Jocova Financial On Understanding Equipment Leasing
For those of you interested in equipment financing in Canada
, there is a simple solution: equipment leasing. Simply defined, equipment leasing is an agreement between an equipment owner (the leasing company) and the user of the equipment (the business owner). The business owner is responsible for paying an instalment fee taken monthly by the leasing company for the use of the equipment.
Generally, equipment leasing takes the form of contracts with specific terms and conditions detailed. Traditionally, the lease contract spells out the length of the lease term (usually 24 to 60 months), the frequency and amount of the lease payments, and end of term options.
At the end of the lease term, the business owner typically has the following options available:
1.Return the equipment and, if required, sign a new lease for the most current equipment
2.Exercise a purchase option and buy the equipment
3.Renew the lease for a specific term
Jocova Financial provides a variety of alternatives for equipment financing Canada. There are numerous equipment leasing contract options that are tailored to the unique demands of all businesses big or small. Most businesses opt for a traditional capital equipment lease which fully amortizes the cost of the equipment over the lease term and contains a specified buy-out amount at the end of the term. Other businesses find that equipment lease contracts with enhanced end of term residuals, fair market value clauses, or walkaway structures better meet the needs of their business.
Many industries turn to equipment leasing to acquire assets for their business with little to no upfront costs and convenient monthly payments. Leasing allows you to instantly profit from the use of the equipment and stay competitive in todays dynamic marketplace. Such major industries who take advantage of the power of equipment leasing include: Construction, Manufacturing, Transportation, Hospitality, Landscaping, Healthcare, and Agriculture.
Within the equipment leasing world, there are specific dealers or vendors who specialize in the sale of industry related equipment. These vendors know and understand their equipment and can easily identify which would be best suited for a particular business operation to maximize profit and efficiencies. Many of these vendors may offer in-house financing and equipment leasing options for their customers. A good idea however, is to research your own equipment leasing company beforehand and get pre-approved. Knowing that you have an approval already in place, allows you can act on any equipment acquisition with confidence and without delay.
Some of the most popular equipment leased through Jocova Financial include: transportation trucks and trailers, vocational trucks, landscape and construction trailers, construction equipment, heavy equipment, paving equipment, coin laundry equipment, dry cleaning units, insulation and duct equipment, landscape equipment and more...
While equipment leasing offers little limitations, there are still some factors to consider which may not make leasing feasible. Such possible factors include too small of a transaction size, software financing due to licensing requirements, and soft costs such as installation and freight charges. Given these minor limitations, leasing still offers the best in way to obtain equipment for any business. Equipment financing in Canada can be made simpler with the right advice.
by: adair sawyer
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