Q:  Why should a school look into financing as an option to obtain their equipment?

Dan Riggs:   There are multiple reasons a school should finance equipment acquisitions.  The main reason is to not pay the full cost of the equipment out of pocket.  This allows the school to preserve existing cash, which can be used for unseen expenses that come up throughout the year as well as other school expenses.  Spreading the costs over several budget periods rather than paying for it all at once also allows a school to get more of the equipment they need now, rather than just a portion of it.  The school is not constrained by its current budget allocation.

Q:  What kind of equipment can be financed?

Dan Riggs:  Schools can lease all of the capital equipment it uses, including, but not limited to, computers, software, tablets, school furniture, modular classrooms, cameras and security equipment, copiers, gym and fitness equipment, phone and paging systems, and playground equipment.  In the past, we have even been able to lease textbooks, which is pretty amazing.

Q:  How long does the entire process usually take?

Dan Riggs:  One of the common misconceptions with financing is that it is going to be a long, overly strenuous process.  However, this isn’t the case.  Credit approval can be completed within a day.  If the lease structure is complex it may take longer.  Funding typically occurs within 24-48 hours after delivery of the equipment and your confirmation that the equipment you received from the vendor is complete and acceptable.  Much of it actually depends on what the time frame is for the school.  We have gotten certain transactions done as fast as a week, however realistically equipment vendors often take longer to deliver the equipment.  Some schools prefer to get approved before selecting what equipment they want, so that lease cost and a budget can be established.  That way the school has a view of what it can spend, and all that remains is receiving quotes from vendors and selecting their equipment.

Q:  What happens at the end of the term?

Dan Riggs:  Well this really depends on what kind of financing the customer chooses.  The most common types are fair market value (FMV) (also called a true lease) options at the end of the term and dollar buyout leases (also called a capital lease) where the school is basically “buying” the equipment for $1.00.  Schools that choose to work with an FMV lease often obtain and lease equipment that quickly depreciates in value.  Dollar buyout leases are ideal for those who plan on keeping the equipment at the end of the lease term, and for equipment with a long useful life.  The type of lease you select will often depend on the type of equipment, and how you plan to use it, and this will determine what you do with the equipment at the end of the term.

Q:  Why should we choose TEQlease Education Finance?

Dan Riggs:  TEQlease Education Finance has been providing equipment leasing solutions to schools for many years.  We are regarded as one of the leading education equipment lease financing companies in the United States, and our expertise with charter schools is unparalleled.  Our education specialists have years of experience and understand the issues that are particular to schools.  We will present you with the best financing options for your charter school.  Our goal is to help you get the equipment you need quickly with a payment structure that meets your budgetary needs.

Dan Riggs is an Education Specialist at TEQlease Education Finance.  If you have any questions or want to find out how TEQlease Education Finance can get your school the equipment it needs, call Dan at 844-222-1006 or email him at driggs@teqlease.com

The post Expanding? Need new equipment? Now what? A Q&A with Dan Riggs appeared first on TEQlease Capital.

Why the lower prices? According to Melanie Pinola of PCWorld, “We’re currently in a cycle during which a ton of new and updated laptops are introduced, and so prices are falling. The service finds that consumers who buy now will save around 10 percent on new laptops, a reduction that translates to about $240 for high-end notebooks or $100 for lower-end laptops.”

So, if you are ready to pull the trigger here are seven things you should consider when looking for new laptops.

Basic specifications. Unless you are looking for a laptop for rendering heavy graphics or analyzing big data, most laptop users should concentrate on weight, screen size, memory, and possibly storage reports Sam Grobart in his New York Times article “Seeking a Laptop? What You Need to Know”.

According to Grobart, keep the weight under six pounds and for the vast majority of users a 13 inch screen size “is the sweet spot.” While the processor isn’t a big deal anymore says Grobart the memory does matter and you need 4 gigabytes of RAM. If your business is using cloud or streaming services, storage isn’t a big concern. If not, make sure you get laptops with at least 500GB of storage.

Research the technology you are considering. Invest some time reading reviews by analysts and professional reviewers such as CNET, PC Magazine, Small Business Computing, eWeek and Consumer Reports.

Mac or PC. Determine which makes best sense for your business but with so many cloud and streaming services it doesn’t matter as much anymore which system you go with.

Price. Remember the cheapest solution may not be the best fit. If you are planning on keeping your technology for three years or more, make sure you opt for the “best solution” for your needs. Determine what your new equipment will be worth in three to five years.

Choose your equipment vendor wisely. With all the easy comparison shopping that is available online, make sure to compare costs and warranties across multiple vendors. You don’t want to pay too much, and neither does your financier.

Understand Section 179 benefits. Section 179 allows businesses to deduct the cost of qualifying businesses equipment placed in service in 2012 up to $125,000. The deduction may drop significantly to just $25,000 in 2013.

Carefully investigate your financing options. To learn more about equipment leasing and its benefits, read “8 Equipment Leasing Tips.”

The post Looking for New Laptops for your Business? Seven Tips appeared first on TEQlease Capital.

Here are three things to know about a $1 Purchase Option Lease:

1. Provides businesses the ability to purchase the equipment for a $1 at the end of the lease term.
2. Monthly payments are higher than a Fair Market Value lease because the lessee is now financing 100% of the equipment cost.
3. Provides additional financial benefits that may include depreciation and interest expense benefits for tax purposes.

Not sure which type is best for your business? Please contact us and we will walk through the options with you.

The post What is a $1 Purchase Option Lease? appeared first on TEQlease Capital.