When you do decide to get a new copier, you will quickly run into a big and significant decision – should you just buy one straight out of the gate or find a copier for lease? You’ve already done your fair share of research on the type of copier or multi-function printer that best suits your needs, you’ve met with sales reps, authorized dealers, manufacturers, and so on, and you got your bids.
The only problem is that copiers don’t come cheap. They are an expensive piece of machinery, and while buying one usually means you’re in the clear for the next 3 to 5 years, the initial cost of investment that can very easily be over $10,000 depending on copier size and functions, can wear down any business no matter how established.
This is because not all businesses are ready to lose that much capital every couple of years, and some, if not most, don’t have that many funds lying around.
So, why is the copier for lease principle better than buying a new one?
Simply put, the average copier cost is astronomically high compared to other types of office equipment, while a copier for lease offers a fixed low monthly payment which benefits businesses have free capital for other important needs such as growing and scaling your business.
A lot of businesses get a copier for lease by using something called equipment financing leases. These are usually provided by authorized dealers or manufacturers, which means your business cannot get them directly from a leasing company. You have to go through an authorized dealer who has a leasing company relationship.
If you decide to go through the traditional route and buy a copier but don’t have the necessary amount at the moment, then bank loans are the way to go. Keep in mind that this means getting a bank loan, and the problem with loans is that they tie up lines of credit and don’t have a fixed monthly payment.
Sure, conventional loan rates may seem fixed for a while, but most of them have a variable rate. These rates fluctuate with market conditions, good or bad, which may put an additional strain on your business in the future.
With a copier for lease, you pay the set monthly rate no matter how well the market is performing. Interest rates may go up, but your monthly payment stays the same.
Depending on the type of deal you make, you might pay less or about the same with a lease than you would pay if you bought the copier in the first place.
Who are the best copier leasing companies?
I understand that you don’t have the time to research copier leasing companies. You should set your sights elsewhere, like growing your business, so that’s why I’ve compiled a list below that will give an answer and tell you which leasing companies are the best.
Wells Fargo is one of the most well-known banks in the US, possibly even the world. It is also the largest bank in the US finance industry. They are managed by a holding company based in San Francisco, California, and as of 2016, they acquired the Equipment Leasing decision from GE Capital. Wells Fargo has precise borrowing guidelines, which, once met, can get your business the financing it needs.
Based in Cedar Rapids, Iowa, and founded in 1992, Great America is a popular leasing company with many authorized copier dealers. In 2009 alone, they have surpassed over $1 billion in assets and offer various leasing programs.
LEAF Commercial Capitan, Inc. is owned by People’s United Bank, N.A. making them the 16th largest bank-owned equipment finance business in the US. LEAF is headquartered out of Philadelphia, Pennsylvania. They provide financing for telephony, technology, medical, light industry, and office products.
Copier Services of New Orleans – CSNO
As one of the leading local businesses in the New Orleans Metro area, CSNO sells, rents, and services all sharp printer copiers along with services and repairs to many other brands across New Orleans. They are one of the best-known companies that have been in business for over 50 years. CSNO provides a reliable service that gets recurring customers for more than half a century.
If you made it this far, then I can certainly tell you are very interested in getting a copier for lease. While there are many leasing companies out there, if you would like to lease from the ones on the list above, all you need to do is contact the companies that sell copiers and request these leasing companies.
Many leasing companies don’t offer their services directly to your business, so it is always best to ask for their financing through the company that you are “purchasing” your copier.
A word to the wise. Always do your own research when choosing the best copier company to get better leasing opportunities.
In-house leasing programs
Sometimes you may come across something called in-house leasing programs. This means that your local authorized dealer may have an in-house leasing program set up to help local businesses that may not meet commercial programs’ requirements. If your business credit is low, you can always ask your local authorized dealer if they have such a program.
There are many pros and cons to either business practice – meaning buying a new copier or leasing one, as we’ve talked about above.
You are the best person that can make that decision for your business, and one of the best ones you can make is going with CSNO. If you need their services, click here to get a quote. We hope that no matter what you decide, you will be satisfied with your choice either way.