Certain equipment such as computers, heavy machinery, and vehicles can be a huge purchase. Such machinery may be vital to your company’s success. Here are a few ways that you can make buying such equipment more affordable.
Hit the sales
The January Sales and the Black Friday weekend are two of the best times to find discounts, but they’re not the only time of the year in which you’ll find a sale. Some tech retailers have seasonal sales throughout the year, offering discounts on computers and tools that could be useful to your business. Following business equipment retailers on social media or via email alerts can help you to stay aware of sales that are on.
Coupons may similarly help you secure great deals on business equipment. These are sometimes given out to loyal customers as a treat, although you may also be able to find coupon codes online. Coupons are generally only valid for a limited time, so remember to use them up straight away.
Shop second hand
Used equipment is always cheaper and sometimes just as effective as new equipment. Companies that are closing up or making cuts will often sell equipment on sites like Gumtree – this equipment may be near to brand new in some cases. It’s always worth seeing the equipment in person so that you can check its condition – it’s easy to buy faulty equipment online and get scammed. When it comes to industrial equipment, check if the previous owner kept a logbook for recording faults.
Take out a loan
Borrowing money is a popular method for buying expensive equipment. You might be able to take out a business loan from a bank with a low-interest rate. Such loans may require you to have a good credit score and could take several months to come through. Fortunately, there are quicker methods such as online loans and credit cards. You could even consider a revolving line of credit. This allows you access to a pot of money which you can keep borrowing money from in intervals. You only pay back what you use, rather than having to pay back the full amount of a regular loan.
If you’re buying specialist equipment for a one-off job, you may not want to buy this equipment – renting it for the time you need it could be far more cost-effective. Equipment rental companies can supply you with top quality equipment. They may be able to repair any damage to it that wasn’t your fault (you may still have to pay for any damage that you are directly responsible for).
Leasing equipment is much like hiring except for long periods. You may wish to lease a printer for a year, paying monthly payments in order to use it. Be wary of leasing equipment for too long as you may end up paying more in the long run than had you bought that equipment.