The Forklift Leasing Process

Take a look at these 5 tips to help ensure a smooth process.

You’ve decided to lease your next forklift – what’s next? Take a look at these 5 tips to help ensure a smooth process.

  1. Make Sure Everything’s Clear

  2. The forklift lease is ready. Now what? It’s important to review the information to make sure everything is clear before you sign:

    • Payment calculation procedures and variables such as interest rate, finance amount, residual amount (if applicable) and advance payments will be outlined and detailed in writing. Ask if you have questions about general statements related to the payment calculation procedure. 
    • Terms covering return of equipment, automatic extensions and annual running hour limitations. 
    • Freight fees after contract expiration.
    • When you will return the forklift(s).

  3. See That an Application Survey Is Performed

  4. Proper forklift specifications are critical to ensure your business’ success. The best way to establish this is through a well-executed application survey.

    • A proper application survey should be performed by your local forklift dealer, and both parties should sign the findings report as part of the formal agreement and process. 
    • The survey should include application specifications such as: lift heights, aisle widths, load weights and shapes, length of runs, presence of ramps, annual running hours, daily operating hours and severity of your application. 
    • Operating factors should also be included, such as whether the fleet works inside,  outside or both, if there is work done in freezers or coolers, if the product handled or your operation generates excessive dust or debris/dirt and if you’re moving hazardous material. 

  5. Consider Your Source

    • One frequently overlooked variable in the finance process is your local lift truck dealer capabilities. Properly trained dealer representatives, like those at your local forklift dealership, possess the skills necessary to develop effective finance options — ones that can provide a tremendous service to your company.
    • In addition, when you enter into a retail finance agreement with a forklift dealer, it’s best to determine if the suggested lender (bank or finance company) has a formal agreement with the forklift manufacturer. Proactive factory support will assure your transaction gets executed properly and you receive skilled support in case issues arise during the contract term.

For more information or help financing your next forklift, contact your local forklift dealer.

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