As a forward-thinking, future-orientated, evolving laboratory, it is essential that you stay updated with regulations and quality standards. Regardless of your field of study, upgrading your lab equipment is a great way to do this. However, if you work in a lab with limited funds, the chance of upgrading might feel small. It’s reassuring to know that there are various options available that will make this possible. We’re going to consider the option of lab equipment rental so that you can make upgrades and changes that will benefit you, your team, and your research.

There are several things you can do to upgrade your lab technology, besides getting a hold of the latest equipment. Modernizing your testing methods may allow you to improve safety, efficiency, and productivity. Considering some adjustments to your floor plan and layout may be a game-changer in helping you to make the best of the space you have. Optimizing the space will help you to configure a comfortable, less confining workplace.

Leasing Might Be the Option for You              

If you’ve got the money to go out and buy the latest equipment, then good for you! If that’s not viable, then don’t fear, there are companies that offer leases of their equipment for just a fraction of the purchase cost. Not only will this option be more affordable, but most agreements include necessary maintenance and corrective repair. This means you’ll have the capability to keep your lab running with significantly less downtime if something does happen to the equipment. Furthermore, the plethora of equipment available is staggering so regardless of the industry in you can conveniently lease an item for as little or for as long as you require. With this being the case, if you’re looking for a more permanent addition to your lab, leasing might not be best, but for those jobs or areas where you need the latest kit, this will be a great solution to your problem.

On the other hand, there are a couple of downsides to consider when it comes to lab equipment rental. Firstly, over time, it might not save you that much money. With the addition of interest, it may work out more expensive to have a lease than it would have been to buy the equipment upfront. Furthermore, you are tied into that agreement, regardless of how much the equipment is used. Even if you don’t use it as much as you first expected, you will be obligated to keep paying the monthly payments so as to honor your contract.

Did You Know?

Financing has been around for a considerable length of time. In fact, there is quite an interesting history behind it! Even back in 2000 BC, finance agreements were etched into clay and the empires of Babylon, Greece, Rome, and Egypt all evidently adopted the idea of financing. Now in this modern age, equipment leasing is still a valued way of obtaining equipment for all kinds of business. Especially in the field of science, the equipment can quickly update or become obsolete, which is why leasing or renting is such a great idea for a lab. Interestingly, a massive 80% of businesses in the US, large and small, use equipment financing.

The Options Within the Option

Once you’ve decided that leasing is the way to go, there are several different leases that you can choose from. You may opt for a capital lease, often referred to as a “rent-to-own” lease. As the term suggests, ownership of the equipment will be transferred to you at the end of the lease period. Interest rates can be higher, but maintenance and customization are usually part of the package. This kind of lease would best when purchasing equipment that will be not quickly become out of date or obsolete. Alternatively, you made go down the route of an operating lease. If the equipment is one with a shorter lifespan this may be the best option – you don’t own the equipment at the end of the lease, but you also are not obligated to buy a new version. Rather, you can choose to upgrade to the new version if one is released during the term of your original lease. This kind of lease wouldn’t work if your project requires customized equipment as under the lease agreement, whatever you hire must remain in its original condition. If you do need to make alterations or customizations, you will need to either opt for a capital lease or gather the funds needed to buy the item outright.

Asking the Right Questions to Find the Right Solution

To find the best equipment financing company for you, there are some very important questions you need to ask yourself as you consider all the options.

• Does the finance company have experience in financing scientific equipment? If so, the provider will be able to understand the need and work of your business.
• Is the company prepared and able to act as a financial consultant or do you they want to make a deal? Is the representative willing to understand your situation and do you have confidence in their ability to give you the best advice
• Is the leasing company part of the manufacturer? In many situations, the company providing the equipment will have a partner finance company that deals with the leasing of the equipment. If this is the case, you can trust that this provider is a good company to go with because they will have been through a serious vetting process and carefully selected by the manufacturer.
• What is the feedback for this finance company? Do some of your own research into their references, especially for recently completed deals.
• What is the wait time for the approval and lease documents? To keep up with your busy work schedule and goals, you need to receive the equipment in a timely manner. Find out what the expected response time is in both approval and documentation of your agreement.