Quiz: Should You Lease or Buy Your Heavy Equipment?
Are you wondering how to acquire the heavy equipment necessary for your business? Many business owners wonder if purchasing or financing through a lease is the best option. The answer depends on your unique situation and specific business objectives.
Set yourself up for success with this quick quiz. You can also contact one of our expert advisors for more personalized advice.
Instructions
- Choose "Yes" or "No" for each question. There are no wrong answers.
- Submit the quiz.
- Find out whether buying or leasing heavy equipment is the better option for your business.
1. Does your business need to conserve its upfront cash or working capital?
2. Is your primary goal to have predictable monthly operating expenses?
3. Do you require the full monthly payment (principal + interest/fee) to be tax-deductible as an operating expense?
4. Is the equipment one that qualifies for a favorable CCA class (high depreciation rate) that you want to claim?
5. Does your business have a tight or poor credit rating, making bank loans difficult?
6. Will the equipment be used for a temporary project or only needed for less than 75% of its useful life?
7. Is the total cost of ownership over the long term a top financial priority?
Note: This information will not be viewed or saved and does not identify you in any way.
