Today, business owners have different options when it comes to commercial refrigerators, including renting, purchasing or leasing. When you’re in the commercial food business, a fridge can be one of your biggest purchases. Though paying in cash is a great option, you can often negotiate a better price when you rent or lease a unit.
If your budget is tight and you need cash for other aspects of your business, different financing options may be right for you. Renting refrigeration involves paying regularly, either monthly or quarterly. Leasing is similar to renting, however you’re renting a unit to eventually own.
Whether you plan to lease a unit or choose a commercial refrigeration rental, there’s many benefits, including:
- You don’t need to pay the full price initially. Most importantly, you don’t need to settle for a low quality fridge if finances are tight.
- The fridge will be under warranty as long as you have the unit. Most companies also offer maintenance packages. So if you encounter any problem with your fridge, it can be fixed easily and efficiently.
- There will always be new fridges with better features coming out on the market. But you don’t have to worry about disposing of your old fridge if you want the newest model. Call your dealer or broker and modify the contract. But remember to review the terms before you change the contract to ensure you keep your good credit rating.
- With leasing or renting, payments are fixed depending on the contract. You don’t need to pay for the whole depreciation cost.
Though leasing or choosing a commercial refrigeration rental can benefit your business in so many ways, there are also some drawbacks. Here are the disadvantages of leasing or renting a commercial fridge:
- The owner may take the unit back if you fail to pay on time.
- It may not be a good option if you can’t budget well.
- If you fail to pay on time, you may have to pay penalties.
- Each time you want to end your contract before it expires, your unit is reclaimed which means you’ll never own the unit.
Choosing to rent or lease a commercial fridge is more convenient and less complicated than purchasing a new machine outright. These steps will help you get the best deal on your rent or lease:
- Choose the kind of fridge your business needs.
- Don’t forget to test the unit and listen for noises. Also consider comfort and temperature.
- Ask about the unit’s safety features.
- Don’t forget to compare lease or rent deals and don’t settle on the first unit you see; consider all your options.
- Don’t be ashamed to negotiate for the best deal for your business.