Keep Pace with Technology With IT Leasing

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With technology changing at such a speed, businesses of all sizes in almost every sector frequently need to upgrade or expand their IT equipment, so is IT leasing the answer? In fact, over 90% of the top 100 companies now lease computer equipment.

Why? Paying upfront for equipment can be a significant drain on the working capital for most businesses, especially SMEs and start ups. With bank lending figures still falling, many businesses are turning to alternative sources of funding such as asset finance and leasing.

Benefits of computer and IT leasing

Computer and IT leasing offers a number of significant benefits over buying. For example, leasing means your businesses will never be left with obsolete equipment in a way that would not be possible with an outright purchase. IT equipment can become out of date in just two to threeyears. With a lease agreement, equipment can be added or upgraded without having to repurchase, so you will always have the most up-to-date hardware  and software.

Leasing also means you can obtain the latest computer equipment you require without a large capital outlay. Many businesses find leasing advantageous from a budgeting standpoint as switching from outright purchase to a lease agreement changes how the equipment is accounted for. Leasing enables you to pay for the equipment you need over a fixed period of time, which helps you spread the cost. Plus, with an operating lease, rental payments are an allowable business expense that can be set against profit – thereby potentially reducing your tax bill.

What IT equipment can businesses lease?

A wide range of equipment, from PCs and iPads to software licenses and training, can be leased. This can include hardware, software and maintenance agreements. In fact, almost any type of tangible equipment can be considered for leasing. You can even choose the suppliers and the exact combination of equipment you require.

Some of the most popular types of IT equipment leased are:

  • PCs and laptops
  • Tablets (e.g. iPad, Microsoft Surface)
  • Servers
  • IT Software
  • Routers
  • PDAs
  • Printers
  • Projectors
  • Training
  • Installation
  • Networking infrastructure
  • Telephone systems
  • Reprographic systems

For more information on IT leasing, download the useful WestWon Asset Finance For IT Equipment fact sheet or call WestWon on Tel: 01494 611 456.

Calculate The Cost of Leasing v. Buying Equipment For Your Business

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Obtaining an outline leasing quote could not be easier. And doing so will help your business compare the cost of leasing versus buying the capital assets you require within seconds. The interest  payable on a leasing deal will depend on the amount you finance, the term of the agreement and frequency of repayments. It works just like a mortgage – the shorter the term, the less interest paid.

The table below compares the cost, for example, of a £10,000 lease agreement over various terms.

Capital cost of lease agreement (excl VAT)Length of lease periodMonthly repayment (excl VAT)
£10,0002 years£464.00
3 years£322.00
5 years£208.90

 

For an instant leasing quote, why not try the WestWon lease cost calculator now? (Please note that rates quoted are for illustrative purposes only and payments will vary according to your company’s individual circumstances and leasing requirement.)

If you are thinking of leasing your equipment, machinery, office furniture, office fit out or IT hardware, software and services, there are a few points you should remember:

Top Tips for Leasing
  • First and foremost, if something seems ‘too good to be true’ it may well be not what it seems.
  • What are the early settlement terms and notice required to terminate the lease before the end of the agreed lease period? Ensure that you are aware of any early exit penalties there may be in the contract.
  • Always read the small print. If there is a service contract associated with the lease contract, ensure that you know what it covers and what rights you have should you not be satisfied either with the performance of the equipment or with the quality of service you receive. In particular, check what happens if you wish to terminate both the lease and service contract, for example, should the leased equipment continually malfunction.
  • Scrutinise your potential supplier closely. Find out how long they have been trading and ask for reference sites.
  • If you have to pay a supplier a deposit, make sure it is correctly documented and inform the leasing company.
  • Take particular interest in any settlement figures that you wish to include in a new lease when upgrading an existing lease. This is especially important when dealing with photocopiers.
  • Look out for additional charges such as documentation fees and administration fees, so you have a full understanding of total costs.
  • Don’t sign a ‘certificate of satisfaction’ or ‘certificate of acceptance’ before you have received delivery of the equipment as this document releases the money from the leasing company to the supplier.

 

For all your leasing queries, please contact WestWon on Tel: 01494 611 456 or alternatively, you can download more information about how to get the best leasing deals here – Financing Your Business Plans: Free Guide to Leasing

Leasing Demand Surges As Asset finance Increases By More Than A Third In December 2013

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WestWon has seen extremely positive trends in leasing demand over the past few months and this  experience is born out by figures released on 7th February 2014 by the Finance & Leasing Association (FLA) showing that asset finance new business grew by 34% in December 2013 to £2.2 billion, the strongest monthly rate of growth for almost 6 years.

The full year figures for 2013 show that new business for asset finance deals of up to £20 million grew by 4%, making it the fourth consecutive year of growth in the sector. There were positive figures across the market, with growth of 14% in IT equipment finance and 9% in commercial vehicle finance, compared with 2012. Modest growth was also reported in business car finance, plant and machinery finance, and business equipment finance with increases of 1%, 4% and 1% respectively.

Commenting, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA said:

“The asset finance market reported its highest level of new business for three years in December, suggesting the long-awaited recovery in business investment may well have begun.

“The recovery in the UK economy so far has been driven by the services sector and supported by almost £15 billion of asset finance provided to businesses in that sector last year.”

In 2013 FLA members provided £84.7 billion of new finance to UK businesses and households. £22.4 billion of finance was provided to businesses and the public sector, representing around 29% of all fixed capital investment (excluding real property and own-account software) in the UK last year.

For more information see www.fla.org.uk

To discuss leasing options and get an instant quote for equipment, machinery, furniture and fit outs,, call WestWon on Tel: 01494 611 456 or email [email protected]

 

Benefits of IT Equipment Leasing & Computer Equipment Leasing

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Why Lease Computers and Other IT Equipment?

Leasing IT technology such as computers, tablets, servers and telecoms allows you to improve performance by acquiring the latest technology without tying up capital or existing lines of credit.

Crucially it also protects you against future obsolescence – a major issue for IT and computing equipment. Technology is changing at such a fast rate that new equipment can become out-of-date very quickly. Arranging lease finance for IT makes it so much simpler to upgrade to new and improved versions at any stage.

If your organisation would like to know more about leasing computers, laptops, servers, networks, infrastructure, printers, fax machines, reprographic systems, telephony or any other technology systems, contact the WestWon IT experts on Tel: 01494 611 456 or email [email protected] for an instant quote and best leasing rates.

Key Benefits of IT Leasing

WestWon provides finance for hardware leasing, software leasing, infrastructure leasing, telephony leasing and services leasing, allowing your business to:

  • Avoid Obsolescence – With the rapid pace of technology change it clearly makes sense to lease rather than buy depreciating IT assets – so you can upgrade easily in the future.
  • Improve Cash Flow and Instant Return on Investment – You have immediate access to the latest resources without having to tie up large sums of capital, while spreading the cost of your investment over the useful life of your equipment.
  • Protect Bank Lines – Lease rental agreements do not impact your other borrowing options or lines of credit.
  • Be fully Flexible – Effective IT is about so much more than just hardware. You can easily include items such as software, networking and support under one monthly payment for simpler budgeting.
  • Compare Lease V Buy Costs Instantly – WestWon offers a state-of-the-art online quotations system, providing instant quotations and highly competitive rates. There is no easier way to assess your options.

 

For more information about IT Equipment Leasing, Hardware Leasing, Software Leasing, Tablet Leasing or iPad and Tablet leasing, contact WestWon on Tel: 01494 611 456 or download the WestWon Asset Finance  for IT Equipment and Projects Leasing Fact Sheet from our Leasing Fact Sheet Page.

Why Not Ask Your Supplier About Lease Finance For New Equipment, Machinery, IT, Furniture, Fit Outs And Related Soft Costs And Services?

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Leasing now helps to fund 27% of all fixed capital investments in the UK. So it’s hardly surprising that more and more resellers are offering their customers a lease v purchase option.

Even if your chosen supplier doesn’t already offer leasing for capital equipment, you can ask them to contact a leasing company such as WestWon. Or if you prefer contact us directly to discuss a highly competitive leasing deal.

Why Do Many Resellers Already Offer Customers A Leasing  Option?

Simply because it helps their customers and there is no reason not too from a supplier standpoint as they still get paid for their goods andor services upfront – but by the leasing company rather than the customer.

Leasing enables customers to:

  • Spread the cost over time in line with the expected ROI on their investment
  • More easily select the equipment that better meets their needs.
  • Upgrade more often in the future, avoiding technology obsolescence.

Download the FREE ESSENTIAL GUIDE TO LEASING for more information.

WestWon provides a range of support options for resellers who wish to offer their customers a finance option. And if you haven’t already chosen your supplier, we can also recommend suppliers that can meet both your product and finance needs.

Offering a great leasing deal has benefits for both suppliers and customers. For more information about the type of leasing deals you can consider (or offer, if you are a supplier) simply email [email protected] or Tel: 01494 611 456. We’d love to help.

 

 

Entrepreneurial Epoq IT Signs Partnership Deal With WestWon Leasing Company

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Award winning IT Service Provider, Epoq IT, has signed up to the WestWon Partner Leasing Programme in a move that underlines the leasing company’s growing dominance within the IT Sector. As a result, the innovative IT reseller can now offer its customers instant lease quotes as a tax-efficient method of payment for their hardware, software and IT service needs.

Leasing For IT Hardware, Software and Services

Gary Swanwick from Epoq IT commented, “We see the formalisation of our relationship with WestWon as a very positive move for our business, and we are excited to be able to offer very attractive leasing options backed by the expertise and service of a leading leasing company in the sector.

“Since joining forces with WestWon, we have already written a number of leasing deals, with one customer alone having leased IT hardware, software and services totalling more than £70,000.  We are also delighted to be in line to become one of the first resellers to benefit from WestWon’s new ‘Online Leasing Shop’ – due to be launched in Spring 2014.” Gary concluded.

According to WestWon’s Sales Director Andy McCready, “As the winner of Small Business of the Year award 2013, and with Managing Director, Gary Swanwick, having won the award for Entrepreneur of the Year 2013, Epoq IT is a perfect fit for the type of forward-looking organisation that WestWon is delighted to welcome onto the WestWon Partner Programme; and we anticipate a highly successful year working together in 2014.”

IT Leasing Partner Benefits

Working in partnership with WestWon enables resellers such as Epoq IT to offer a range of flexible, tailored finance solutions so that customers can invest in the equipment and technology they need right away, and crucially in the IT arena, upgrade more easily to avoid future technology obsolescence.

WestWon provides a range of support options for reseller partners, who wish to offer their customers a finance option, including

  • Instant quotes and highly competitive rates via the WestWon Partner Portal
  • Dedicated WestWon Account Manager to help you grow your business
  •  Branded finance portals for authorised WestWon partners
  •  Finance partner logo and plaque
  • Sales training and marketing support

 

For more information, contact WestWon on Tel: 01494 611 456 or see http://oldwestwon.wpengine.com/home-page/resellers/

Can I Get Out Of A Business Computer Lease Agreement?

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You choose your supplier of computer equipment; you agree a price and then acquire the kit via a leasing company under a lease agreement, typically over a term of between two and five years.  But then, circumstances change, and you are suddenly left with a lease for IT equipment that you no longer need with months of outstanding payments to make.

In this scenario, you may wish to terminate your lease agreement and send the leased computer equipment back, but this is not always easy to do without settling the agreement.

All lease agreements contain clauses that say you can cancel the agreement, but you must still pay the outstanding lease rentals. This is only fair and reasonable – after all, if you bought a house and after a few months decided you wish to move again, you would not expect to be able to hand the keys back to the mortgage company without honouring the terms of your mortgage agreement.

Early settlement of a lease agreement

Ask for a settlement figure

The first thing to do is to speak to the leasing company and ask for a settlement figure. This is the amount of money that the company will accept to terminate the agreement.  If you have signed a lease rental agreement, you will then have to hand the equipment back to the leasing company.

Negotiate the purchase of the leased equipment

Alternatively, you can try and negotiate purchase of the equipment from the leasing company.  Leasing companies, banks, lessors, finance companies, underwriters – (they all are exactly the same) do not like bad debts. They may say you have to return the equipment as they are the legal owner of the equipment, but the chances are they will not want to take it back. Secondly, if they fear you may not be in business much longer then again, they may be more inclined to negotiate with you.

Transfer the equipment lease

Another idea is to pass the lease onto another company. Transferring a lease to a third party is possible subject to a small charge, assuming the credit profile of the third party is either equal or better than yours. But, you must tell the leasing company first as they have to agree to the transfer. Some companies get around this by sub-letting the equipment, but under the terms of many leases, this is not normally allowed.

What if the leased equipment is defective?

If the equipment does not work or there are serious quality issues with it, you should take this up with the computer supplier direct. If the equipment is defective, you could still obtain a settlement figure and ask the supplier to pay for it.

For more information about IT leasing, computer leasing and software leasing contact WestWon on Tel: 01494 611 456

Leasing IT, Computers, Hardware and Software Makes Business Sense…

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Whether you are a new start business or a long established company, leasing IT technology such as computers, tablets, servers and telecoms makes perfect business sense. First and foremost, it allows you to acquire the technology you need when you need it – without tying up capital or existing lines of credit. And  it also safeguards against future obsolescence – a major issue for IT and computing equipment. New equipment can become out-of-date very quickly and leasing you IT equipment, software and services makes life much easier when it comes to acquiring new and improved models and upgrades.

Key Benefits of IT Leasing

WestWon provides finance for hardware leasing, software leasing, infrastructure leasing, telephony leasing and services leasing, allowing your business to:

  • Stay up-to-date – Given the rapid pace of technology change it clearly makes sense to lease rather than buy depreciating IT assets so you can upgrade easily in the future.
  • Keep your cash flowing – You have immediate access to the latest resources without having to tie up large sums of capital, while spreading the cost of your investment over the useful life of your equipment.
  • No crossed lines – Lease rental agreements do not impact your other borrowing options or lines of credit.
  • Multiple items, one agreement – Effective IT is about so much more than just hardware. You can easily include items such as software, networking and support under one monthly payment for simpler budgeting.
  • Check out the pros and cons of leasing v buying – WestWon offers a state-of-the-art online quotations system, providing instant quotations and highly competitive rates. There is no easier way to assess your options.

To find out more about leasing for all your technology needs, contact the WestWon IT experts on Tel: 01494 611 456 or email [email protected] for an instant quote and best leasing rates. You can also download the WestWon Asset Finance  for IT Equipment and Projects Leasing Fact Sheet from our Leasing Fact Sheet Page. Or produce an instant quote with our online calculator now.

3 Key Facts About Leasing Equipment For Business

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Whether you are a new start business, an SME or a large company, you may find yourself thinking about leasing equipment, machinery or office furniture, fit outs and moves for the first time. Perhaps you have moved companies, taken on a new role within your existing company or are simply expanding fast and wish to safeguard your all important cash flow. Whatever the circumstances, here are 3 useful things that you should know about leasing…

How does leasing work?

When you enter a lease agreement, the contract is between your business and the leasing company. Simply select the equipment you require and agree the price with your chosen supplier. A lease agreement is then drawn up by the leasing company.

Once the lease documents have been signed and returned, arrangements will be made for the supplier to deliver the equipment. On receipt, you sign a ‘certificate of acceptance’, which effectively states that you have received and are happy with the equipment. The leasing company then pays the supplier. You pay the company (the lessor) a regular rental payment, typically across two to five years.

What does it cost to lease equipment?

The rental is calculated by adding the equipment price after the Residual Value has been deducted, plus the interest due over the term of the agreement. The interest will depend on the amount you finance, the term of the agreement and frequency of repayments. It works just like a mortgage – the shorter the term, the less interest paid.

How to choose a leasing company

Selecting the right company to work with is vital. As with entering into any new contract, when opting to lease equipment it is important to choose a reputable leasing partner. A recent BBC Panorama documentary highlighted the need to diligently check the credentials of any company you may wish to deal with. Remember to always choose a leasing company who is a member of industry bodies such as the FLA (www.fla.org.uk) and NACFB (www.nacfb.org), which ensure best practice. Members of the NACFB operate under an Office of Fair Trading registered Code of Practice.

For more information about all aspects of leasing, please contact WestWon on Tel: 01494 611 456. You can also download a free guide to Financing Your Business Plans with Leasing HERE.

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