As with any equipment purchase decision, it is important machine shops get as much information as possible before making a commitment to lease.
The following is a list of questions to ask before, during, and after signing a lease in order to get the information you need to make a sound finance decision:
Before
1. How am I planning to use this equipment?
2. Does the leasing representative understand my business and how this transaction helps me to do business?
During
3. What is the total lease payment and are there any other costs that I could incur before the lease ends?
4. What happens if I want to change this lease or end the lease early?
5. How am I responsible if the equipment is damaged or destroyed?
6. What are my obligations for the equipment (such as insurance, taxes and maintenance) during the lease?
7. Can I upgrade the equipment or add equipment under this lease?
After
8. What are my options at the end of the lease?
9. What are the procedures I must follow if I choose to return the equipment?
10. Are there any extra costs at the end of the lease?
It’s important to keep in mind that leasing is flexible and easily customized. Once you’ve chosen a finance partner, you can further evaluate which leasing product is the best fit for your shop’s individual equipment needs.
