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Whether it’s a kitchen appliance, HVAC unit, office computer or semi-truck, the right equipment can be crucial for the success of your small business. Paying for that equipment up front may be out of reach, but there are options for acquiring what you need, including equipment leasing and equipment financing.
Equipment leasing works like a rental agreement, and equipment financing works like an installment loan. Before choosing one of these options, understand the differences between the two so you can choose the option that makes sense for your business.
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Featured Small Business Loans
1
National Funding
$10,000 to $500,000
6 months
600
1
National Funding
On National Funding’s Website
2
OnDeck
$5,000 to $250,000
Not disclosed
625
2
OnDeck
Via Ondeck’s Website
3
American Express Business Blueprint
$2,000 to $250,000
Varies by loan term
of at least 660 FICO at the time of application
3
American Express Business Blueprint
Via American Express’s Website
What Is Equipment Leasing?
Equipment leasing allows you to rent equipment for the duration of a lease agreement. Leasing can have lower monthly payments than financing and you may not have to pay an upfront down payment.
While you lease equipment, you may be responsible for maintaining and insuring the equipment, but at the end of the lease, you won’t own the equipment. However, you may have the option of purchasing it when your contract is up.
There are two main types of equipment leasing agreements:
- Capital leases: With a capital lease, the holder of the lease can or will own the equipment at the end of the lease. These leases are also known as finance leases.
- Operating leases: With an operating lease, the lease more closely resembles a traditional rental agreement. It allows a business to use equipment for the duration of the lease but doesn’t transfer ownership rights.
The difference between each is often how the expenses are reflected on balance sheets.
Pros and Cons of Equipment Leasing
If you’re considering an equipment lease, understanding the pros and cons of this financing option can help you make the best decision for your business.
Pros
- Monthly payments. A lease agreement can have more affordable monthly payments than a financing agreement, allowing you to access the equipment you need now.
- Down payment. Unlike equipment financing, you may not have to pay a down payment up front, which could save you hundreds or thousands of dollars in the short term.
- Updated equipment. Leasing equipment could be beneficial if you frequently need to update or replace your equipment.
Cons
- Won’t own equipment. Unlike with financing equipment, you won’t own your equipment outright at the end of your lease. You may be able to purchase it, but this could require a substantial balloon payment.
- Security deposit. Some lease agreements require you to put a security deposit up front, which you could lose if you don’t return the equipment in good condition.
- Tax write-off. With financing, you can usually deduct your loan interest and equipment depreciation on your taxes. You may not have this option when you lease.
What Is Equipment Financing?
With equipment financing, your business takes out a loan to purchase equipment for your business. You’ll repay the loan over a set period, along with any interest charges and associated fees.
Once the repayment term ends, you’ll own the equipment outright. You can continue to use it for as long as it’s operable or you can sell it to another business.
An equipment loan is secured by the equipment you purchase. If you can’t afford payments, you risk racking up late fees, damaging your credit and losing the equipment.
Pros and Cons of Equipment Financing
For many businesses, equipment financing may be the best option to acquire equipment. Before going forward with this choice, consider the pros and cons.
Pros
- Own the equipment. Unlike with leasing, you’ll fully own your equipment at the end of your equipment financing term.
- Can sell the equipment. If you choose, you can sell your equipment to make up some of your costs.
- Tax deductions. Your business may be able to write off the loan interest payments and asset depreciation on its taxes.
Cons
- Down payment. Equipment financing may require you to pay a down payment, which could be a significant upfront payment.
- Monthly cost. Financing can have a higher monthly cost than leasing, especially if you have a high interest rate on the loan.
- Equipment could become outdated. Purchasing your equipment via a financing agreement may not be in your business’s best interest if that equipment becomes outdated or obsolete by the time you’ve paid it off.
Equipment Leasing vs. Financing: Which Is Better for Your Business?
Both equipment leasing and equipment financing are options that can give you access to the equipment you need without having to pay the full purchase price upfront.
A lease agreement may be the better option if you’re trying to keep your short-term costs as low as possible. Leasing may not require a down payment and could have lower monthly payments than financing. It can also be beneficial if you’re looking to get office technology, appliances or other items that need to be replaced with new versions frequently.
On the flip side, financing could make sense if you’d like to build up equity in your equipment and gain ownership at the end of your term. If you’re purchasing large, durable machinery or vehicles, for example, you may not be worried about having to replace the items in the near future. You may also gain some tax advantages if you choose financing over leasing.
The choice comes down to multiple factors, including your monthly budget, the type of equipment you need and how quickly your industry advances. Compare both the month-to-month and long-term costs of leasing versus financing to determine the best option for you.
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