When changing salon equipment or starting off a new business you have to choose which funding choice is best for you. Relying on your budget, you have a judgment to make; do I lease of finance my new salon equipment? Here at Keller International we get asked all the time about the pros and cons of buying and leasing salon equipment.
Frequently Asked Questions about Leasing Salon Equipment:
What is the difference between leasing or funding (through a bank) for purchasing my styling chairs and equipment?
What are the benefits to leasing vs. a bank loan?
Who do I turn to for leasing equipment and how does it work?
Leasing Salon Equipment is Simple and Cost effective
Leasing is not a new choice for salon businesses; in fact a lot of salons lease their equipment instead of funding it through a bank. The benefits of leasing are many. Leasing is faster and simpler for most business owners who have limited capital or who need equipment that must be updated every few years, while purchasing equipment can be a better option for established businesses or for equipment that has a long usable life.
Benefits of Leasing Salon Equipment
The key benefit of leasing salon equipment is that it enables you to get salon furniture and supplies with minimal initial expenditures and enables you to finance 100% of the equipment costs, shipping costs, taxes, etc. This frees up your cash and other credit for other reasons.
Another financial benefit of leasing salon equipment is that your lease payments can usually be tax deductible, thus decreasing the net cost of your lease. In addition, leases are usually easier to get. The lease applications are just one page and approvals are usually within 24 hours.
Leases also have more flexible terms and payment structures than bank loans for purchasing salon equipment. This can be a considerable benefit if you have bad credit or need to discuss a longer payment plan to lower your costs.
We at Keller International, work with several funding institutions that can finance all your salon equipment wants. Highland Financial Group, Quest Resources, Bank of Cardiff and Beneficial Capital are a some that deal great service and an awareness of the salon and barbershop community.
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