Adding a Toyota forklift or a fleet of forklifts to your operation can have a major return on investment (ROI) for companies that carefully do their homework and get the best possible equipment. But choosing the right forklift is only one step in maximizing the ROI for your company’s equipment. You also need to consider how you’ll acquire the equipment – should you rent, lease, or buy? The answer to that question is dictated by your unique needs and operation. But for many companies, leasing provides too many advantages to ignore.
Advantages of Leasing a Forklift
Here’s a rundown of some of the top reasons companies choose to lease:
- You can turn your forklift in at the end of the lease rather than hanging on to a piece of aging equipment. Selling a 5-year-old forklift can be challenging, and we know you have more important things to worry about while running your business.
- You get to keep your cash. Forklift lease payments are often lower than loan payments with less initial investment – often zero due at signing.
- You get to keep your options open. In a few years, you might need a different lift capacity, or your warehouse dimensions might change. By leasing a forklift, all you have to do is turn yours in and pick a new one.
- You get the latest, state-of-the-art forklift model.
- You can simplify your fleet management by eliminating the need for acquisition, disposition, and tracking.
- Keep your bank lines open by working capital lines of credit that are critical to growing your company. Choosing to lease a forklift or commercial equipment allows you to use these valuable bank lines to further invest in your business.
By offering irregular payment schedules, we can allow your business to match revenue and lease payment cycles.
What to Expect Before and After Leasing a Forklift
By keeping track of these frequently asked questions, you can develop clear expectations of your leasing engagement.
What kind of support will I get when I lease a forklift? First, a specialist will assess your operation and working environment to help you choose the right equipment for the job. After selecting the equipment that best fits your needs, a financing package will also be created to match those needs. Once your forklift arrives, we are available to answer any questions you may have, or handle any issues that may come up.
Is maintenance included in a forklift lease? Maintenance is not always included, but we recommend adding a planned maintenance (PM) plan to lease. Including maintenance in your lease will limit any additional charges at lease end.
How much do I pay up front? There is generally little or no money due at signing.
Can I buy the forklift after the lease ends? That would depend on the type of lease you’ve agreed to. There are lease options that allow you to purchase the forklift at a fair market value after your lease ends. Make sure you choose this option before you sign.
Choosing the Right Lease Option
The advantages of leasing a forklift might be clear, but there are still plenty of lease options to consider. Toyota Industries Commercial Finance lease options are far-reaching, and we’re here to help walk you through them to determine which one is perfect for your operation. Here are a few things to keep in mind that can help guide you through your leasing process:
- Various lease structures are available. Your monthly payment will be partially dependent on the lease structure you choose.
- Your lease structure will be dependent on the number of hours you want to operate your forklift. Over-utilization can be costly, so make sure you choose the right structure for your application.
- Canceling your lease can also be costly, so be sure to choose the right equipment and term to fit your needs.