If you don’t know how long you’ll need your modular bank building or only need it for 6-36 months, leasing is your best option. Leasing is also a smart choice if you don’t own the land that the building will be located on. You can choose from a true lease or a finance lease (lease-to-own), which we’ll explain below:
- True leases typically last from 12-60 months. You’re locked in at the same interest rate for the entire lease, and you can renew it as many times as necessary.
- Finance leases (also known as lease-to-own) typically last from 24-72 months. You have the ability to select the lease length and buyout amount, which can be as low as a few thousand dollars.
There are several major benefits of leasing a temporary modular bank building for your financial institution, including:
- Shorter lease terms
- Ability to roll one-time charges into your lease, including delivery, set-up, and removal fees
- Not responsible for repairs or maintenance
- Less upfront capital required
- Doesn’t require perfect credit since you’re financing through the dealer (rather than a traditional lender)