If you have ever tried to complete a difficult job using outdated and old equipment, you will know how frustrating that is. If you use construction equipment, but it starts to break down regularly and always seems to be in need of repairs, then it may be time for something new. Of course, construction equipment is incredibly expensive, which is why it may be better for you to lease a dump truck and other such equipment instead.
Why You May Want to Lease a Dump Truck
It can be very hard to complete projects on time and within budget when your equipment is unreliable. Unexpected repairs take out a significant chunk of your profits, but they can also drain other costs, including your bottom line. Plus, it means your reputation will be significantly damaged.
All that taken into consideration, it is perhaps no surprise that leasing heavy equipment like dump trucks is now becoming so popular. It is perhaps true that the overall cost of ownership is lower if you have that amount of capital behind you, but the reality is that leasing also offers some very clear advantages. Let’s take a look.
Top Reasons to Consider Equipment Leasing
- You don’t have to worry about a large cash outlay. Leasing will free up some working capital, enabling you to leverage it against other costs and investments.
- It frees up the line of credit. Leases are not considered liabilities, meaning that your line of credit won’t be frozen when you take out a lease in the way they would if you take out finance.
- Approval is much easier and the terms far friendlier. Lease companies have very quick application processes and their qualification criteria are very easy to meet. This is particularly true when compared to a regular bank loan.
- You can make serious tax savings. In fact, all the costs associated with your lease can be written off as expenses. What this means is that you can make a significant deduction while at the same time avoiding losses as a result of depreciation. Do make sure that you speak with a tax accountant or attorney about this, however, so that you can make the greatest savings.
Machinery Commonly Leased
If there is a piece of equipment that you need, be that a crane or a forklift, a bulldozer or a jack hammer, you are likely to be able to find a lease agreement for it. Some of the most popular equipment against which leases are taken out include:
- Tractors and trucks.
- Bulldozers and backhoes.
- Cement trucks.
- Rollers and pavers.
- Graders and loaders.
- Cranes.
- Compactors and excavators.
- Surveying equipment.
- Jack hammers.
- Forklift trucks.
- Trailers.
- Dump trucks.
- Crawlers.
Before you jump into a lease, however, do make sure that you have carefully consider the pros and cons of all the different options. Your options, broadly speaking, are:
- Purchasing outright.
- Purchasing on finance.
- Lease.
- Rental.
Each of those options has its own pros and cons, and you must make those considerations for every piece of machinery that you are interested in.
