The pricing on new floor cleaning equipment can range a great deal. Â Small Walk Behind units start at a few thousand dollars depending on mechanical structure and durability. Â Riding units can reach $20,000.00 and more depending on size, capacity and options. Â How you finance these productive cleaning machines depends on a lot of variables that need to be considered during the purchase process.
If you have a smaller facility and only intend to purchase 1 or 2 machines than an outright purchase may be suitable. Â But if you have a facility that requires many units including vacuums, sweepers, scrubbers, extractors, burnishers and other pieces, you may want to look into creative financing to structure the cost of the required equipment. Â Here are some of the more common ways to finance equipment.
Outright Purchase: Â This is typically the most common because people may not realize they have options. Cash, check, credit cards are all commonly used. Â If you are using a credit card be prepared to possibly pay a little more since the seller will have to pay the credit card fees associated with the transaction.
Short term Rental: Â If you only need equipment for a short time this may be a viable option. Â If you only use equipment a few times a year or if you have a one- time clean up on your hands renting equipment for a few days or a week may be the answer.
Long Term Rental: Â Maybe you have a bigger project. Â Long term rentals of several months are often considered when you have a large project but donâ€™t want to purchase a machine. Â The advantages are you are not responsible for the maintenance or the upkeep on the equipment. Â Just use the equipment for a few months and then return it.
Simple Leasing: Â This is a great option if you need equipment to maintain your facility but do not have the money to make the capital investment. Â Typical leases run for 24 to 36 months and spread the monthly payments to fit your budget. Â Advantages are the new equipment is typically under warranty for the entire leasing period. Â At the end of these types of leases you own the equipment outright.
Fair Market Value Leasing: Â This is more along the lines of a true lease and still a very viable option. Â The monthly payments will be less than a simple lease and may fit into your budget better. Â It may enable you to acquire a larger, more productive piece of equipment for the same price. Â At the end of the lease you will have options. Â You can purchase the machine for the fair market value. Â You can turn in the machine. Or you can simply continue a new lease with a new piece of equipment.
Leasing with Full Maintenance. Â With a Long term Lease with full maintenance you are not so much buying a machine as you are purchasing the utility of maintaining clean floors. Â Hereâ€™s how it works. The agreement typically lasts for 24 to 36 months. Â For one monthly payment you receive the equipment that will best clean and maintain your facility. All the scheduled maintenance and repair is included. Â You are guaranteed the up-time on the equipment and the ability to clean the facility. Â If a repair is needed, they are made on sight or a replacement is delivered. Â Either way you always have equipment guaranteed to perform well. At the end of the agreement a replacement machine is provided and the monthly payments are adjusted if needed.
Creative Financing can enable you to acquire the equipment you need to ensure your facility is cleaned on a routine schedule. Â It can spread out the payments and help you to fit the equipment into a manageable monthly budget. Â The best way to access the best possible financing is to contact a local distributor who handles many different makes, models and brands and is proficient in explaining various types of applicable financing. If you are looking for help in deciding which floor scrubber you need check out this blog entry about choosing the right scrubber. Â Contact us here at Rhiel Supply and we will be happy to explain the process.
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