Mike Elton is the Vice President of Sales for Advantage Leasing Corporation. Advantage Leasing is an equipment leasing company in Milwaukee, Wisconsin lending to business customers throughout the United States with financing needs valued between $5,000 and $200,000.
With recent turmoil in the financial markets, business owners are looking for ways to save money and improve cash flow. One area they should consider is equipment leasing, rather than buying outright. When budgeting for your business, equipment leasing can provide some attractive benefits. According to the New York Times, cash-starved companies are smart to consider leasing, rather than purchasing equipment. By leasing you can have access to almost anything you might need for your business: computers, office furnishings, trucks and much more.
Keeping up with technology
Leasing arrangements can help businesses keep up with ever-changing technology. Even after only one year in use, much technology (such as computers) may need to be replaced by a newer, improved version. A leasing arrangement helps many businesses with the cost of continually buying new pieces of equipment to accommodate changes in business needs.
Tax Benefits
One benefit of leasing, depending on the lease structure, is that the monthly payments may be treated as a tax deductible business expense.
Cash Flow
Companies that rely upon cutting-edge technology such as communication devices, vehicles, or other equipment will find a big advantage to leasing. A series of short-term leases will often cost you less than replacing the equipment every year or two. Some leases even have yearly upgrades built into them, eliminating the need to pull the cash together for an equipment upgrade.
Choosing a Leasing Company
With the economy slowing and many lenders cutting back on access to credit for buyers, it is a challenge to know if leasing is right for your business. You may need to search harder for the right partner to provide your lease.
For early-stage businesses, equipment lease financing is more easily obtained from a company such as Advantage Leasing than from a bank. When you choose a company such as Advantage Leasing, you may find that leasing is easier to obtain than you might think. Their capital base allows them to retain leases in their own portfolio. This enables them to offer customers very competitive rates, great flexibility in lease structure, and personalized service.
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