What Are My Leasing Term Options?
RobotWorx is dedicated to establishing long-term relationships with its business customers. Our finance deals are transparent, with no hidden costs during the term. We don't just want to earn your business. We want to keep it.
What are my end-of-term alternatives?
You have five end-of-term alternatives:
- Extend the lease period
- Upgrade or replace with new equipment
- Make an offer to purchase the equipment at fair market value
- Return the equipment with no further payments required
- Any combination of the options listed above
What if I want to upgrade my equipment during the leasing term?
That's OK. We simply adjust the lease to incorporate the cost of the new equipment. Or, to keep the payments the same, you can establish a new term.
Can I add on equipment to my initial existing agreement during the leasing term?
Yes, you can - by executing our variation agreement. This allows you to either increase the amount of equipment without extending the term; or extend the leasing term to maintain a similar lease as per your existing agreement.
Can I cancel the arrangement before the end of the term?
If you cancel the arrangement and return the equipment before the end of the leasing term, you must still pay the balance owing. A more cost-effective alternative is to upgrade to new equipment and execute a new leasing agreement.
What is the effective interest rate?
As the arrangement is not a loan, there is no interest rate. You are paying for the use of the equipment over a pre-determined period. You are not repaying a loan.
Do you finance any other equipment apart from RobotWorx robot solutions?
Yes. We've helped many businesses and industries acquire various major assets, inc. industrial plant and equipment.
Are my payments tax deductible?
Yes - up to 100% depending on the proportion of usage for business purposes (please check with your accountant or financial adviser).
What happens if I damage the equipment?
You are responsible for repairs, maintenance and insurance of the equipment and keeping it in a safe and good working condition at all times.
What is fair market value?
Fair market value is the estimated amount for which an asset should exchange between a willing buyer and a willing seller in an arm's length transaction.