In previous blog articles, we have highlighted why Jaltest vehicle diagnostic equipment is a must-have for vehicle repair workshops, mechanics, and fleet managers. However, this also results in a significant investment being made.
In this article, we explain whether you should finance your vehicle diagnostic equipment and the cost of doing so.
Why Consider Financing?
- Cash Flow Management
- Immediate Access, Deferred Payment: Financing allows you to acquire essential vehicle diagnostic equipment immediately while spreading the cost over time. This is particularly beneficial for small businesses or startups that don’t have the capital to make a large upfront purchase.
- Preserve Working Capital: By financing, you keep your cash reserves intact for other business needs or unexpected expenses.
- Budget-Friendly Payments
- Fixed Monthly Payments: Financing involves fixed monthly payments, making budget planning easier. This predictability is crucial for businesses to manage their finances effectively.
- Avoid Large Capital Expenditure: For many businesses, especially small to medium-sized ones, avoiding a large one-time payment can be financially prudent.
- Access to Latest Technology
- Upgrade Options: Financing can offer the flexibility to upgrade to the latest equipment once the term ends, ensuring that your business always has the most current technology.
- Tax Advantages
- Potential Tax Benefits: In many cases, lease payments can be deducted as a business expense, reducing the net cost of your investment. (Note: It’s important to consult with a tax professional for specific advice.)
- Credit Preservation
- Maintain Credit Lines: Financing through loans keeps your existing lines of credit open for other uses.
What is Financing and How Can Companies Benefit from Using It?
In this video, Aaron and Louis are joined by Paul Horan, Commercial Director of Latitude Leasing, to discuss what finance is and how companies can benefit from using it to buy vehicle diagnostic equipment from Eclipse:
Conclusion
Financing vehicle diagnostic equipment can be a smart move for businesses looking to manage cash flow, maintain working capital, and stay current with technology. It offers a practical way to acquire expensive equipment without the burden of a hefty one-time payment. However, it’s essential to consider the total cost of financing, including interest and fees, and to choose a financing option that aligns with your business’s financial strategy.
We recommend that you always consult with financial advisors to make the most informed decision for your specific circumstances.
At Eclipse Automotive Technology, we can provide you with an exact leasing figure for how much it could cost every month to finance diagnostic equipment directly from us.
Please contact us today to receive a quote and we will be more than happy to help.
However, to give you a rough idea, here are some guideline figures of what you can expect to pay every month with finance from Eclipse. Please note that these are not exact figures – they are simply a rough guideline.
Our Total Eclipse is by far the most popular when it comes to finance as it gives you 5 years worth of updates, technical support and warranty. Additionally, the monthly lease figure is fixed over 5 years meaning there won’t be any price increases for added peace of mind.
- Jaltest CV Package (5 year) – from just £69/week
- Jaltest Full Machinery Package AGV, OHW & MHE (3-year) – from just £46/week
- Jaltest Marine Package (3-year) – from just £48/week
