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There comes a time for most businesses where new equipment is an absolute necessity for increased efficiency, increased output or new product lines. But while new equipment presents great opportunities, it can also come with significant costs. Finding the money to pay for it can be a challenge.
That’s why it’s important for decision makers to consider the benefits and drawbacks of their procurement options.
Does it make more sense to take out a loan to buy the equipment outright or to lease the equipment? The right answer will differ depending on a number of factors that are unique to each company. If you’re facing this decision in the near future, here are four factors you should consider before making up your mind.
If you’re looking into leasing or purchasing equipment, Emprise Bank can help work with you to evaluate which option makes the most sense for your business. We’ll give you honest, straightforward advice and quick turnaround for your financing decision.