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Is it better to purchase your industrial equipment or go with industrial equipment leasing? That's a question only you can answer because it depends on the unique position of the individual business. The length of time the equipment will be needed will be a factor on whether to purchase, rent or lease.
Many industrial equipment leasing companies offer customized leasing contracts that will allow you to own the equipment after the lease. This is a great benefit if you have to spread your payments out.
Often it's the time factor that helps the business owner make the decision on whether to buy or lease. While industrial equipment often takes a long time to be delivered, approval and delivery of leased equipment can often get your business moving more quickly. The approval process on leased equipment is usually quick, too, and will save the time waiting to hear if you credit application for the equipment purchase will be approved or denied.
Like all contracts, it's important to understand all of the details of the lease before you sign it. Pay special attention for any timetables that haven't been discussed. Make sure that there are no hidden fees that could end up making your lease more expensive than originally budgeted for.
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