For small and medium-sized businesses, growth depends on having the tools to work in the most efficient and productive ways possible. But having the right equipment and keeping it current can really take a bite out of your cash flow. The answer? Securing equipment loans for small business can be a sound investment in your company’s future. The additional revenue generated from the new equipment can be a positive step forward for a business, and the money saved on repairs and maintenance on the new equipment can more than pay for a small business equipment loan.
Equipment Leasing vs. Purchasing Equipment
You’ve probably heard that equipment leasing is the way to go to prevent your equipment from becoming obsolete. But a closer look can reveal some pitfalls. Equipment leases are generally long-term contracts, and it can be costly to get out of them early. And because the lessor wants you to roll over the equipment lease into a new one, it can be tough for business owners to comparison-shop and make sure they’re getting the best deal.
Depending on your situation and the type of equipment you need, buying may be your best option. You can choose between purchasing new or used equipment. You can build some equity in the equipment. You can sell it on your timetable and not have to wait for the end of a lease. You can compare vendors and equipment before you buy, and a small business may even consider joining a purchasing group to extend buying power.
Save on Equipment by Paying in Cash
- Being able to negotiate a better price
- Having full ownership and building equity
- Being able to upgrade when desired
- Potentially qualifying for tax deductions
- Having vendors compete for your cash purchase
- Not being locked into a long-term lease
- Being able to sell the equipment when desired
- Being able to choose from new and used equipment
Equipment Loans for Small Business
More and more businesses are turning to options like the loans for equipment offered by BFS Capital. These business equipment loans enable the purchase of virtually anything required for business purposes, including:
Many businesses require frequent equipment upgrades, which are difficult or impossible when you’re leasing your equipment. And given new developments on the horizon nearly every week, it’s difficult to continue dipping into cash reserves or lines of credit to purchase equipment. But especially when you consider the revenue this equipment will help generate, a small business equipment loan can be the perfect solution.
Apply Today For Business Equipment Financing
A decision to purchase new equipment can make sense for many businesses. Will purchasing new equipment help you take your small business to the next level, but you’re lacking the finances to take the leap? Our business equipment financing options are the perfect solution for your financing needs. Get funding from BFS Capital for fast, flexible spending power.