Finance as a tool for your business...
Are your current asset funding methods appropriate for the expected life of your business assets and how you intend to use them?
Financing can be an effective tool to apportion the acquisition cost of any asset over a term that is relative to the useful life of the asset. This can provide you with manageable monthly payments and preserve cash flow.
The choice of which is the most appropriate finance option comes mainly down to:
What you intend to use the asset for?
What is the useful life of the asset within your business (long or short life)?
Is ownership of the asset important to you?
The answers to these questions will help you to determine what finance option might suit best, whether it is a:
Loan product (generally more suited to longer life assets that earn you money) or a
Lease/Rental product (generally more suited to assets that depreciate very quickly)
In any event it is wise to choose a finance provider who will help you to understand the implications for your business.
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