Laundry equipment leasing allows a business owner to use laundry equipment that may be out of his or her price range. A lease often lowers the monthly payment price for laundry equipment while providing businesses with the ability to use better quality equipment than they could afford.
With a laundry equipment lease, you also have the option of upgrading your laundry equipment at the end of the lease without having to purchase new equipment. This can reduce the cost of replacing damaged equipment or equipment that underwent a high quantity of wear and tear. Before you lease laundry equipment:
1. Determine what type of laundry equipment financing works best. Companies offer different types of leases, so evaluate each option.
2. Consider the options at the end of the lease. You may want to buy out the lease company to own the equipment, upgrade to new equipment or consider another alternative.
3. Read the fine print to see what the lease company includes in the finacing; some companies will cover soft costs like shipping, while others won't.
Find companies that offer flexible laundry equipment financingVery few business owners fit into a one-lease-fits-all qualification. You need to find a company that offers solutions that work best for your budget and your needs. The more options a lender offers, the better your chance of finding a solution with which you can work.
Turn to specialized companies to finance laundry equipmentWhile you can get leasing from any equipment company, you might prefer to work with one specific to your industry. Look for companies that have several years of experience. This can help ensure you know all the fees upfront.
Work with companies that allow you to lease pre-owned laundry equipmentUsed or refurbished laundry equipment often costs less than new pieces. Many companies only offer financing on new equipment, so if you consider this option, you need to find one of the companies that provides leases for used equipment.
- Leasing laundromat equipment can offer many tax benefits. Ask your lender or a certified CPA what these are to find out how you can take advantage of these benefits.