How you finance your new forklift can significantly impact your return on investment. While purchasing and renting are viable options, leasing offers unique benefits that help businesses stay flexible and cost-efficient.

Forklift Financing Options

When acquiring a forklift, you have three main finance options:

• Purchase: Buying a forklift gives you full tax and legal ownership. While this offers long-term benefits, it typically requires a significant upfront investment or a loan.

• Lease:  Leasing allows you to use the forklift for a set term with predictable monthly payment. At the end of the agreement, you may have options to purchase, extend, or upgrade rather than an obligation to buy.

• Rent: Renting is ideal for short-term solutions, one-off projects, or temporary needs.

Benefits of Leasing a Forklift

Leasing a forklift comes with several key advantages for your business, including: 

1. Cost-Effectiveness

Leasing requires a smaller upfront investment than purchasing, and monthly lease payments are typically lower than loan payments. Lease agreements are also flexible, allowing you to pay only for planned usage.

2. Access to the Latest Technology

Leased equipment is often newer, featuring the latest technology to improve efficiency and productivity. When the lease ends, you can easily upgrade without the hassle of selling or disposing of your outdated models when it is time for something new.

3. Maintenance Coverage

Many lease agreements can include a full maintenance option to keep your equipment in working condition. This option can be included in your monthly payment and  will help reduce unexpected repair costs and minimize downtime. 

4. Comprehensive Dealer Support

A dependable dealer ensures you have the proper support you need throughout your lease period, from equipment servicing to flexible financing options. 

Renting, Buying or Leasing: A Breakdown

Here’s a quick comparison to help you determine whether to rent, buy or lease a forklift. 

Usage Frequency

If you only need your forklift for a brief period, you can rent the equipment. However, if you plan to use the forklift daily for the long term, purchasing or leasing will better serve your needs. 

Costs 

Signing a lease agreement gives you predictable monthly expenses, and the dealer can recommend maintenance options to fit within your budget. When you purchase a forklift, you will have to invest more in the upfront, and you are responsible for managing unexpected equipment breakdowns and maintenance needs. And while you can sell your forklift when it is time for an upgrade, you might not get the return you are looking for with an older model. 

Scalability

Businesses that experience fluctuations in demand can lease equipment to get the support they need when they need it — this practice works particularly well for longer periods like busy seasons. Purchasing equipment to handle periods of high demand might mean the equipment sits idle outside of peak times. Rental agreements can also help businesses manage a temporary increase in workload.

Partner With Barclay to Lease a New or Used Forklift

Financing is easy with Barclay. After submitting your credit application and receiving credit approval, all that’s left to do is sign the necessary documents and receive funding. You can get funds quickly while preserving your company’s capital.

Additionally, as a certified dealer of new and used Yale forklifts, we have direct access to HYG Financial Services which partners with Wells Fargo to support more than 48,000 accounts.  

To enjoy a seamless financing process, download our credit application form today. You can also contact our team to get your questions answered!

Archives

HAVE A QUESTION? CONTACT US TODAY!