The Equipment Leasing Association recommends businesses ask the following 10 questions before signing a lease. These questions take into account the "before, during and after" stages of a lease.
- How am I planning to use this equipment in my business and how long will I need it?
- Does the leasing representative understand my business and how this transaction helps me do business?During
- What is the total lease payment and are there any other costs that I could incur before the lease ends?
- What happens if I want to change this lease or end the lease early?
- How am I responsible if the equipment is damaged or destroyed?
- What are my obligations for the equipment (such as insurance, taxes and maintenance) during the lease?
- Can I upgrade the equipment or add equipment under this lease?After
- What are my options at the end of the lease?
- What are the procedures I must follow if I choose to return the equipment?
- Are there any extra costs at the end of the lease?