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Solutions to Gathering the Newest Tech Including New Mac Products Now

Purchasing new tech equipment like iMac desktop computers, the new iPhone 13 and other types of communication and networking technology just available in the marketplace can weigh heavily on your personal or business’ financial budget. In addition, with leasing the equipment still an option, you may start to question whether spending a considerable portion of your money buying the equipment is worth it or even necessary.

As with many other decisions in life, each individual or individual business must weigh the pros and cons of leasing and buying to see which of the two is most favorable in their current circumstance.

The Leasing Pros

  • Easy to upgrade – Equipment leasing companies like to keep the latest equipment to attract new customers. Therefore, every time you renew your lease, you get the option of choosing the most advanced technology without the burden of paying the total cost of the equipment.
  • Tax-deductible – You can deduct the monthly lease payments on your taxes as business expenses.
  • Less upfront expense – With leasing, you only make a down payment and can start using the equipment. The amount is not usually as high as the one you would need for purchasing the equipment.
  • Constant monthly payments – A lease agreement lets you know upfront the amount of money you need to pay every month, and with this information, you can budget your money more effectively.
  • It gets you ahead of the competition – Leasing can give you access to the best and most sophisticated equipment, and your business can keep up with established competitors without incurring high costs.

The Leasing Cons

  • You don’t own it – Since you have to give back the equipment, you don’t build your business’ equity because you don’t own the equipment.
  • You must pay for the entire lease term – You must stick by the agreement rules even if you bought your equipment and stopped using theirs. Although some leases allow a cancellation, there are hefty early termination fees attached.
  • High cost in the long term – In the long run, leasing is always more expensive than buying equipment

The Buying Pros

  • Ownership – You get the satisfaction of owning the equipment, especially if it has a long useful life and is not likely to become obsolete shortly.
  • It’s easy – When buying, you decide on what you want and get it. There are no negotiations or extensive paperwork needed. You do not have to specify how the equipment will be used because it’s yours.
  • It’s tax-deductible – You can deduct the entire amount you paid for your assets in the first year. You could also deduct the cost of depreciation for equipment eligible to the provisions of Section 179 of the IRS code.
  • You decide on maintenance – Some lease agreements will require you to conduct maintenance according to company specifications, and the cost of doing this can get relatively high. But, when you own it, you decide on the maintenance schedule.

The Buying Cons

  • Obsolescence – After a while, the equipment becomes obsolete, and you have to replace it.
  • High Upfront costs – The cost of purchase is high, and your business may have to seek credit or direct a big chunk of its resources to purchase equipment.

Now There’s a Third Option

In the wake of the worldwide pandemic, many businesses and individuals, for that matter, don’t have the extra cash on hand to put into major upgrades in their technology, yet many must stay relevant and current. Without the ability to buy and knowing that the leasing option is throwing money down the drain, many Americans and American businesses are looking for an alternative way to afford that technology enhancement desperately needed, but they are finding it impossible to budget for. The good news is there is another option these days. Buy now, pay later financing platforms introduced by companies like Credova are giving buyers a great way to purchase the technology needed now, but parcel out the payment for 18 or even12 to 36 months to alleviate the financial strain.

Consumers could wait and save for the purchase, but sometimes staying updated and relevant is of the most importance. The buyer could use a standard credit card to purchase the technology, but credit card companies place hidden fees around their services, and interest rates continue to skyrocket compound. Paying 20 – 25% interest through a revolving line of credit for purchases is not a practical solution today. Cordova, along with similar platforms is moving into the mainstream and becoming more readily available for use. Credova wants to alleviate the financial burden without the consumer needing to save or paying for it with the company credit card and then ‘paying for it’ with the double-digit interest rates that accrue.

Credova’s Financing Options for New Technology Purchases

Credova’s buy now, pay later financing program can offer individuals an easy way to finance their next big technology upgrade now. Whether it be a new home computer system or just the furniture to hold the equipment up, Credova’s buy now pay later payment option will settle on the terms of financing upfront. With a financing option like Credova’s, consumers receive pre-approval for up to $5,000. Another big benefit of buy now, pay later programs are the fact that when approved, it does not affect their credit scores because hard inquiries on credit are avoided.


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