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What to consider while choosing a leasing company.

June 5, 2023

When choosing a leasing company, there are several important factors to consider. Here are some key consider:

Reputation and Experience: Look for leasing companies with a solid reputation and a proven track record in the industry. Research their background, reviews, and customer feedback to ensure they are reliable and trustworthy.

Lease Terms and Conditions: Carefully review the terms and conditions of the lease agreement. Pay attention to aspects such as lease duration, payment structure, penalties for early termination, and any additional fees or charges. Make sure the terms align with your needs and budget.

Lease Options: Check if the leasing company offers a variety of lease options to suit your specific requirements. Different types of leases include operating leases, finance leases, and sale-leaseback options. Ensure the company can provide the type of lease that best fits your business or personal needs.

Asset Selection: If you are leasing specific assets, such as equipment or vehicles, consider the range and quality of assets available from the leasing company. Ensure they can provide the assets you need and that the assets are well-maintained and in good condition.

Customer Support: Evaluate the level of customer support provided by the leasing company. Determine their responsiveness, willingness to address concerns, and their ability to help throughout the lease term. Good customer service can make a significant difference in your leasing experience.

Flexibility and Customization: Assess the leasing company's flexibility in tailoring lease agreements to your specific requirements. Consider whether they can accommodate changes in lease terms or allow for upgrades or downgrades of leased assets if needed.

Financial Stability: Ensure that the leasing company is financially stable and can fulfill its obligations under the lease agreement. This can be determined by reviewing their financial statements, credit ratings, and industry reputation.

Insurance and Liability: Understand the insurance coverage and liability arrangements associated with the lease. Determine whether the leasing company provides insurance or if you need to arrange your own coverage for the leased assets.

End-of-Lease Options: Consider the options available at the end of the lease term. Determine whether you have the choice to purchase the leased assets, extend the lease, or return the assets without any additional obligations.

Comparisons and Negotiations: Finally, don't hesitate to compare offerings from multiple leasing companies. This will help you assess competitive rates, terms, and conditions. Additionally, consider negotiating terms to secure the most favourable deal.

By considering these factors, you can make an informed decision when choosing a leasing company that aligns with your specific needs and preferences. Easylease is a Canadian-based equipment leasing and finance company which provides competitive pricing, and terms, swift and high credit approvals and convenient online services to help businesses grow and meeting their needs for over 20 years now.

Get your quote today, apply through our website or call us at 1-800-293-1119.