FOUR WAYS TO KEEP A FORKLIFT PURCHASE IN YOUR BUDGET
Updated: Jan 12, 2021
LEASE & FINANCE OPTIONS
There are many products through lending institutions that offer custom designed lease products for your individual business needs. Some of these options include:
Skipping a lease payment, which is beneficial for seasonal business when revenue is not generated monthly.
Two term leases, which gives the ability to walk away at the end of the first period or significantly reduce the payment during the second term.
Accelerated or decelerated payments, which is a fixed term with payments increasing or decreasing over the term. This option can help decrease your interest expense or reduce your current payment until business improves.
BUY USED FORKLIFTS
If your forklift runs less than 4 hours each day, buying used may work for your application. Many used forklifts arrive in the fleet when they are turned in for trade or off-lease. In addition to the initial cost savings, most units have been reconditioned by the dealer. Upgrades may include paint, tires and safety features. Warranties are often included or available for upgrade.
CONSIDER AN ELECTRIC PALLET JACK
The electric pallet jack (EPT) is often overlooked, but will save thousands of dollars on the purchase. For applications requiring only a horizontal movement of product, you should consider an EPT.
FORKLIFT RENTAL OR RENTAL PURCHASE OPTION (RPO)
If you have a forklift need but do not have the money in the capital budget, try renting. Companies will consider discounting rental rates for long-term commitments depending on the application and usage.
A twist on renting equipment is a rental purchase option (RPO). Just as the name suggests, a new or used forklift can be rented for a predetermined period and you have the option to purchase that forklift while applying a portion of the rental payments. The key to RPOs is determining your long-term needs and the decision to own the forklift.
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