Don’t have the cash or desire to purchase the equipment outright? Pro-Active Lending Group provides this industry’s best Memphis equipment and leasing options. Have you checked them out yet?
Should you purchase new equipment outright or lease it? Almost every business, especially the construction industry, must answer that critical question. Using large machinery and equipment that enables the company to do more, work more quickly, or even add a service or specialty is one of the ways construction companies can gain a significant advantage over rivals. However, purchasing the required equipment necessitates a sizeable cash outlay that the company might not already have. Therefore, just like a sizable milling machine or construction tool, Memphis Equipment & Leasing options are considered equipment when most people think of them in terms of business. Business equipment can be any physical asset used in a business’s operation, excluding real estate or buildings.
A company can finance the purchase of equipment in one of two ways:
Equipment Leasing: How Does This Work?
An equipment lease is a legal arrangement that allows the equipment’s owner to let a lessee use it in exchange for a set amount of money for a set amount of time. In some cases, the lease gives the lessee the option to pay a balloon payment and buy the equipment at the end of the term. Business owners can access vehicles, machinery, and equipment through leasing that they might not otherwise be able to afford.
Benefits Of Equipment Leasing
Small businesses with limited resources can significantly benefit from Memphis Equipment & Leasing. Here are some benefits of leasing equipment, even though not all equipment leases are the same, and there are numerous ways to finance a lease:
It’s cost-effective to get started. Numerous lessors don’t demand a sizable down payment.
You can update your equipment. Leasing is a good choice if you frequently need to update equipment because you won’t be forced to use dated equipment.
It’s easier to scale. You can upgrade to more modern equipment to handle a higher work volume without selling your current equipment and looking for replacements.
It may offer tax credits. Tax credits are frequently available for equipment leases. Depending on the lease, you can use Section 179 qualified financing deductions to write off your payments as a business expense.
Equipment and Leasing Loans are an Alternative to Leasing
In Memphis, an equipment and leasing loan might be advantageous for a small business, depending on the kind of equipment, how long it will last, and whether or not it will be kept as a long-term asset. Many businesses decide to finance the purchase of equipment rather than lease it because, in some cases, a lease may be more expensive than a loan. Additionally, if your lease terms contain clauses allowing you to own the equipment after the lease, the entire lease payment amount might not be tax deductible. To determine if this applies to your circumstances, consult reliable advisors like Pro-Active Lending Group.
Loans for Equipment Leasing in Memphis
Because of its growth, the Memphis economy has been compared to a “freight train filled with job opportunities and bolstered by people building their careers by being part of something special.” Furthermore, according to a recent report from the Greater Memphis Chamber, there are 16,000 well-paying jobs in Memphis, with nearly half of them offering salaries between $58,000 and $75,000 annually.
So it is no surprise that many businesses call Memphis home or a satellite operating area. Businesses’ very survival and productivity depend on their equipment. Our staff at Pro-Active Lending Group provides top-notch Memphis equipment and Leasing solutions. Call us right away to find out more about your options!
The Memphis economy is on the move; in fact, it has been likened to a “freight train filled with employment opportunities and fueled by people building their careers by being part of something special.” A number of corporate titans including FedEx and AutoZone are headquartered here, generating a healthy revenue while employing thousands of workers. The Greater Memphis Chamber recently declared that there are 16,000 well-paying jobs available in Memphis, nearly half of which pay between $58,000 and $75,000 a year.
So, it’s little wonder why numerous companies choose to call Memphis home or make it a satellite operating area. Businesses rely on equipment for their very existence and for productivity. Here at Pro-Active Lending Group, our team offers excellent equipment and leasing solutions. To learn more about our options, give us a call today!
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