If you find yourself in need of a modernised forklift or telehandler to facilitate a home improvement project, warehouse shift, or construction task, you’re probably considering the pros and cons of using some of your working capital to purchase a new piece of equipment.
Purchasing work equipment is a decision that many people struggle with in today’s day and age, due in large part to the down payments, lengthy financing tenures, and pricy overhead costs associated with purchasing and maintaining your heavy-duty provisions.
But it’s important to note that there is a simpler, more cost-effective alternative to buying and servicing your equipment. Partner with a reputable local equipment-for-hire firm.
So if you’re in the market for a rough terrain forklift rental, for instance, this brief article will highlight the myriad of benefits and advantages of hiring your equipment as opposed to purchasing it outright.
Eliminate Pricy Up-Front Fees
Contemporary industrial equipment is incredibly expensive to purchase or finance nowadays, especially when considering the following inclusions:
- Massive down payments, often up to 25% of the equipment’s total value
- Steep financing costs, which can decimate your month-to-month budget
- Collateral requirements, which might necessitate you to put your home or land on the line for the duration of the financing agreement
- Decreased borrowing power regarding your available credit line as banking institutions will decline to offer alternative financing if you are currently paying off a long-term equipment purchase
Fortunately, an equipment rental will allow you to circumvent all of these economic detriments because today’s rental agreements are facilitated on a predetermined, contractual basis. You’ll be able to acquire the equipment that you need without damaging your financial future.
Avoid Overhead Expenses
Next, it’s worth mentioning that you’ll be able to reduce your ongoing liability by passing on the following expenditures to your rental partner:
- Component repairs
- Oil changes
- Provision upgrades
- General maintenance and upkeep
- Scheduled servicing
- Depreciation expenses
Your rental partner will assume all of these costs on their financial records and provide on-demand assistance with equipment maintenance throughout the rental tenure, which insulates your precious resources and allows you to focus entirely on the project at hand.
Bypass Logistical Concerns
Last but certainly not least, it’s important to note that today’s equipment-for-hire firms specialise in coordinating conveyance and storage for their fleets:
- Short-term or long-term rental contracts ranging from a single day to several weeks
- Comprehensive transportation solutions during your rental agreement with timely on-site deliveries and pickups per your request
- Dedicated storage and warehousing, which allows you to avoid spending money on additional storerooms or garages for the equipment
- Adaptable rental agreements that grant access to any alternative equipment you might need to complete the task at hand
As you can see by now, deciding to rent instead of buy represents the best way to protect your finances while acquiring the exact equipment that you need. To boot, many of the leading rental agencies tend to offer high-end used equipment for sale, which means that you can try before you buy.