Buying Vs. Renting a Vending Machine
Are you considering acquiring a vending machine? Having a vending machine in any workspace has undeniable benefits, the most obvious being the convenience and contribution to job satisfaction it brings staff and customers. You may wonder if buying one outright is better or if you should consider obtaining financing or renting it.
Read on to learn more about buying versus financing to help you make the right decision for your business.
Buying A Vending Machine
Buying a vending machine outright can be a good option if you have the capital to do so. The advantages of buying include the following:
- Lower long-term costs: When you buy a vending machine outright, there are no monthly rental or repayment fees to worry about. In addition, if you decide to sell your business down the line, you can sell the machine along with it.
- Greater control: When you own your vending machine, you have greater control over how it is used and maintained. You will have no concerns over any renting restrictions or limitations. You will, however, be responsible for the upkeep of your machine.
Renting A Vending Machine
If you are not sure whether you want to commit to buying a vending machine outright, renting can be a good option. Here are some of the advantages of renting:
- Lower upfront costs: When you rent a vending machine, you will pay a monthly fee that covers the cost of the machine as well as any maintenance and repairs that need to be done. This is a good option if you do not have the capital to buy one upfront or are not ready to be tied into a long-term commitment.
- Flexibility: Renting a vending machine can be a good option if you are unsure how long you need it. If you only need it for a short time, renting will be more cost-effective than buying.
Financing A Vending Machine
Despite changes in the classification of vending machines as equipment assets, obtaining financing for the purchase is still possible. At The Vend Shop, your go-to vending machine supplier, we have built relationships with various financial lenders to help you get financing quickly and easily.
You will have greater control over how the machine is used and maintained. But at the same time, you will not have the lump sum outlay at the beginning, allowing you to manage your business budget better and pay the machine off over a certain period.
Remember to factor in the interest rate, establishment fee, monthly fees, and repairs and maintenance when deciding on this option.
Contact The Vend Shop today for top advice on the best option for your business. Our friendly and knowledgeable team is standing by to help you make the right choice for your business and set you on a path of happy staff and customers.