Equipment leasing can be used by auto repair shops of all sizes, ranging from a single location to a large brand with multiple shops across the country. Choosing this form of financing over a loan can help you save on upfront costs, such as a down payment or origination fees. So, whether you need to replace or upgrade existing equipment or are starting your auto repair shop from scratch, find out how equipment leasing can help you make it happen.
Determine Your Equipment Needs
The most important step in the equipment leasing process is determining what kind of equipment you need. One of the advantages of leasing is that you can choose either new or used equipment—or a mixture of both if you have multiple assets to acquire. Equipment leasing for auto repair shops covers a broad range of items, such as alignment machines, diagnostic equipment, tire mounting and balance systems, emission testing systems, transmission repair devices, and more. Prepare an estimate of exactly what you’ll need before you start your equipment leasing application.
Include Soft Costs
Don’t be put off by financing your auto repair equipment simply because of soft costs. Equipment leasing can cover these items as part of your repayment plan. Large machine delivery, for instance, can be quite costly, as can installation expenses. Roll these soft costs into your equipment leasing contract and save your bottom line from an unexpected surprise. Don’t forget to think about technology and software upgrades, as well. If they help to streamline your business efficiently, even if these aren’t specific to auto repair, you could potentially lease that type of equipment as well.
Start Paying on Your Lease
You can get approved for your equipment lease through us in as little as 24 hours. That means you can get the equipment you need to support your business extremely quickly. Terms can range anywhere between 12 months and 84 months, which can help you find the lease that works for your budget. In addition to these flexible terms, you can also opt for deferred payment in some cases.
The Bottom Line
Equipment leasing for auto repair shops can help you elevate your business to the next level and outshine the competition. The application is simple, so it’s easy to find out what kind of terms you may qualify for.