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Office Equipment Leasing in central Maryland
What is office equipment leasing?
An office equipment lease is when a company, instead of purchasing or renting office equipment, leases it for a predetermined term and monthly payment. The lease payment would include the cost of the office equipment, plus interest, divided over the term of the lease, usually 24, 36, 48, or 60 months.
Office equipment maintenance agreements are sometimes bundled into the lease payment, but usually billed separately outside of the lease. This would typically cover all parts, labor to fix the machines, and supplies (toner, not usually staples or paper media).
Companies and organizations have two choices for buying office equipment outright those are renting or cash purchase. When you pay cash for an office machine, you’ll spend less on the machine, as you won’t have any financing fees, with a large fleet of office equipment that could be very expensive and not budget-friendly for most companies.
In this ever-changing office environment, there are many advantages to leasing over buying. For instance, leasing allows you to use the capital cost of the equipment that would have been spent buying it on other projects.
There are 2 types of office equipment leasing available.
Fair Market Value Leases: The most common type of lease is a Fair Market Value (FMV) lease. These will have lower monthly payments, but the lessee has no ownership of the property. These leases won’t show on the balance sheet of a business and have no rent-to-own agreement, making them ideal for owners who never want to own the copier.
$1 Out Leases: Companies that would like to own the copier one day might consider the less common option, a $1 Out lease. It’s called this as you own the machine at the end of the lease for $1, meaning the entire amount of the machines was financed over the lease. Monthly rates will be higher, but they will go towards the price of owning the machine at the end of the lease. That said, there is little benefit to owning a copier long term. The older the machine is, the higher a copier company will typically charge for the maintenance contracts which can easily exceeds the lease price. By upgrading the machine every 4 or 5 years, and altering the price escalation terms in the contract, a company can avoid such costs.
Want more information on office equipment leasing in central Maryland contact us here or call 410-766-0200