Every mechanic knows that there’s a right tool for every job.
If you’re thinking of owning and operating a garage, there are certain factors to consider. One of the most important is location. Knowing where the saturation point is for your business while meeting the business demands of your garage is crucial to the business’s overall success.
Having the general knowledge of total projected costs for your new business is equally vital. It may be substantially difficult to project certain costs ahead of time, such as construction costs for your financed garage or liability insurances, but some more common and expensive line items, such as vital tools and equipment, are easy to predict.
Leasing is a popular route for garage owners as it reduces the considerable amount of risk found in any business. Equipping your garage with the vital equipment as your business grows can become an expensive ongoing cost, as your garage will have to consider the ongoing costs of maintenance, purchasing, replacing and upgrading expensive automotive equipment.
This can limit the cash flow, leaving your business no room for growth.
The strain that garage owners go through is considerable. In a considerably competitive market, providers of garage finance solutions can equip your business with bespoke support designed to adapt to your business needs. A company with decades of experience in the asset funding industry has the substantial knowledge necessary to support garages with whatever complex issues these businesses face.
It is ideal to choose a company with a powerful leasing option — one that follows a tried and tested formula to give garage owners the flexibility to finance new garage equipment. From expensive diagnostic tech to wheel balancers and tyre machines and changers, leasing frees up cash flow and is 100% tax deductible. This popular route makes leasing a tax efficient way to operate a garage business. It also gives it greater flexibility, extracting more value from the continual usage of the tools.
Garage owners are encouraged to work with a company that offers a hassle-free application process and expert one-to-one advice that makes applying for financing quick. Not only will the finance decision be made within three hours, but funds will also be immediately available. Such a company would also employ specialised account managers that will work closely with clients, creating a finance plan and giving operational support that works with all business needs.
Finally, attractive payment terms would ideally be spread out over five years at low-cost rates, helping to drive down finance costs.
Contact us now at Portman Asset Finance and speak to one of our dedicated account managers for advice on how to get the help you need for financing your garage, or click here to find out more about our equipment finance products.