Every industrialist, in order to keep ahead of their competitors, has to purchase the latest machines every now and then. However, not all of them have the requisite funds to complete the deal. Opting for a loan is a solution, but the interest rate on the loan can crush the loanee, especially if the instrument is extremely costly. Such persons should go in for equipment finance. The company providing the equipment finance does not charge any interest. Rather they take a monthly installment from you. You become the owner of the machinery once you have paid the full amount to the lender.
Are you on the lookout for a device that can boost your business, but do not have the necessary funds to pay for it? You can lease the device if you require it for a short period. In such a case, the institute providing the lease owns the equipment, while you pay a monthly rent for using it. You can also opt for the hire purchase arrangement, where you pay monthly hire for a pre determined period at the end of which, you pay the final amount required to purchase the equipment. Both these options are costlier when compared with equipment finance, where you pay interest free cash on a monthly basis until you square off the price of the equipment.