Guide to leasing Apple Mac

Weigh up leasing versus buying

The first step is figuring out whether leasing suits your business needs. It’s an incredibly effective solution for those wanting to:

• Ensure a stable cash flow
• Benefit from the latest Apple products, without paying a large sum upfront

With leasing you’ll pay each month via fixed repayments. It’s important that you keep track of these and will be able to afford the necessary amount at every interval.

If you prefer to pay in one go, then this is where buying trumps leasing.

Use the benefits to your advantage

Fixed repayments are something you can make the most of. They allow you to budget and plan effectively for the future.

Leasing also means you’ll have full use of your Mac from day one – without having to pay the entire upfront cost. This means you can use the additional cash flow to invest in your company in other ways such as hiring more staff or marketing for your SME.

On top of this, you can take advantage of these lease payments when it’s time to file your Self Assessment tax return. They count as an operating cost and are therefore 100% tax deductible.

Discover the full offering

Not all leasing solutions are the same. Some may provide just the leasing service, whereas others offer extra benefits. The most valuable to look out for include:

• Equipment – Ideally you’ll have the option to keep the Mac at the end of the lease, rather than having to return it and take out a new lease.
• Warranty – Do you get one and what does it cover? It’s best to be on the safe side with a three-year parts and labour hardware warranty. We use AppleCare for Business.
• Temporary loan machine – Should your Mac develop a hardware fault that Apple can’t solve over the phone, we’ll collect it and drop off a loan machine to minimise business downtime. Once repaired, we’ll courier it back to you, giving you a couple of days to transfer any data before we pick up the loan machine.
• 24/7 AppleCare telephone chat support – If there are any hardware or macOS issues, then you’ll receive direct help from Apple technicians – regardless of what time it is or where you are in the world.

Determine the process

A big part of your decision can depend on how soon the Mac is required. If you need the device as soon as possible, then it’s best to ask your provider how long the process and delivery will take. For standard configurations, and once lease documents have been signed, delivery through Lease Loop is normally the next business day.

If, however, you want to upgrade components such as the processor, hard drive or graphics capability, this will make your Mac a ‘Configured To Order’ (CTO) machine. In these instances, we advise customers to expect their device within 10-14 working days.

Typically, the leasing process is completed in three steps: select your Mac, complete the online application, then e-sign the essential documentation. For start-ups or those with a weaker credit history, there’ll be some additional administration work. Therefore, if you need your device quickly, it’s a good idea to find out what the process entails with each provider you speak to.

Necessary payments

You’ll want to ensure that no hidden costs crop up later down the line. When comparing leasing offers look out for:

• Documentation fees – these are a standard in the industry and vary from £50 – £125 + VAT. Typically, they are £100 + VAT.
• Daily rental costs – Daily rentals are when a lease company charges you a rental fee, from the time you take receipt of your computer, until they take their first repayment. These rentals are not deducted from the total amount you have agreed to pay. Lease Loop have negotiated these out of our contracts.
• Business contents insurance – all lease companies require this, and to a satisfactory level. Shortly after delivery, we’ll ask you to send us a copy of your insurance documentation so that we can forward this to your lease company. With your consent, there is the option for them to arrange asset protection cover which will be added to your monthly direct debits as standard.

The end of your contract

At the end of your Lease Loop contract, you have two choices: simply return the Mac to us or pay a one–off secondary rental to extend the lease forever – allowing you to keep full use of your device.

With the second option, the one-off payment is equal to one month’s rental. After this, there will be no more payments. We will extend the agreement indefinitely on receipt of a single further monthly rental. You’ll also be free to dispose of the goods at a later date.

If Apple release a newer version or you need more equipment

Once we have delivered your Mac and have received payment from our funders, we can’t add equipment to the existing lease and you cannot return the original Mac. Instead, it’s best to take out a new lease that runs alongside the first one.

Once the 24^th repayment has been made, you can upgrade. At this point, the remaining balance will be taken off the first lease and refinanced over a period of three years. There will be an upgrade figure, which is determined by adding this to your new tech’s cost, settling the original lease.

Regardless of your circumstances, we’ll work with you to determine which option is the best for you.

Settling a lease

If you wish to pay the remaining fixed repayments earlier, then this is possible – you can settle at any time. As a thank you, the funders will offer a small discount on the settlement. Once paid, the standard end-of-lease terms will kick in.

Everything mentioned in this guide is exactly how Lease Loop will benefit you. If you need any more information about how we work, then get in touch to discover your successful leasing solution