated, skilled staff. One way for companies to stay on top of constantly evolving technology is to opt for equipment leasing over purchasing. Construction equipment, dental instruments, restaurant furnishings, and industrial kitchen appliances can all be rented out for a set amount of time. There are three significant benefits to this flexible arrangement.  

Frees Up Capital

Purchasing equipment outright demands a large amount of cash upfront. Leasing allows you to allot smaller, more manageable chunks towards your equipment budget. This frees up capital right away, giving you the opportunity to use the saved portion of your bottom line towards other aspects of your business. Another way that leasing business equipment frees up capital is because you are not responsible for maintenance. If something breaks, it is the leasing company’s responsibility to fix it. Think of it like renting a home and the furnace goes out. It’s uncomfortable for the renter, but at the end of the day, it is the landlord’s responsibility to have it repaired and to pay for it. 

Tackle Projects Sooner

Saving up to purchase large equipment can end up losing you more money than you would end up keeping. The longer you’re without, the more money you lose due to projects not being completed. Leasing lets you work with the equipment you need, when you need it, so that no one is waiting around for the job to be done. Especially in these trying economic times, you don’t want to lose contracts or customers simply because you didn’t have the equipment you needed.    

Combats Depreciation

Aside from not having to deal with maintenance, as we mentioned earlier, you also get to sidestep equipment depreciation. If equipment only lasts a couple of years, you don’t want to be spending out of pocket to keep buying new models. When you lease through Dominion Lending, you can trade the equipment in or buy it out when the lease is over. This type of flexibility puts you in the driver’s seat and allows you more control of where your hard-earned capital is going. 

Equipment leasing is a great tool to keep your business thriving in a competitive world. Reach out to our team for questions on how to take advantage of this service or learn more through Dominion Lending’s website.