Fairport, NY (PRWEB) April 10, 2009
Interest in leasing has grown over the last year as credit tightens and companies look to preserve cash flow. Many companies are exploring leasing as an alternative to traditional finance sources. In fact, about 80% of businesses in the United States utilize equipment leasing or financing to fund their operations, according to the Equipment Leasing and Finance Association (ELFA).
Like many industries, the equipment leasing industry is comprised of thousands of competitors - and no two companies or contracts are the same. First American Equipment Finance, one of the top 10 independent leasing companies in the U.S., advises businesses to choose their leasing partner carefully to ensure a positive leasing experience.
For example, beware of simplified lease proposals. Since lease contracts are highly customized and differ significantly by lessor, less reputable lessors disclose only a rate or a monthly payment in their offerings. However, unless the proposal specifically addresses all economic factors in the lease, clauses in the final lease documentation can lead to much higher overall costs.
Here are just a few of the questions and costs that should be covered in your lease proposal:
- Is there a deposit requirement? If so, will it be applied to the lease payments?
- Are their any hidden fees or costs not included in the proposal?
- What are the end-of-lease options? What flexibility is available?
First American Equipment Finance is offering a free whitepaper, Look Before You Leap into an Equipment Lease, with more tips on negotiating the right leasing/financing solution for your business. The whitepaper is available free on the First American website at http://www.faef.com. Or contact First American Equipment Finance toll-free at 800.801.3830.
First American Equipment Finance is an experienced lessor specializing in the healthcare, insurance, education, and legal industries and is ranked among the 10 largest independent leasing companies in the U.S. and the Rochester Top 100 fastest growing companies. First American provides simple, innovative financing solutions for complex projects that combine products and services from multiple vendors and service providers into a single equipment lease. First American has a proven reputation for professionalism and service among customers throughout the U.S.