Leasing has become a preferred form of equipment financing, accounting for more than 30% of business equipment acquisitions. Each year, thousands of companies face the challenge of finding attractive financing to acquire business equipment. Many of these companies approach the lease sourcing process seeking the lowest lease rate.
While securing a low rate is a worthwhile goal in choosing a leasing arrangement, it alone is usually not a reliable standard for obtaining the best lease transaction or leasing experience. To obtain attractive lease proposals, make sure you choose the right construction equipment rental company to bid. Here are ways to find the best leasing companies.
Learn How Leasing Companies Differ
Leasing companies differ in a number of ways. Some specialize in specific industries, some in lease types, and still others in transaction sizes. For instance, some leasing companies specialize only in a single industry like health care, construction, printing, agriculture, or transportation. Others focus on lease type. They may only offer operating leases for equipment with attractive residual values.
Still others focus on small ticket transactions with equipment cost under few thousands. It is important to understand the specialization of the lessors bidding on your lease transaction. To get the most attractive deal and to avoid the run around, stick with lessors who focus on the type of transaction you are seeking.
When And Where To Look
The time to start your search for a construction equipment rental company is early in the lease planning phase once you have established criteria for a leasing arrangement. Some criteria to consider for a leasing arrangement are: pricing, monthly cash outlay, financial statement impact, and the appropriate lease type, lease term, lease flexibility, lease facility size, and whether your equipment will be accepted for lease. Use criteria’s like these and the qualities you are seeking in a leasing company to start your lesson search.
FinalThoughts
Choosing the right construction equipment rental company is worth the effort. By taking a few easy steps during the planning and bidding phases, you can eliminate or greatly reduce time wasted with unqualified lessors. Spend your effort and time to carefully research all bidders.
Be partial to lessors with high integrity, great reputations for performance, good expertise and who communicate well with you. You will invest just a little of your time and effort but you will thank yourself later for the great results.
