If you’re planning a new business or an event, you may need to rent equipment. You can save money by renting instead of buying the items you need, but first, you need to know how to get the best deal on the right equipment for your needs. Here are 10 tips to help you make the most of your equipment lending budget:
1. Make a list of the Equipment you Need and the Approximate Cost of Each Item.
Making the most of your equipment lending budget is like making the most of your shopping budget—you need to know what you want before spending money. Before you go out and hit the rental shops, list the equipment you need and how much you think each piece will cost.
When you do this, it’s important that you have an idea of what kind of equipment is available and what kind of features each different type offers.
For example, if you’re looking for a camera for a short film shoot, there are several different types of digital cameras—some can accept interchangeable lenses and provide professional-quality video, and some are designed to be run and gun affairs with lower video quality; keep in mind that the former will cost more to rent than the latter. If you aren’t sure which type will best suit your needs, then it’s another good reason to do some research and figure it out before renting anything.
2. Research Equipment Rental Companies and Compare Rates.
Renting office equipment gives you access to products that may be too costly or unnecessary for your business to purchase outright. However, there are many different companies offering similar services at varying rates, so it’s important to do some research before making a decision.
3. Contact Equipment Rental Companies to Inquire About Discounts or Specials.
Once you’ve researched some options, contact the ones that seem like a good fit for your business and ask about any discounts or specials they may offer for long-term rentals or repeat customers. Talk with one company at a time so you can compare their rates and offerings side by side if necessary.
4. Negotiate Rates with Equipment Rental Companies.
Next, you should negotiate with the capital equipment lease company. Most companies will give you a discount if you sign a contract with them for longer (e.g., a year). If their standard rate is $100 per day, they might be willing to reduce it to $90 per day if you commit to renting from them for 6 months or longer. You can also negotiate if your company has multiple projects requiring similar equipment. For example, if one project needs 5 laptops and another needs 10 laptops, ask whether they can offer a discount on both projects if combined into one contract.
5. Get Quotes from Multiple Equipment Rental Companies.
In addition to negotiating rates with each company, get quotes from multiple companies so you can find the best deal possible.
6. Ask About Package Deals or Bundled Rates.
This can be a great way to save money. If you want to rent a car and an RV simultaneously, it may be possible to get a package deal that includes both items for a reduced cost. The same goes if you need a tent, tables, and chairs for your event. You may be able to bundle these items together into one rental that costs less than what you would pay if you rented them separately.
7. Inquire About Late Fees and Other Charges.
Be sure you understand all the costs of renting your office equipment or oil and gas equipment before signing any contracts or agreements. If there are any late fees or other penalties in place, make sure they’re included in the price of your rental, so there are no surprises when it comes time to pay your bill!
8. Read the Equipment Rental Contract Carefully.
The next tip is to read the equipment rental contract carefully. Understanding your agreement and whether the terms and conditions align with your needs is important.
For example, some contracts require that you pay for any damage caused by a late return of the equipment. You might also have to pay extra fees if you need to extend or cancel your rental agreement.
9. Make sure you Understand the Terms and Conditions of the Equipment Rental Agreement.
The equipment rental agreement is an essential part of your business plan, but it’s also something many people overlook or don’t read closely enough. It’s important that you know all of the details before signing on the dotted line, including:
What charges are associated with renting equipment? Is there a monthly fee? Is there an additional charge if someone else uses it or damages it? Are there any restrictions on how much use can be had in a given period? What happens if something breaks or needs servicing during your rental period? How much notice do you have to give if you want to terminate the contract early?
10. Keep Track of Your Expenses and Stay Within Your Budget.
Manufacturing equipment finance is a complicated subject. There are many factors to consider, and the process can be confusing. When it comes to manufacturing equipment leasing, or renting equipment, there are two things that you need to remember:
First, ensure that the company you rent or lease from has competitive rates and fees associated with their services. This will allow you to get the most out of your funds without paying too much for what you need.
Second, keep track of all costs associated with your rental agreement to stay within budget and avoid any future overage charges or late fees.
The tips above should help you get the most for your hard-earned equipment lending budget. As you work to put these tips into practice, remember that it won’t happen overnight. The transition to a digital workflow will likely feel overwhelming initially. But with some patience and effort, you’ll be well on your way to making it all happen in no time.