Schools need a variety of equipment to enable educators to teach better and for students to have an easier and faster time learning. Most private educational institutions operate only within a given budget — even if they want to have the most modern pieces of teaching equipment (in the sufficient number for students to use), they may find it difficult to find the means to purchase them since they can be pretty expensive.
Investing in the latest, most innovative technology for a school may seem impossible when funds are simply not available. Asset finance companies say that there are alternative finance solutions that can offer a flexible and inexpensive way for educational establishments to invest in the facilities and technology they require. One of these is leasing, a financing method that will help students benefit from a top-notch learning experience.
Here are some tips that will enable schools to make the right financial decisions when they are ready to lease additional equipment for their institution:
Determine which equipment and facilities are needed and why.
New pieces of education-related technology are constantly being introduced. It is safe to say that not all educators and students will need and benefit from them. When leasing school equipment, identify which ones would really be needed by your students in particular to avoid wasting vital resources.
Select the finance company wisely.
There are some financing companies that offer both equipment and finance solutions, but the latter may be provided by a third party, and this can sometimes be complicated. It is always best to search for a trusted and reliable company. The best finance companies will be able to offer bespoke funding solutions for schools to cover specialist equipment, IT solutions, and such in just one flexible package.
Read and understand the finance company’s proposed agreement.
Once a decision has been made regarding the finance company to partner with and which equipment to lease, request a formal agreement and go over it. Make sure all terms and conditions are clear. If there is anything unclear or doubtful about the legality of the proposed agreement, seek legal advice before committing to the arrangement.
Be aware of any extra costs.
The presented paperwork should have a breakdown of all potential costs that come with the equipment lease. It should also contain details as to whether they may change or not during the course of the agreement. For instance, when leasing AV equipment, find out what items exactly are covered and which ones will require any additional fees.
Consider the lease period.
In general, most fixed agreements cover the shortest period for making rental payments for the equipment, regardless of different factors such as changes in technology or the school’s requirements. Before agreeing to the lease period, determine whether the minimum lease period will be appropriate for the school’s needs. This can be done by taking note of experiences or uses in the past with similar types of equipment.
Be aware of what will happen when the lease ends.
Lastly, before signing any agreement, understand what options are available at the end of the lease period. This usually entails returning the equipment or continuing to lease it. If returning the equipment, you need to know how far in advance you need to give notice. In case you wish to continue leasing from the same company, make sure their rates are still competitive.
For valuable advice and assistance, talk to the experts at Portman Asset Finance.