Are You Renting Lifts & Considering Buying One?
Lifts are a very common piece of equipment that is being rented instead of purchased. Every business owner will more than likely come to a point where buying the piece of equipment makes more sense instead of renting one. We’ve heard plenty of stories over the years, where a business owner contacts us and starts off the conversation with…“I’m currently renting a lift and I’m considering to purchase one instead. I’ve been renting one for 2 years and I’ve wasted all this money. I could have owned this lift by now…”
That is probably correct, and some business owners don’t anticipate the need to rent equipment for that long time. Before you know it, 2 years have gone by and now you have no equity in that piece of equipment. Some dealers will credit you a portion of the rental payment, but some wont. So if you’re currently renting, make sure you ask the dealer if there will be any credit applied to the purchase price if you choose to purchase the lift.
Renting a Lift Versus Buying a Lift
Purchasing and owning your own lift gives you the flexibility to use the piece of equipment at any time with very minimal lead time. If you are renting a lift, you have to consider extra time to go to the equipment rental company, sign the paperwork and have the equipment delivered to your location. Another benefit of buying is, the residual value of your lift. Of course, this is contingent upon the brand you purchase and the maintenance that is being done on the equipment over the time of ownership. While we’re talking about maintenance, if you chose to buy a lift you will be responsible for all the maintenance required on the lift. Versus, if you’re renting the lift the dealer will take care of all maintenance responsibilities. If your company is seasonal or if you foresee a limited amount of use on the lift, renting the lift would make more sense. There is less financial responsibility when renting; such as no monthly payments or long term commitments. Insurance requirements for the equipment, upkeep & maintenance, are all expenses you’ll see if you choose to own a lift versus renting one.
Choosing To Buy A Lift With Financing
We offer a wide variety of financing and leasing programs if you are in the market to purchase a lift. Our programs are available for new and used equipment, we even have special programs for start-up businesses. Here’s a quick snap shot on some of the programs we offer for both good and bad credit business owners:
Bad Credit & Average Credit Programs
- 2 Mos Payments Down – $10k to $45k – 600 Credit – Start Ups Ok – No Age
- 2 Mos Payments Down – $10k to $100k – 620 Credit – 2 years in business
- 10% Down – Up to $200k – No Credit Score – 1 year in business – Must Gross 25K a month
- 50% Down – 20k to 400k – No Credit Score – Any Age – BK & Repo’s Ok
Good Credit & Average Credit Programs
- 1-2 Mos Payments Down – Up to $75k – 620 Credit – 2 years in business
- 1, 2 Mos Payments or 10% Down – Up to $100k – 680 Credit – 3 years in business – Must be a Home-owner
- 1, 2 Mos Payments or 10% Down – Up to $60k – 700 Credit – Start-Ups Ok – Must be a Home-owner
- 1, 2 Mos Payments or 10% Down – Up to $60k – 700 Credit – 5 years’ time in biz & same address
There are more details that go into qualifying, so it’s always best to either call our office and speak to one of our advisors, or you can use our chat messaging help desk. If you look to the lower right of your computer screen, you’ll see a purple box that will allow you to chat with one of our advisors. Feel free to call us anytime at 888-565-6692.