Telephone System Leasing
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Is telephone system leasing right for your business?
For companies that don't want to pay a large upfront price for a new system, telephone system leasing is a viable alternative. And telephone system leasing is essentially renting a phone system instead of purchasing one. It allows a company to spread the cost of the system out over several months, usually 36 to 60 months (3 to 5 years), instead of making a large purchase at one time.
There are several benefits to leasing a telephone system as opposed to purchasing. By leasing the system, if there are problems that arise or other issues, the company you're leasing it from is typically responsible for those repairs. Every agreement can differ a little bit, but if you choose telephone system leasing be sure you're aware of what the company is responsible for and what they're not responsible for. That way you can avoid any large repair costs or prices. As a general rule, though, telephone system leasing means that you're paying to go to use their equipment so they are responsible for the upkeep.
The advantage of spreading the cost out into monthly payments means that you don't tie a huge chunk of money into the telephone system. That leaves the capital available for other things within the business. And it also means that you're probably getting a better interest rate than you would be if you charged the telephone system at one time and paid high credit card interest prices.
Different types of telephone system leasing
There are three general types of telephone system leasing that you have to choose from. The first and most common type is an FMV lease. FMV stands for Fair Market Value. At the end of the leasing term you have the option to purchase the equipment for whatever the fair market value is on the equipment. Otherwise at the end of the leasing term, you surrender the equipment, re-lease it or lease different equipment. This type of telephone system leasing offers the most affordable option because the monthly payments are much lower than with other types. Of course, depending on the telephone system you choose the fair market value could be quite high at the end of the leasing term. You should consider that before you take out an FMV lease.
The type of telephone system leasing you might be interested in if you want to be able to upgrade to the newest technology all the time is called a Shield Lease. This type of lease is good for a company that knows it's going to lease telephone equipment over the long-term and wants to be able to upgrade at will. Each time you upgrade the lease is renewed for the original term time-limit. And the price will go up according to the new equipment. But it's good for a company that wants to stay on top of technology.
The other most common telephone system leasing programme is a plan where you can purchase the equipment at the end of the term for a set rate like just one pound. This has a higher monthly payment than an FMV lease but is good for a company that plans to keep the equipment for years.
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