Even if you have plenty of cash or credit available, not every business wants to drop several thousand dollars on office equipment. That’s the primary reason why so many small businesses choose a copy machine lease. Low, predictable monthly payments fit much more comfortably into the budget.
Much like with auto leases, people also prefer to lease copiers because they anticipate wanting the latest model in a few years. Technology changes—as do your business’ needs—so a short-term rental keeps you from feeling stuck with an old copier down the road.
That said, not every copy machine lease contains the same terms. There are options to suit different situations and preferences, so here’s what you should know about how a copy machine lease works.
About the Typical Copy Machine Lease Terms
Some specific items in a copy machine lease are highly flexible; others are quite standard no matter what leasing company you choose. Our free guide to Leasing vs. Buying Business Copiers covers things in greater detail, but the big factors include:
- Number of years. You can usually pick somewhere between 2 to 5 years for the lease length. Choose the longest copy machine lease you’re comfortable with in order to lower the monthly payments.
- Trade-in options. Make sure you know any costs or fees associated with early termination or trading in for an upgrade.
- End of lease terms. You have to notify the lessor at a certain time to end the lease, or else it rolls over to another year of payments.
- Shipping fees. Did you know that virtually every copy machine lease requires that you pay the shipping charges to return it? Another great reason to go local!
Two Types of Copier Leases
Every copy machine lease falls into one of two categories, based on the buyout option at the end.
Most lessees, especially small businesses, choose a “Fair Market Value” option. The lease calls for lower monthly payments and often a shorter term. Then, you can purchase the equipment for the fair market value.
The other option is the “$1.00 buyout” or capital lease. Payments are slightly higher and the term will have to be longer, but at the end you can own the copier for one George Washington. Fewer companies choose the capital lease because of the expectation that you’ll want to switch equipment by that point, but some prefer this approach because it’s like a simple loan.
Who You Lease From Matters, Too
Copiers and multifunction printers come with plenty of bells and whistles. You’ll need advice sorting through the tech specs to choose the right copier for your business, as well as helpful and honest guidance about a copy machine lease that makes sense for your budget and needs.
So, why choose a random out-of-state dealer for such big decision? You shouldn’t.
Keeping it local ensures that you’ll get better service at the time of signing and throughout the lease. As a small business in Santa Rosa ourselves, we take pride in helping other small businesses throughout Sonoma County.
Whether it’s going over the features that your winery needs for print marketing or narrowing the choices for a start-up entrepreneur choosing her first major piece of office equipment, we’re here to help!
Talk to your local copier dealers for personalized help finding the right equipment and the right option for buying or leasing.
