Leasing is a straightforward solution that helps schools to overcome the biggest challenge currently taking place in the education sector – a lack of budget.
Leasing over the years has gotten a negative reputation across the education section because schools have had bad experiences in the past. A lot of schools were messed around, provided confusing contracts and were given a sub-par service. But times have changed, and we’re here to show you how leasing can once again help your school, as long as it’s with the right company.
Here’s the current state of education in the UK. Budgets face extreme pressures.
Schools are facing a ‘catastrophic’ tightening on budgets, as the government starts to introduce a new funding formula to schools. Limiting the schools’ ability to provide their students with the best possible learning environment. With budgets and the teachers’ time becoming more stretch, it’s becoming increasingly harder to acquire all of the equipment a school needs for its pupils.
Schools and academies need to make the most of their current assets, whilst acquiring new ones in the most cost-effective method possible. And one of those ways is via a rental agreement, that enables the institute to pay for the equipment, over the lifetime of it. The school only needs to use the asset for as long as it’s required, and if an upgraded version is released, it allows the school to upgrade with little to no extra cost.
The idea of leasing is a very attractive proposition for schools but, there is often a level of uncertainty about how leasing works or whether it is the right thing to do. We’ve put together a quick top 7 questions, schools commonly ask about leasing.
1. Can I trust the lease agreement and the leasing company?
It all depends on the leasing company you choose to work with. Make sure you do your homework and find a reputable, trusted leasing company. You need to look for someone who has evidence of honesty, transparency and straightforward dealings, whilst also having a proven track record. This also applies to the contracts. If the leasing company has a proven track record of working with schools, you can rest assured that their contracts meet all of the requirements.
2. How much support will I get?
This heavily depends on the leasing company you choose to work with. But look for a provider who gives evidence of excellent customer support, and provides you with a named contact (an account manager) at their company. You’re looking for someone who’s going to work with you closely, and not just ‘set and forget’ about your school.
3. What’s the minimum contract length?
You can pre-agree the contract length, but most normally range from 2 years, up to a maximum of 7 years. When working with a trusted leasing provider, they’ll inform you well in advance of much the cost will be if you extend beyond the initial contract, and what the best cause of action would be. In some cases, this might be to upgrade, purchase ‘indefinite use’ or to end the contract.
