Whether you are replacing existing equipment or adding new equipment, one of the important decisions to make is how you will finance the purchase. There are 3 main options:

  • Buy outright
  • Lease
  • Rent

Each option has different benefits, and which option is best for you will depend on your specific circumstances. At JTM Service we believe being flexible to meet our customer requirements is critical, which is why we are delighted to be able to offer all 3 options. We can also include ongoing breakdown cover and servicing to provide total peace of mind.

But which one to choose? Read below for details of each option.

Buy Outright
Buying outright means you are invoiced for the equipment and take ownership straight away. The first question is whether you have the capital available to buy outright.

If you do have the capital available, buying outright can be the simplest option as well as the cheapest from a cost perspective. Some people prefer to avoid financing arrangements, and ongoing comprehensive breakdown cover can still be included with this option by adding an extended warranty for up to 5 years.

Leasing
Equipment leasing is where the purchaser acquires the equipment through a leasing agreement, allowing the payments to be spread over a contract period (typically 3 to 5 years). There is a right to own the machine at the end of the term.

This is a good choice if you want to spread the cost over a period of time but do want to ultimately own the equipment. Leasing can help your budget to go further and allow you to purchase the best equipment, whilst freeing up capital for other areas of your business. It also provides certainty of payments over the contract period. At JTM Service we provide equipment leasing over 3 to 5 years, and comprehensive breakdown cover is included as part of the leasing agreement.

Rental
Equipment rental is where you make monthly payments over a period of time to rent the equipment without the worry of ownership.

Rental has some of the same benefits as equipment leasing, such as allowing your budget to stretch further, freeing up capital for other projects, and spreading the cost over a period of time. The installation costs can be incorporated into the rental, and your rental agreement automatically includes full breakdown cover for the life of the rental. At JTM Service we provide rental agreements over a period to suit you.

If you would like to discuss the different financing options and which one may suit you best, please contact us on 0113 2572221 or info@jtmservice.co.uk and we will be delighted to help.