Unfortunately, as many business owners will tell you, important equipment is rarely cheap. Therefore it is rare for a company to purchase the items outright, choosing to lease the equipment instead.
What are the equipment finance options available?
There are a range of options available to a business, however selecting the right option depends on the equipment, its cost and your current financial position.
Simply put, the equipment is ‘rented’, with the ownership retained by the ‘Lessor’ (in most cases, this is the lender itself).
A hire purchase takes finance leasing one step further – the owner of the equipment (usually the lender) will give the borrower the option to gain ownership of the equipment by paying down the loan.
This form of finance grants ownership to the business, with the equipment being used as a form of security.
To discover which form of finance is right for you and your business, contact us today. We’ll take you through each of the options and find you a solution that’s ideal for your business needs.