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Myths of Leasing
Transcript of Myths of Leasing
Beacon Funding Corporation
Don’t let these common misconceptions get in the way of using financing
to acquire the equipment your business needs.
You can only lease hardware.
You can’t lease software and services.
Leasing is too expensive.
If you've financed equipment, you cannot pay it off early.
Leasing paperwork is complicated and messy.
Nobody has lower-cost money than banks, insurance companies, and investment houses. They all lease.
Quite the contrary. Equipment financing gives business owners a way to have the best of both worlds. You can hold on to more cash than you could with an outright purchase of new equipment and at the time same enjoy the revenue and productivity benefits of using new equipment.
You should always buy equipment with cash.
If the equipment you are looking to acquire lasts longer than the financing terms and sells for more than $5,000, it has a great leasing potential.
Not ours. Applying takes less time than renting a car. Plan on 5 minutes, tops. Our application-only process allows clients to be approved for a lease by simply completing our one-page Business Credit application. You can also visit our website to fill out our quick app.
Oftentimes, hardware doesn’t work without software. Add-on services can make a piece of equipment more valuable and remarketable. Therefore, Beacon commonly offers leasing programs on hardware and software.
Financing gives your business more options. If you think you might want to pay off your lease early, there are no penalties associated with doing so. However, many clients choose to repay their lease over the scheduled term as there is little economic benefit to paying off early.
Leasing only works for office equipment and automobiles.