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Frequently Asked Questions
Why Choose Access?
Lease Versus Purchase
There comes a time when an individual or business has to acquire new equipment, due to expansion needs or a need to upgrade in order to stay competitive. The fact is, all equipment eventually needs to be replaced, and sometimes the timing may not coincide with one's ability to pay for it. But purchasing is not the only option available to a business or individual. Leasing is an alternative that many companies, organizations, and individuals have used to get the things they need, when they need them.
Lease vs. Purchase
For every article you will read on the benefits of purchasing, you will find an equal amount of articles on the benefits of leasing. The fundamental differences between the two are as follows:
" Leasing does not tie up your personal or business credit the way that a purchase does. For example, if you buy a $30,000 vehicle, you have tied up $30,000 worth of your available credit. The vehicle will depreciate in value every year, meaning your $30,000 asset will drop in value every year. Conversely, a lease only counts toward your line of credit as a monthly payment, rather than the full cost of the vehicle.
" Leasing allows you to get newer, updated equipment more frequently. Essentially, when your lease runs out, you can re-lease a newer version of the item you had previously. If you purchase, you may be forced to keep equipment longer than planned, and then you'll have to resort to selling it for a fraction of what you paid. The ability to obtain newer, updated equipment every year gives your business a serious competitive edge.
" A lease might allow you to obtain equipment that you may not be in a financial position to purchase. For example, you might be trying to obtain highly specialized, expensive computer equipment. Your assets and/or cash flow may not enable you to come up with the purchase money or credit line, but you could qualify for a lease payment.
" Payments are sometimes higher when you lease, particularly if you are leasing something that depreciates in value quickly - like computer technology. But these slightly higher payments are offset by the fact that you are not tying up your valuable credit, nor when you make your last payment are you going to be stuck with a depreciated, out-of-date piece of equipment.
Access Equipment Leasing
We certainly believe that a lease is superior to a purchase, and our repeat customers must think so as well. Our professional leasing experts can answer any question you might have, and we will provide you with one of the most competitive quotes in the business. You can fill out an online form, or give us a call to discuss your options.
Check out the benefits
of financing heavy equipment with leasing as opposed to loans
Access Equipment Leasing
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