A medical equipment lease agreement simply outlines the conditions that you and your supplier should adhere to during the entire time that you are in possession of the equipment. Unfortunately some people rarely take time to read through the lease agreement and end up financing more than they had initially expected. This therefore raises one question; what should you look out for before signing a lease agreement?
As with most leases, a medical equipment lease agreement can be made open to negotiations. You can negotiate with your supplier some of the things that can be upgraded at no extra costs, or any other additions or deductions to be made to the lease. These negotiations should be conducted professionally. If any adjustments are made to the lease, they should be in writing and not verbal agreements.
The reason why verbal agreements are not recommended is that most of them end up causing misunderstandings in the future. Always ensure that you clearly understand the terms and conditions of the lease because the moment you sign on the dotted line, you will be bound by the terms and conditions until the lease ends.
You can also avoid paying for damages that were not caused by you by checking for preexisting damages. Ensuring that these damages are also written in writing protects you from losing your security deposit or being charged extra for damages that were not your fault.
You must have enough money to cater for any expenses. Most companies will require you to pay for the first and last month upfront. You will also be required to pay for processing and filing of the lease documents.
You may not be able to cancel a lease but you can add some of the equipment that you need. Some companies may require you to add equipment that does not cost less than $5000. It is also advisable to have some form of insurance that will cover your equipment in case something goes wrong.
Before you lease medical equipment, you should have the manufacturer run you through the training program before you release any funds to the supplier ahead of time. This is perfectly understandable since most of the medical machines are extremely fancy and complex to use.
Medical equipment finance can be made easier when you go to LeaseQ. Here, you will find hundreds of leading finance companies that deal in more than 25 equipment segments. Not only that, but every day you will find that new companies are being added onto the list. Their online platform only makes soft credit inquiries so you do not have to worry about financing your medical equipment with a low credit score.
If you are a new company, you can get financial assistance from finance experts. They will help you find the best medical equipment lease options that are suitable for you. In addition, you can get a free and instant quote upon request. To see if you qualify for medical equipment leasing, click here for a free quote.