Should a Business Buy or Lease Equipment?

(Video Transcript)

Most businesses rely heavily on equipment, which can include everything from a fleet of trucks to a company’s entire technology suite. And whether a business is making an initial investment, or needs to upgrade or replace equipment, there are two basic options; buying or leasing.

Both have benefits, so here are some things to consider:

  • A lease allows you to take equipment for a “test-run”, to get to know whether it’s the right fit for your business before making a long-term commitment.
  • A lease allows you to upgrade more regularly, it can also reduce maintenance costs, and it conserves cash.

But buying has benefits too.

  • After the loan is paid, you maintain equity in the equipment
  • There are no restrictions on when you can update or upgrade, or on how much it’s used.
  • And there’s no ongoing payment once the loan is paid in full

So which do you choose?  Let our experts guide you through the benefits and drawbacks of each option; to determine what’s best for your business.

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