CARPET CLEANING PLANS Loan Application LEASING BENEFITS ... Five Good Reasons To Lease… We'll help you determine the best lease structure for your needs. THE LEASE VS. BUY DECISION Many factors should be considered in deciding whether to lease or buy your equipment. Some of the points to consider are as follows: Tax advantages: With a lease, you can pay for equipment with pre-tax dollars while the payments on a conventional loan are made with more expensive after-tax dollars. ex: Recently a customer asked why he shouldn't use three of his 5.9% credit cards to purchase a truck mount. He had figured the "APR" on the lease at about 15%. I'd like to share some thoughts. Many forget to consider the tax implications until they meet with their accountant in the spring. A lot our customers have only personal, not business, credit cards. Personal interest expenses are not tax deductible, where business interest is deductible. Interest paid with pre-tax dollars is a lot cheaper than after-tax dollars. His 5.9% card that goes to 12% soon would equate to a pre-tax rate of about 18%, assuming he is in the 33% tax bracket. The lease at 15% is cheaper! 100% financing: A Lease covers the entire cost of the equipment, plus any freight, installation, tax, etc. A conventional loan usually covers only 80% of the equipment and none of the freight and installation costs. With so much cash down, any advantages of a conventional loan quickly disappear. Our cost is cheaper than the bank or paying cash: Many people forget that banks are there to make a profit. The bank factors in deposits, commitment fees, etc. When you add up all their costs, we can usually be cheaper. Missed opportunities: Sometimes people get wrapped up in the total payback of a transaction, and lose track of the original business reasons they had when they decided to acquire the equipment. By making a down payment, you are financing less; thus the payments and total payback are reduced. For almost every growing company, our costs will be less expensive than if you paid cash - and missed another opportunity. The Value of your time: You always have several financing options, but if you let us do the work we can eliminate the need for you to go to your bank, thus saving time. If you get your new equipment now instead of waiting to satisfy a bank, you can make money now. Your time is valuable. If we save you time, we save you money. Bank won't approve you?: An approval now, even at a higher rate, gets you the equipment in place and making you money. The longer you wait, the more you lose. It's your decision as to when the acquisition is best. IRS Section 179: For acquisitions under $24,000 IRS may allow you to expense the equipment entirely in the year of acquisition. We can help you. We can write a lease with a bargain purchase option, which for tax purposes you can treat as a purchase, and you can still take years to pay for it! |
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