Operating or starting a garage often requires a massive amount of time, patience and capital. Ultimately however it boils down to one thing: Planning. Planning both of the operational aspects of the business but also fall back plans for those unexpected problems that are sure to crop up.
One of biggest problems can be the cost of the required equipment which will run into tens of thousands of pounds even for a basic garage start-up; and if you want to include an MoT facility as well you may be approaching the 50k mark.
This level of spend can rapidly be achieved if starting from scratch – which clarifies the reason for the major influx of cheap far eastern products over the last few years. Such products offer a capability at rock bottom prices however the lifespan of the product is significantly less than might be expected with a traditional “European” product.
Why spend the money on a more expensive product when a “budget product” might suffice; seems to be the mantra of many businesses – potentially this lack of commitment to a better quality product can be a major headache for the new business with lost hours in machinery breakdowns or a lack of parts availability for repairs.
Well what if you can have your cake and eat it? Well you can!
The answer is either a lease hire or lease purchase of the necessary equipment to be rolled up, as they say “into one monthly affordable amount.”
This allows you to purchase the right mix of products, manufactured to an appropriate quality level to enable your business to operate reliably for years to come with the added bonus that you are retaining existing capital within the business for other unanticipated expenses.
Packages are available for all levels of applicant from new starts through to established businesses but the exact rate you will achieve is always “dependent on your financial circumstances” so some information will need to be provided to the lease funding houses.
Normally 3 Months bank statements are all that is required to achieve the necessary funding!
One final point to note with respect to lease pricing is that you should always be mindful that with so few companies actually funding garage equipment deals, the likely rates between funding sources will be similar for a majority of applicants – therefore never assume that the capital required is actually in place until you have a copy of the documents in front of you. It is fairly common for customers who might have sourced their own lease funding supplier get the unwelcome news that actually the quoted rate cannot be achieved at the 11th hour!
GETECH work with a funding house with specific expertise in achieving lease funding for garage equipment projects, so why not speak to us for a fast no obligation quote for your funding. Better still, speak to us with regard to our equipment – all of which comes with an industry leading 5 year extended warranty.