How to avoid the hidden costs of leasing

31st October 2016
devices for teams by HardSoft - DaaS without Faff

When you consider the many benefits of leasing over buying, it’s no surprise it’s a popular option for businesses of all sizes. However, some may be put off by the possibility of being charged ‘hidden fees’ – costs and charges that aren’t openly advertised.
Not all leasing firms are guilty of this: at HardSoft, we are open and honest about all of our costs. There are a number of questions you should ask before taking out any lease, which we’ve detailed below. Follow our advice, and you should be able to avoid falling into the hidden costs trap.

Is there a deposit?

For certain products, particularly high-value ones, you may be asked to put down a deposit. Make sure you ask whether this is required and how much it will be. You also need to check if and when this deposit will be refunded.

How many payments will you need to make?

This one can catch you by surprise: if you’re leasing a laptop for three years and are committed to making monthly payments, you’d expect to make 36 payments. This isn’t always the case though – you may be contracted to make 39 payments instead, for example. Don’t assume. Always double-check before signing anything!

What happens at the end of the lease?

This is one of the most important questions to ask, as you don’t want to be left without any equipment once the lease comes to an end. If you don’t choose to renew, some companies will demand you give the leased hardware back.
At HardSoft, we offer several options. You can choose to renew your lease and upgrade to newer equipment for a discounted price; continue to rent with us for another year for 50 per cent less; or keep the old equipment for a nominal fee. If you’re leasing an Apple Mac, we’ll also offer to buy it back from you for a fair price.

Is it a fixed-term agreement?

Not all leases will run for a set amount of time and then end – you may need to cancel it yourself. There can be a three-month cancellation clause, too, which can easily be avoided by asking the right questions or speaking to a reputable finance provider. Seek advice first if you need it!

What about other financing options?

The fees included in some leasing options are pretty fair when you look at the other financing options available. It’s quite common for banks to charge a setup fee for a loan and there are often other hidden fees included. In fact, a recent survey by FIS Global revealed that many people do not trust their bank, nor do they understand the products and services being sold to them.
At HardSoft, we’ve been offering our flexible lease solutions for more than 30 years and we’re more than happy to answer any of the questions above openly and honestly. You won’t be charged for any hidden extras with us. Leasing IT equipment has never been so easy! Get in touch with us today.