If you own or work for a construction company, then you are already aware of the value of a skid steer. The versatility of skid steers enables you to complete jobs quickly and efficiently. While useful, skid steers can also be an expensive investment. For smaller companies or those that may not have the budget to fund a large capital expense, an equipment lease can give you access to the skid steer for a low monthly payment.
Leasing a skid steer is an effective way for businesses to acquire equipment despite not having the capital to purchase it outright. There are many advantages for anyone looking to get involved with equipment leasing, especially as it relates to a skid steer.
This article breaks down important questions to consider before deciding if a skid steer lease is the right approach for you and your company. Below are five of the most important questions to consider:
1. How Do I Qualify for A Skid Steer Lease?
When it comes to equipment leasing, there are several main factors that companies will be taken into consideration:
Business creditworthiness
How long your business has been operating
The cash flow from your current business operations
The overall financial health of your business
While every business’s financial situation is unique, these are the key factors that will determine the conditions of your skid steer lease. For example, if you are a company with a very good credit score that has been operating for over five years, it will be relatively easy for you to get access to the equipment you need quickly and seamlessly.
2. Are the Payments for Equipment Leasing Expensive?
Your monthly skid steer lease payments will be determined by several factors, such as the equipment type (model and manufacturer), interest rate, and the expected rate of depreciation of the equipment. Leasing rates for skid steers will be different from company to company so make sure you do your research to ensure you get the best deal possible for your company.
3. How Long Does It Take?
Again, this will be dependent on your organization and the leasing company. Acquiring a skid steer lease for your business operations can be quick and easy given the right financials and documentation. Providing as much detailed information as possible during the early stages of your partnership will ensure that you get the skid steer quickly.
4. How Easy or Safe Are They to Use?
Protecting the safety and livelihoods of your employees is likely to be an important consideration of yours when it comes to equipment leasing. Skid steers are typically safer to operate than some other pieces of construction equipment. Operators are situated in safety cages and the machine is not easily overturned during use. The learning curve on operating is shallow but there are still versions of skid steers that come with more automatic features than others. If you have further questions or concerns regarding the safety of a piece of equipment, bring them to the equipment leasing company you are working with to make sure you are fully comfortable with the machine you are leasing.
5. Is Leasing Right for My Project?
Getting a wrong or unsuitable piece of equipment will squander both your time and your money. By partnering with an experienced and trusted construction equipment leasing company, you will be able to find the right machinery, at the right price, which lets you operate efficiently and cost-effectively for all your current and future projects. Having these clear channels of communication from the outset with the company you are partnering with will mean you get the best possible equipment leasing advice.
Final Thoughts
Ask yourself the five skid steer financing and leasing questions below to have a better idea of the best approach for you to take. Once again these are:
How do I qualify for a skid steer lease?
Are the down payments for equipment leasing expensive?
How long does it take?
How easy are they to use?
Is leasing right for my project?
A skid steer can help you operate on the job site more effectively. If you want to rent just one vehicle to complete a job or are looking to acquire a fleet of machines to help your business grow quickly, it is important to consider all of your financing options. Finding the most cost-effective way to acquire these machines, such as equipment leasing, should be a key consideration of your business development.
