How to Finance Dry Cleaning Equipment

Both new and established dry cleaning businesses require equipment. Dry cleaning equipment can be expensive and to help improve cash flow, business owners can look at their financing options. Some types of dry cleaning equipment you may consider leasing include pressing machines, washing machines, dry cleaning machines, irons, chillers, spotting tables and shirt finishing equipment.

Things You'll Need

• Lease application
• Dry cleaning business
• Computer with Internet

Instructions

1. Make a list of all the equipment you need for your business. Once you have an idea about your equipment requirements, browse the inventory of dry cleaning equipment suppliers.

2. Find companies that offer finance programs for dry cleaning equipment. Some companies allow approved applicants to lease not only their dry cleaning equipment, but other fixtures and point of sale equipment.

3. Choose the type of finance program you want. The main types of leases include a true lease and a dollar buyout lease. With a true lease, you rent the equipment for a set period of time and then return the pieces at the end of the lease agreement. A dollar buyout lease gives you the option to purchase the equipment for a dollar at the end of the term but usually comes with higher monthly rates.

4. Compare the cost to finance versus the cost to buy dry cleaning equipment. It may be cost effective to purchase the dry cleaning equipment outright if the pieces are inexpensive.

5. Fill out an application for a dry cleaning equipment lease. You will need to provide your company details and revenue. Once approved, arrange for delivery of your equipment.

References

• Bestway Equipment & Service
• eLease