Can you lease a piece of equipment you find on a website or at an auction such as Ritchie Brothers? What about equipment websites like Iron Planet?
This question often comes up. The answer is yes! However, here are a few thoughts to keep in mind. First you will have to complete a credit application and perhaps supply a financial statement. Then, you will need to ensure that the equipment you want to lease is free of all liens and encumbrances AND is priced fairly. This means your leasing agent will check your vendor’s pricing against other comparable models.
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If you’re interested in leasing a used piece of equipment, the best advice I can give you is to get yourself pre-approved for an amount you feel will be in the ball park. Then, once you find the right piece of equipment, the leasing company will take care of the lien search and the pricing.
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The goal is to make sure you’re getting the right equipment, without a lien, at a fair price.