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How to Save Money on Your Next Lease Contracts
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Leasing business equipment
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Great for small businesses with limited resources.
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Here are some tips on how you can save more on your next lease.
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A leasing company that has been in the industry for a considerable period is a good partner.
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Check out the firm’s reputation in the market.
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You can’t go wrong by asking customers of the leasing company about its service.
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What type of lease should you choose?
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Choosing a lease term that complements your business structure is essential.
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Pay attention to the pricing, terms of payment, obsolescence, and other conditions of the lease.
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Make sure that it matches the needs of your business.
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Be alert about possible fees such as non-use fees, penalty charges, or lease termination charges.
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See to it that you are aware about these costs before signing up with the lease.
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You can save from penalty charges by keeping the equipment in good condition until the end of your lease term.
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If you want to keep the equipment, research about the fair market value.
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It’s best to inquire about this detail before signing the lease so you can make plans ahead.
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Pay Attention to the End-of-lease Notice and Renewal Period.
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These important details gives you the chance to decide whether or not you want to renew your contract or just return the equipment on time.
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The interim rent is a daily payment for the equipment starting from the day it was received up to the day the actual lease begins.
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Most companies begin their lease term on the first day of the month.
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You can save your interim rent by having the equipment delivered right at the end of the month, avoiding the long waiting period for the start date of the lease.
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