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A contractor-focused checklist for comparing equipment loan and lease offers.
A contractor-focused checklist for comparing equipment loan and lease offers.
Before comparing finance structures for an Edge Equipment purchase, identify the specific machine and included accessories. Use the same quote for each comparison. Make sure delivery, applicable taxes and other requested costs are treated consistently in the offers.
Write down the initial payment, scheduled payments, fees and any final purchase amount. Check payment frequency and term length. A smaller regular payment is not enough to determine overall cost because the agreement may run longer or leave a larger amount due at the end.
Ask when ownership transfers and what happens when the term ends. If the offer is a lease, confirm any purchase option or return requirements rather than assuming they exist. Read the insurance, maintenance, modification and use provisions that apply to the actual equipment.
Place proposed payment dates beside the business's expected receipts and operating expenses. Test whether payments remain manageable during quieter months or a delayed contract. Do not assume seasonal payment arrangements are available unless they appear in a written offer.
Mehmi Financial Group can review the purchase request and explain available terms. Ask your accountant about the accounting and tax effects of the specific arrangement. If you expect to replace the machine early, clarify exit or repayment provisions before signing. Neither a loan nor a lease is automatically the better choice for every contractor.
For general background, see BDC's financing guidance. Product terms described by other providers do not represent an offer from Mehmi Financial Group.
Explore financing for your Edge Equipment Sales quote.
Educational information only, not legal, tax or financial advice. Financing is subject to credit and lender approval. Eligibility, structure and terms vary.
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