Frequently Asked Questions...
Your questions about Equipment IT finance for Education answered - from Technology Rentals, the UK’s only leasing company which operates exclusively to Education.
Q: How do I arrange finance for my IT needs?
A: Technology Rentals’ approach to leasing is structured to make your life easy. Here’s how you can get instant access to the technology you need.
- Choose the equipment and software you want.
- Select the supplier or suppliers of your choice.
- Talk to Technology Rentals about our finance solutions.
- We’ll propose a payment schedule tailored to your needs and put the facility in place.
- Sign and return the Technology Rentals documentation.
- We’ll place the order and arrange delivery from your supplier for you.
- Equipment is delivered and installed.
Q: What are the main types of lease?
A: Technology Rentals’ leasing experts can talk you through the various types of lease, and help you decide which is best for you. We can guide you through legislative and business issues. Just tell us what you need – we’re ready to help. There are various types of finance agreement however the two main types of lease (and their defining characteristics) are:
Operating lease
Off balance sheet funding for specialist equipment.
Finance lease
Full invoice amount is financed.
Customer has options to return or continue to use the equipment at the end of a lease.
Appears on balance sheet, and payments are usually 100% tax allowable.
Q: What are the benefits of Leasing with Technology Rentals?
A: You will receive clear impartial advice on a number of issues to ensure you have complete peace of mind when entering into the transaction.
In summary, the benefits are:
- It’s good for your budget.
- It offers an alternative source of credit.
- It gives you total flexibility.
- It offers you easy upgrade options.
- Our independence gives you freedom to choose.
Find out more about the leasing benefits.
If you’re considering a loan, lease, rental or other finance arrangement to help your teaching environment acquire any equipment talk to Technology Rentals first.
Q: When are payments made?
A: Payments may be tailored to meet requirements, although most customers opt for monthly, quarterly or annual rentals. Agreements may run from 1 to 7 years, depending on the useful life of the equipment, however most schools opt for four years.
Payments don’t start until you have notified us that the equipment has been delivered and installed to your complete satisfaction.
Q: How do I arrange a lease?
A: Simple. Just contact us and advise how much equipment you need to finance and we will liaise with the supplier and raise the paperwork for you sign. Once the equipment has been delivered and where necessary installed to your complete satisfaction, we will make payment to the supplier.
Q: What can be included?
A: Hardware, software, services contracts, installation, training, delivery in fact, everything you need to set up a new classroom. In addition we can finance a wide range of other equipment including musical equipment, vehicles, kilns, portacabins, fencing – we have even leased a jacuzzi.
Q: Methods of Payment?
A: You can pay by direct debit or by invoice, however it is important to make sure your payments are made on time.
Q: What about equipment insurance?
A: You are responsible for looking after the equipment which includes insuring it against loss or damage. Technology Rentals can provide very cost effective insurance quotations if required and on certain items can provide accidental damage cover also.
Q: What if our budgets change?
We will reschedule the payments and do our best to re-arrange the agreement to suit your revised needs.
Q: How do I compare leasing quotes?
The most important thing is to check what kind of lease agreement you are entering into.
Remember “all that glitters is not gold” and rentals can be artificially lowered to look attractive at the beginning only to find there are onerous conditions and payments at the end.
If in doubt, call us and we’ll provide you with no obligation impartial and clear advice so you can be sure, what you see is what you get!
