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There are several situations where you may decide that an equipment loan is a better option than an equipment lease for your business. Some examples of when you may prefer a loan include:
You or your business are able to qualify for favorable terms (interest rates / APR).
You have the working capital and cash flow available to make the necessary down payment for a loan.
You want to build business credit and improve your business's credit score so you can qualify for bigger loans with better terms in the future.
It can be the more affordable option in the long run, despite the steep initial cost.
You have the expertise or necessary means to maintain the equipment on your own, and you don’t need the additional cost of a maintenance plan.
The piece of equipment has a long life and won’t need to be replaced on a regular basis.
