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EQUIPMENT LEASING IN CANADA
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Leasing assets in Canada. Quite frankly it’s a relationship you're in when you’re financing equipment, and a lot of Canadian business owners and financial managers could do better when financing equipment and assets if they managed and partook in that relationship with their equipment leasing company. Let's explain!
THE RIGHT FINANCING FOR YOUR NEW ASSET ACQUISITIONS
Selecting assets and commercial equipment for your business is tough enough these days when it comes to technology, pricing, cost, etc. The business owner or financial manager doesn't need to have that same level of concern around the financing though. It's a simple case of being a bit more proactive in the relationship. We're told a relationship is a ' connection or involvement ' - so we're saying it's about time to get involved with that equipment leasing company.
Knowing the bottom line and the actual financing cost and benefits of asset acquisition is what it is all about - whether it's a lease or a business loan.
UNDERSTANDING CASH FLOW IMPLICATIONS AROUND INTEREST RATES AND MONTHLY PAYMENTS
In every lease transaction, it's important to understand the inflows and outflows of cash flow in your company as it relates to assets. Two key points here - one is that the interest rates and type of lease will determine your monthly payment or cash flow - but the business owner/ manager often doesn't consider the cash inflows or benefits that come from acquiring many revenue-producing assets. It’s important to look at the total picture, especially, as we said if you have got a revenue-producing asset on your hands.
THE LEASE VERSUS BUY DECISION
Part of every concern the business owner/ manager shares around acquiring assets is the lease versus buy decision in leasing equipment finance. So do spend some time determining if your asset decision makes good common sense re benefits, costs, and cash flows.
FACTORS AND IMPLICATIONS ABOUT CHOOSING THE RIGHT TYPE OF LEASE
In lease finance, it's all about ' cash flow ' and monthly payments. True or false? Well, we can offer up for sure that most clients seem to place the most emphasis on those two points. While it’s fairly simple to determine monthly payments and total interest costs etc don't forget also that the type of lease you enter into also has some effects on your rights and obligations in your equipment financing transactions.
The ability to terminate a lease, return the asset, or even extend the lease simply makes it critical to have a solid relationship with the right lessor in equipment leasing. It's not always about just the cost of the equipment and the interest rate when it comes to leasing financing.
THE 'TRICKS OF THE TRADE' IN LEASE FINANCE
Leasing companies use several strategies to maximize income, and of course, no one denies or should deny their right to make a reasonable profit. But just proactively managing your relationship with your finance firm allows you to understand key lease company profit components of your transaction. For instance, have you ever asked your company if they have calculated that great rate you just got ' in advance ‘, or ' in arrears '. You just might be surprised at the answer and the cash flow outcome as it relates to equipment leases.
CONCLUSION
So, leasing assets financing equipment lease_company concerns and information? Our bottom line today on equipment leasing and asset financing? Take the initiative in managing and understanding the relationship between you, the asset in question, and your lease company partner. Seek out and speak to a trusted, credible and experienced Canadian business financing professional when it comes to leasing assets in Canada.
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Stan Prokop
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