These days leasing of heavy equipment is considered to be a money saving option without compromising on the quality of the equipment. Both for short term and long-term purposes leasing can be the best option for the contractors and project managers in the construction or mining site. It has numerous benefits and advantages. Some of the outstanding benefits of leasing are as follows:
Leasing is cheap: If you don’t have adequate capital for spending then leasing is an excellent option. It will help you to get the heavy equipment you want. In case you need to upgrade your existing heavy equipment for an upcoming construction project you may need to spend hundred and thousand of dollars from the bank. If you consider leasing the equipment it can be cheap and less expensive.
Saves capital for future: It is not a shrewd idea to invest massive capital in purchasing new equipment. You need to save your precious money for unforeseen emergencies, economic downturn or in case of recession in the construction sector. Leasing is the best method of preserving money for future use and put together your capital for other activities. You need to make monthly payments for leasing a heavy machine or equipment for construction. You can avail small business credit from banks for financial assistance. So it is hassle free and helps you in preventing exhaustion of your cash.
Equipment leasing is also beneficial in cutting down operational expenses of the heavy equipments and finishing all the construction projects in stipulated time.
Helps in saving taxes: Under section 179 leasing gives you reduction up to $50,000.You need to discuss this matter with your tax consultant to avail this benefit. Your construction equipment you have taken for lease must come under this section so that you can avail tax benefit.
Tips of Leasing Heavy Equipment for Construction and Mining Projects
Research on which equipment you need: Compare the various kinds, brands, dimensions and models online to land with the best equipment. Research is important, as it will give you information on the various leasing or rental companies that provide tractors, scrapers, excavators, loaders, bulldozers etc.
Figure out how much time is needed to hire the equipment. The time period of renting heavy equipment spans from day by day, weekly, and monthly basis. So get to know in how much time you will get the equipments for hiring.
Use websites like RentItToday or Equiprent to find the least possible prices of renting equipments: They present leasing quotes free of costs for the heavy equipment you require. Apart from these websites you can get information from the Yellow Pages or use Google for searching.
Give back the equipment in time and in good state to avoid extra fees: Make sure you return the equipment in top condition without slightest damage.
To sum up leasing and renting a heavy equipment can be a daunting task but hiring it is beneficial for both small and big contractors in many ways.