Your company needs equipment to function properly and bring in the profits. The better quality the tools you use, the better quality your products and services will be. This means that you need to have both the equipment financing to purchase the items and the maintenance capability to make the most of it. Equipment maintenance plays an important roll in how much financing you need, which items you can get with it and what equipment you need to replace.
Increases Up-Time and Lifespan
Proper and routine maintenance on your equipment increases the amount of time that it is up and working for you versus down for repairs. It can also increase the number of years the equipment functions. Most damage comes from wear and tear on the equipment with grime gathering on the various parts, pieces wearing out or breaking and much more. When you regularly have an experienced technician maintain your equipment, little problems can be caught and fixed before failures occur. This can decrease the amount of new equipment you need and make it easier to secure a loan.
Maintains Efficiency and Value
Newer equipment is usually more efficient than older equipment, both in the way that the job is performed and in the use of fuel and supplies during the process. This can be because older equipment is wearing out and winding down. With good maintenance practices, your older equipment can run better for longer.
The better you maintain your units, the more you can get for them when traded in or used as collateral. Many companies lease equipment seasonally to avoid having to store inactive or large items during the off-season. The better you maintain these pieces of equipment during the lease period, the more of your deposit you can get back or the better deal you can get on upgrading or renewing your lease.
Reduces Overall and Equipment Costs
Broken and worn equipment can mean many costs in lost work hours, the price of parts or new units and even a drain of energy or supplies. By regularly maintaining your units, you will reduce the amount of equipment financing you need each year and can even get you better lease terms. This can really help if you need to upgrade multiple items, but cannot qualify for enough financing, because you can trade in well-maintained older items for more cash.
Equipment financing is important for helping you get the items you need to do your job, and you can stretch your financing amount to cover more if you have well-maintained equipment to trade-in. Quality maintenance can also help you keep items running better for longer and reduce overall costs.