If you’re in the market for a piece of equipment, chances are you’re going to be offered financing by a vendor.
It may be tempting to simply sign a lease at a dealership, but you might be better off getting a business loan from a bank, depending on your needs and the type of equipment you’re buying.
There are many factors to consider when financing equipment purchases, and it can often pay to shop around, says Kirk Irving, BDC Business Centre Manager in Kitchener, Ontario.
“Many entrepreneurs don’t even look at the options,” Irving says. “But, by taking a little bit of time, you can do your due diligence and see what’s out there.”
Irving offers these pros and cons of vendor financing for equipment purchases.
3 pros of getting vendor financing for an equipment purchase
Great deals on new equipment