Comparing Leasing Companies

No two equipment leasing companies are exactly alike. For example, one company may pride itself on having no hidden fees, while another touts its exceptional customer service. Here are a few points of comparison to keep in mind when you look at leasing companies.

MONTHLY COSTS

Find out how much your monthly payments to each company would be for each piece of equipment you want to lease, including taxes, insurance, maintenance, and any other fees they will be charging you for the duration of the lease agreement. Also ask about late-payment penalties and other possible add-on fees you need to consider.


CUSTOMER SERVICE

You should have some idea of how easy it is to contact a company. Look at customer reviews, and find out if the companies have email, phone, or live chat, for example, and what their business hours are. Investigate if there are additional charges for service in some situations (weekend equipment troubleshooting, for instance.)


CANCELLATION POLICY

You may change your mind about leasing equipment immediately after you contract with a company, or maybe you find out you do not like a company after you have started working with it. A grace period gives you time to back out; also look at any fees that come with potentially breaking a contract, whether during a grace period or afterward.


One point (or several points) may be more important to your business than others. Identify which equipment leasing considerations you prioritize, and then make the decision to work with the company you are most comfortable with.