To Lease or to Finance?
It’s a common quandary: choosing whether to lease or to finance your wheelchair van. While both options offer several distance benefits, we’d like to take a few paragraphs to go into the benefits of choosing to lease your wheelchair van. While it’s not always the most common approach to procuring a wheelchair van, learning the ins and out of how leasing a wheelchair van can benefit you — and your wallet. For many, leasing a wheelchair van gives them a sense of freedom and less commitment than choosing to finance or outright buy a wheelchair van. If you’re curious about the benefits of choosing to lease rather than finance your wheelchair van, continue reading to learn more.
Tax Benefits and Capital Conservation
While paying taxes is part of our national duty, no one likes paying more than their fair share. The same applies when you choose to lease your wheelchair van. Leasing your wheelchair van means that your lease payments are 100 percent tax deductible as an operating expense. This is a great benefit that simply isn’t available when you choose to finance your wheelchair van. Moreover, when you choose to lease, you’re allowing your money to work for you. Confused? Let us explain.
Leasing frees you from the burden of tying your financial resources up in vehicle payments. Leasing allows you to set up a payment plan that represents a rental expense and kept off of your company’s balance sheet, meaning that this assists in keeping your ratios on par with your bank. And — speaking of saving money — you can expect to save quite a bit; leasing allows you to defer your PST, GST, and HST. In short, this means that you won’t pay taxes upfront and pay interest on those taxes. When the time comes for you to pay taxes, you’ll only pay the monthly lease amount with the exclusion of a down payment should you make one.
Profits & Flexibility
One of the best parts of leasing your wheelchair van is the ability to either earn or save money as you lease; you’ll only make payments as you either earn or save. This is an excellent option if you’d prefer your payments to be broken up into weekly, semi-monthly, or monthly installments. Essentially, leasing allows you more options for customization than with financing. This is part of our 100 percent lease offering, meaning that all of the costs of your wheelchair van (shipping and handling, training, and most other associated costs) can be compiled and included in the van’s cost.
Lease and Leave (The Rest to Us)
Move Mobility knows that traditional lease options offer limited flexibility and can come with numerous strings attached. We work only with leasing partners with whom we choose to partner offer you the opportunity to buy your wheelchair van once your lease is up — without the often high, residual buyout, damages, or kiliometre restrictions. If you feel that leasing your wheelchair can is right for you, reach out to Move Mobility today to learn more or to get started on your wheelchair van lease.