Equipment Leasing

[apayson]

Hello all! This is my first visit to the forums and I need help! My business partner and I are putting together our business plan and I am having a hard time feeling like I can trust ANY equipment leasing options out there. I would LOVE to hear about any experiences y'all have had with any equipment companies or financing companies in the industry. Thank you!

 

[Musicphan]

What are your concerns with these leasing options?

 

[apayson]

General lack of reviews for the business or too many bad reviews. Getting any financing for a startup in this industry is hard enough, I don't need to be a guinea pig for a young company or taken advantage of by scum.

Sent from my SM-G900T using Tapatalk

 

[Musicphan]

Take a look at this list... it includes all loan sources but hopefully this will help you find a reputable company.

https://bestcompany.com/business-loans/

 

[John P]

What is your reason for leasing vs. buying
The contract will probably always benefit them.

If you have credit to lease your can finance equipment purchase as well.

 

[apayson]

If i can't get enough financing for everything, being able to lease equipment will lower my startup costs by $7,000 or so. I haven't applied for any financing or leasing options yet. We will try to finance first but I like to do research ahead of time.

Sent from my SM-G900T using Tapatalk

 

[sin123]

hi,
I cant understand your plan correctly, explain with detail.

 

[apayson]

I'm not interested in taking a lot of time explaining every detail to someone. I simply asked if anyone in this forum has had experiences with equipment leasing companies/financiers.

Sent from my SM-G900T using Tapatalk

 

[John P]

apayson,

I know you think it will lessen your start-up costs, but I would rarely, if ever, recommend leasing. I think leasing companies will try to tell you it's a great idea, but there are too many potential problems.
Now from a business standpoint - If your budget is that tight, then decide whether saving more $$ and waiting might be the appropriate thing to do.

 

[sidg]

Besides running my coffee truck I also sell espresso equipment and while there are some lease options available I've recommended against it as financial it just doesn't seem to work in most cases. If things are that tight I would worry about having enough money to make it through the first few months.