by CIO Staff

10 Questions to Ask Before Signing a Leasing Contract

Dec 01, 20021 min

1. How do I plan to use the equipment, and what do I expect the equipment life cycle to be?

2. Does the leasing agent understand the nature of my business and how this transaction and equipment will help my business?

3. What will the total amount of the lease payments add up to, and can any other costs be incurred before the lease ends?

4. What happens if I need to change the lease parameters or terminate the lease early?

5. What are my responsibilities if the equipment is damaged or destroyed?

6. What are the additional obligations related to the equipment (such as taxes, maintenance and insurance)?

7. Can the equipment be upgraded or can equipment be added to the existing lease?

8. What are the options at the end of the lease term?

9. What are the procedures for returning leased equipment?

10. Are there any extra costs expected at the end of the lease?