Every equipment needs computer equipment, printers, photocopiers, scanners, water dispensers and office cabinets. Since acquiring all these equipment can be a costly affair, you may want to consider getting financing. There are many firms that nowadays offer office technology financing. All you need to do is identify the makes and models of office equipment you want, come up with the deposit, which can be 5-20% of the purchase price, and submit your application. Please note that there are firms that can offer office technology financing.
Every financier you find will claim to be the best in the industry. Therefore, you will have to search the web for credible information that can aid you make an informed decision. When comparing service providers, below are the main factors to take into consideration:
i) Deposit Required
It is crucial you compare the deposits required by different financiers. While there are certain firms that offer 100% financing, there are many firms that require a deposit. This may be as little as 5% or as high as 30%, depending on the lender. If you have not saved up for the equipment acquisition, it is recommended you look for a financier that can accept the amount you have saved up. The good news is that lenders nowadays have flexible terms and conditions.
ii) Interest Rate
Obviously, you want to acquire office technology cost-effectively. Therefore, you have to compare the rates of interest quoted by different firms. Financiers with the lowest interest rates deserve to get special consideration. The interest rate should also be fixed over time to ensure you will not be inconvenienced later on. If you do not have the time or skills needed to compare interest rates, consider working with a loans broker as they can be incredibly helpful.
iii) Terms and Conditions
The T&Cs offered by different firms should be checked. This is because you want an affordable loan that you can repay over an extended period of time. Therefore, it is imperative you read the terms and conditions offered by different firms. The late payment fees, loan limits, processing fees, insurance and all other factors must be considered. Since the finer details of the loan are usually contained in the T&Cs, be sure to go through the T&Cs page to get additional information before you decide to commit yourself.
During your search, you should not be in a hurry to commit yourself. Therefore, it is recommended you take your time to consider all the necessary factors.
