Discovering that you can get the equipment that your school needs without being limited by your budget, can be an exciting thing. But with all the excitement you need to keep a level head and make sure you’re getting exactly what “it says on the tin!” In this article, we’re looking at the 3 major things to look for when financing your new school equipment.
1. The Agreement (Contract)
Is the Agreement fair? Clear and easy to understand? Do you know exactly what you’re responsible for? What happens at the end of the Agreement? If you can’t answer all of these, then we strongly recommend you speak to the finance provider to get the answers – in writing. When it comes to leasing, and school equipment especially, you need to be absolutely certain about your options at the end of the agreement. If your provider is vague about the end of lease options, we suggest you find a finance provider that isn’t!
2. How much are you going to pay?
With most ‘commercial’ leasing solutions, you’ll be paying nominal fees as well as your agreed rental costs. Most finance companies charge fees and they vary drastically, so make sure you know exactly how much you’ll be paying over the course of your agreement, including these fees. Also check if the leasing company levies any surcharges if you elect to pay by invoice as opposed to Direct Debit.
3. The finance provider
This is a big one! If you’re working with a traditional leasing company whose market is predominantly commercial business, there won’t be a specific plan for education – so expect to pay commercial rates! They also tend to be rigid and inflexible so won’t be able to accommodate any of your school’s specific needs into the Agreement. We suggest finding a finance provider who’s used to dealing with schools and understands that things don’t always go to plan. This way you’re more likely to pay “education” rates, saving your school budget for better things!
If you need help with financing your school’s new equipment, speak to our specialist team on 01625 415 400.
