Last month, we were pleased to be a part of the expansion and equipment renewal project at Cochrane Image Autobody! A family-owned business with locations in Cochrane and Calgary, Cochrane Image Autobody is now using state-of-the-art equipment to restore damaged vehicles to the beautiful, pristine condition they were in before the accident.  It was a pleasure to meet Dave Fox, the owner of both locations and learn how his talented “artists and car surgeons” work hard to “sculpt” and “paint” a damaged car until it is efficient, perfect and roadworthy.

In the old days, when someone mentioned “leasing” everyone thought about cars.  Today we lease equipment to diagnose the cars, fix the cars, straighten out the bent cars and paint the cars.  Oh, and we still lease used cars!  If it’s a new car you need for your business, go with the dealership as they will have the best financing from the manufacturers.  Anything else – we’re your team!

To give you an accurate lease payment, here are the three things we need to know.

First, tell us about your business.

What do you do? How long have you been doing this? Will this equipment generate revenue like a backhoe? Or is it more a necessity like a photocopier? Points here will be awarded for time in business. Even if you’re running a brothel, if you’ve had it going for years, you’ll get a better rate than a start-up oil company.

Secondly, what equipment are you looking to lease?

Credit managers will always smile upon conventional equipment they can easily re-deploy back into the market in the unlikely event you close your doors. Telephone systems, copiers, construction and shop equipment are heavy favourites. Even the brothel needing a photocopier will get a better rate than your local Chamber of Commerce wanting to lease an expensive painting from a local art dealer.

Finally, lease payments are influenced by how your company has handle credit in the past.

Leasing companies pull Equifax and Trans Union reports to see how companies repay their debts. If you’ve never borrowed before and your company has no payment history, the leasing company has nothing to go on and your rate will be higher. Co-signing on behalf of your business may help but that’s another story for another day.

In conclusion, a “quick quote” will give you a number, but be prepared for change.

And that change may or may not be in your favour. Your best bet is to ask yourself what figure your business can afford each month taking into account current revenue and expenses and then CALL the leasing company to discuss the points mentioned above. Our number is 1-877-955-1930 and I would be honored to learn more about who you are, what you do and how we can move you forward with the equipment you need.