When updating salon equipment or starting a new business you have to decide which financing option is best for you. Depending on your budget, you have a decision 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.
Commonly Asked Questions about Leasing Salon Equipment:
What is the difference between leasing or financing (through a bank) for purchasing my styling chairs and equipment?
What are the advantages to leasing vs. a bank loan?
Who do I turn to for leasing equipment and how does it work?
Leasing Salon Equipment is Easy and Affordable
Leasing is not a new option for salon businesses; in fact a lot of salons lease their equipment instead of financing it through a bank. The advantages of leasing are many. Leasing is quicker and easier for most business owners who have limited capital or who need equipment that must be upgraded every few years, while purchasing equipment can be a better option for established businesses or for equipment that has a long usable life.
Advantages of Leasing Salon Equipment
The primary advantage of leasing salon equipment is that it allows you to acquire salon furniture and supplies with minimal initial expenditures and allows you to finance 100% of the equipment costs, shipping costs, taxes, etc. This frees up your cash and other credit for other purposes.
Another financial benefit of leasing salon equipment is that your lease payments can usually be tax deductible, thus reducing the net cost of your lease. In addition, leases are usually easier to obtain. 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 buying salon equipment. This can be a significant advantage if you have bad credit or need to negotiate a longer payment plan to lower your costs.
We at Keller International, work with several financing institutions that can finance all your salon equipment needs. Highland Financial Group, Quest Resources, Bank of Cardiff and Beneficial Capital are a few that offer great service and an understanding of the salon and barbershop community.