How do I arrange a rental plan for my school?
A: Funding 4 Education’s approach is structured to make your life easy. Here’s how you can get instant access to the equipment you need.
- Choose the equipment you want
- Select the supplier or suppliers of your choice.
- Talk to Funding 4 Education about your budgetary constraints.
- We’ll recommend a bespoke payment schedule to reflect your exact needs
- We’ll send you our “simple & easy to understand” Agreement for you to sign and return
- We’ll place the order and arrange delivery from your supplier for you.
- Equipment is delivered and installed.
What are the main types of finance?
A: Funding 4 Education’s experts can talk you through the various types of Agreement, and help you decide which is best for you. We can guide you through legislative and business issues. Just tell us what you need – we’re ready to help. There are various types of finance agreements; lease agreements and a straight forward rental plan. The two main types of lease (and their defining characteristics) are:
Full invoice amount is financed. Customer has options to return or continue to use the equipment at the end of a lease. Appears on balance sheet, and payments are usually 100% tax allowable.
An Operating Lease enables the school to have use of an asset for a particular period which is shorter than the economic life of the asset without the transfer of ownership of rights. As the finance company will not recover the cost the asset over the period of the agreement the school, if it wishes to have continued use of the equipment, has to continue renting the equipment indefinitely or pay a “balloon” or “residual” payment, very often, neither of which, have been budgeted for.
What are the benefits of using Funding 4 Education?
A: You will receive clear impartial advice on a number of issues to ensure you have complete peace of mind when arranging your equipment rental plan.
In summary, the benefits are:
- As the rental remains fixed throughout, it enables accurate forward budgeting.
- Your school get today’s equipment and can pay for it with tomorrow’s devalued money
- It provides your school with total flexibility.
- It offers your easy upgrade options or the facility to “add on” other equipment as required.
If you’re considering a loan, lease, rental or other finance arrangement to acquire any equipment for your teaching environment talk to Funding 4 Education first.
When do we start paying the rentals?
A: Payments may be tailored to meet your individual requirements. Most schools select plans which reflect their budgets and therefore choose to pay annually. However, monthly, quarterly or termly plans are readily available.
In cases where schools are in urgent need of equipment but have run of out budget and have to wait until next financial year, they may elect to take advantage of the F4E "Deferred Payment Plan".
This will enable your school to take delivery of the equipment it needs immediately and the first payment won’t be due until your new budget is available.
Payments only start once you have notified us that the equipment has been delivered and installed to your complete satisfaction.
What can be included in a rental plan?
A: Almost anything can be included in your Agreement: Building Work, Training, Hardware, Software, Services Contracts, Installation, in fact everything you need to set up a new classroom. In addition we can finance a wide range of other equipment including musical equipment, carpets, lathes, kilns, portacabins, security and fire equipment – we have even arranged a payment plan for toilets!
Methods of Payment?
A: You can pay by direct debit or by invoice, however it is important to make sure your payments are made on time.
What about insuring the equipment?
A: You are responsible for looking after the equipment which includes insuring it against loss or damage. Funding 4 Education can provide a low cost Equipment Protection Cover if required which has been specifically arranged for schools.
How do I compare rental payment quotes?
The most important thing is to check what kind of agreement you are entering into and that you are comparing “Apples with Apples”. Remember “all that glitters is not gold” and rentals can be artificially lowered to look attractive at the beginning only to find there are onerous conditions and payments at the end. If in doubt, call us and we’ll provide you with no obligation impartial and clear advice so you can be sure, what you see is what you get!