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.
How can leasing benefit your school?
4. What can leasing provide for my school?
Leasing companies that specialize in the education industry, will provide leasing on nearly anything a school could require. At Funding 4 Education, we provide leasing on a lot more than just ICT equipment. Not sure if what you want to lease would be covered? Get in touch with our school specialist team to talk about your needs.
5. Will it support teaching and learning?
Better equipment, technologies and extra budget can really propel learning a teaching forward. It can open up completely new avenues of working with students across all of your school subjects. Enabling your staff to teach through more interactive and interesting ways will really help to keep your students motivated; as well as providing them with the tools to succeed.
6. What happens at the end-of-lease?
You should look for a provider who can give you a clear understanding of what happens at the end of your lease. Consider the better leasing arrangements that give you the options of the free collection, data cleansing, and recycling – all of which comply with UK lease and directives.
7. What are the legalities?
According to the Education Act of 2011, many schools don’t have the authority to borrow money. Finance leases are classes as borrowing so to fully comply with the law, you need to enter into a rental agreement instead. Look for rental lease provider who is fully up-to-date and compliant with all laws and directives across the UK.
At Funding 4 Education, our core ethos is all about creating long-standing relationships with our clients based on honesty, transparency, and openness in everything we do. From the very first call, we have our clients interests firmly at heart, and we’re here to make sure our clients understand everything about their agreements. That way, you can make the best, informed, decision possible.