When it comes to heavy machinery like forklifts, renting the equipment instead of purchasing it outright has a number of advantages. It is going to cost you less money every month to rent a forklift than to buy a new forklift. The terms of your contract can allow you to pay for the time you use instead of paying for a forklift that sits idle. The cost of a rental is completely deductible as a business expense, while a purchase only allows for certain depreciation deductions. If you don't have the space to store a fleet of heavy equipment, renting machinery only when you need it is going to make it easier for you to run your company.

No Need to Budget for Maintenance

If you own a fleet of heavy machinery, then you understand the costs associated with maintenance and emergency repairs. When you pay for a long-term forklift rental instead, you aren't going to be responsible for a machine that breaks down with normal use. You won't have surprise costs associated with the rental, and you'll have an easier time budgeting your monthly costs when you can depend on a rental instead of an equipment purchase.

Work With Upgraded Equipment

When you rent a forklift instead of purchasing one, you will have access to upgraded equipment as it is built. You aren't going to be stuck with an industrial piece of equipment that becomes obsolete after a few years. Whether your business needs change or you want to find the best equipment available, renting is easier than getting stuck with equipment you no longer need.

Renting Doesn't Impact Your Credit Rating

There are times when you need to access your business credit in order to grow or conduct general business. When you rent your industrial equipment instead of financing it, your rental doesn't have much of an impact on your credit rating. When you need to borrow money for your business, you have to pay attention to your credit score. Buying machinery adds to your overall debt, decreasing the amount of money you can borrow from a lender to grow your business.

In order to keep your business profitable, it's time to consider what your actual heavy equipment needs are. When you have a fleet sitting there waiting to be used, this is often a waste of space. If your business has cyclical equipment needs, think about how you can reduce your fleet using rental equipment instead.

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