Another supplier of finance
Below are many benefits of leasing. The first is being able to use another company that can lend you money is always a great thing. It means you won’t have to use up an existing line of credit such as a bank facility. This also gives you an extra level of insurance, an ‘insurance policy’ if need be. There is always the bank ready and available for you to use, however, having an extra line of funding could be the difference to how your business thrives.
Leasing is faster to organise
Here at WestWon we have a guarantee that we will have a decision with you in 24 hours, and if extra information is needed, your dedicated account manager will be in touch with you to arrange this. We will usually ask for management accounts, as well as other vital information that will provide useful to the funder. Due to this being the job we undertake daily, funders usually have a quick turnaround with us, whereas banks have been known to take longer when answering their customers.
Tax benefits
To pay all the VAT upfront, you will pay cash for the equipment in full. However, when you are completing a rental lease, you will only pay VAT on the rental part. This leads to the business having to borrow the VAT money. This will add up and ultimately raise the amount you end up having to pay. Tax benefits are also one of the most important things for businesses when they are looking to lease.
Other benefits of leasing
There are several other benefits of leasing, including those seen below:
- Cash flow – able to keep funds in your business (for other projects/plans)
- The latest equipment – able to have the latest equipment by implementing a recycling strategy
- Pay for the equipment as you use it – businesses pay employees over time as they work, so why pay all the cost for equipment in advance?
Contact Us:
For further information on more benefits of leasing, or any further finance needs you may have, please give a member of our team a call on 01494 611 456. Alternatively, you can email us on hello@westwon.co.uk. You can also see more over on our LinkedIn page.