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Lease vs. Finance - Your Best Option

I’m often asked by customers whether leasing or financing will be the best option for them. While some customers have the standing capital to purchase a forklift outright, the overwhelming majority will choose to lease the equipment instead of using cash or a bank loan. But why?

There are many factors to consider when choosing whether to lease or finance a forklift, and I always recommend taking the time and careful consideration to do due diligence before making this important decision. One tool I frequently forward to clients to help in this process is a chart developed by Easylease Corp linked in the article below: 

https://www.easylease.ca/PublicSite/benefits-with-leasing/

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“Make money by using equipment, not by owning it.”
Easylease Corp. is a Canadian-based equipment leasing and finance company and we have a longstanding business relationship that has been highly beneficial to my customers.

When considering leasing a forklift there are advantages over financing that are worth taking into account:

  • Instead of buying a forklift for the minimum your budget can accommodate today, leasing allows you to spread the costs evenly over a lease term, meaning you can lease a more suitable lift system that will meet your growing needs for years to come 
  • Leasing can cover all costs involved in your forklift including soft costs such as installation, service, customization, and even consultation
  • Online lease applications are approved within minutes rather than the lengthy and complex processes of banks and other financing sources
  • Because leasing isn’t borrowing money, it preserves your credit line for unexpected expenses and growing your business
  • Unlike financing, monthly lease payments for forklifts are an operating expense from pre-tax earnings - giving you significant tax benefits (check with your accountant to make sure these tax benefits apply to your business)

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Still wondering if leasing is right for you? As always, please reach out to me for more information or a discussion on what solution might be best for your situation. Also, have a look at these answers to leasing frequently asked questions on EasyLease’s website:


https://www.easylease.ca/PublicSite/frequently-asked-questions-about-leasing/‍