In order to control the capital of your dry cleaning business, you can decide to lease equipment. Advantages of dry cleaning equipment leasing include reduced payments, tax deductions, increased cash flow and better manage your assets.
Making the most of dry cleaning equipment leasing also includes getting the best rate and buy out terms on your lease. If you’re looking to own the dry cleaner equipment at the end of the lease, you’ll want to make adjustments in order to ensure that you can pay a reasonable price.
1. Determine the cost differences between leasing and owning dry cleaners equipment. If a lease will not save you that much money, you’re likely to benefit more from financing the dry clean equipment.
2. Consider the benefits to your company when leasing dry cleaning equipment. A dry cleaning business needs to stay current with their equipment.
3. Apply to lease dry clean equipment. Use the leasing institution with the best rate and terms for dry cleaners equipment.
Look at the benefits of leasing dry cleaning equipmentPart of making the most of a lease is to see how well it will work for your company. Leases work especially well for a dry cleaning business, since pieces of equipment like dry cleaning machines can cost a lot of money. Many leases also allow you to include installation and maintenance into the price.
Compare quotes for dry cleaning equipment leasingYou'll likely have several different lease options for dry cleaning equipment. Popular types include a fair market value lease, a $1 buyout lease or percentage purchase option. With a fair market value lease, you return the equipment at the end of the lease agreement. With a $1 buyout, you purchase the dry clean equipment at the end of the agreement for a $1. For the percentage purchase option, you will pay a percentage of the original price in order to own the equipment.
Get quick approvals to lease dry clean equipmentYou'll want a low priced company to finance your lease agreement for dry cleaning equipment. Additionally, many new and used dry cleaning equipment leasing companies allow for online submission of applications. This can help you make the most of the lease by getting quick and easy approval.
- The type of dry cleaner equipment lease that you take out will determine the payment rate that you make each month. For instance, the $1 buyout and payment percentage leases will cost more monthly than the fair market value lease. Typical time periods of leasing dry cleaning equipment is between 12 and 60 months.