Laundry equipment leasing allows a business owner to use laundry equipment that may be out of his or her price range. A lease often lowers the monthly payment price for laundry equipment while providing businesses with the ability to use better quality equipment than they could afford.
With a laundry equipment lease, you also have the option of upgrading your laundry equipment at the end of the lease without having to purchase new equipment. This can reduce the cost of replacing damaged equipment or equipment that underwent a high quantity of wear and tear. Before you lease laundry equipment:
1. Determine what type of laundry equipment financing works best. Companies offer different types of leases, so evaluate each option.
2. Consider the options at the end of the lease. You may want to buy out the lease company to own the equipment, upgrade to new equipment or consider another alternative.
3. Read the fine print to see what the lease company includes in the finacing; some companies will cover soft costs like shipping, while others won't.
Action Steps
The best contacts and resources to help you get it done
Find companies that offer flexible laundry equipment financing
Very few business owners fit into a one-lease-fits-all qualification. You need to find a company that offers solutions that work best for your budget and your needs. The more options a lender offers, the better your chance of finding a solution with which you can work.
I recommend: LeaseLine provides approved clients lease puchases, operating leases and flexible payment options.
Harbour Capital works with you to find the best lease option.
Turn to specialized companies to finance laundry equipment
While you can get leasing from any equipment company, you might prefer to work with one specific to your industry. Look for companies that have several years of experience. This can help ensure you know all the fees upfront.
I recommend: Haiges Machinery specializes in financing laundry equipment for dry-cleaners, laundromats and other commercial laundering businesses. It has five generations of experience in the industry and offers three locations to serve its clients.
Viking Financial works with Wascomat to create a financing option tailored to your needs. It has provided over 20,000 clients with financing options specific to the industry.
Work with companies that allow you to lease pre-owned laundry equipment
Used or refurbished laundry equipment often costs less than new pieces. Many companies only offer financing on new equipment, so if you consider this option, you need to find one of the companies that provides leases for used equipment.
I recommend: Trident Leasing Group offers flexible equipment leasing and end-of-lease options for new and used equipment.
Dexter Financial, founded in 1991, specializes in laundry equipment leasing for dry cleaning and laudromats. It offers pre-owned equipment on its website.
Tips & Tactics
Helpful advice for making the most of this Guide
- Leasing laundromat equipment can offer many tax benefits. Ask your lender or a certified CPA what these are to find out how you can take advantage of these benefits.
The official source of Laundry Equipment Leasing is
the Laundry Equipment Leasing page at Business.com
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