If you want to lease a truck, there are a lot of things to consider. You have to weigh the pros versus the cons. Whether you’re the leader or lessee, you need to understand all aspect of leasing a truck.
There are four facts you should consider before you lease a truck: How much will the truck cost, what company are you leasing the truck from, what is your credit score, and how long you plan on financing the truck for.
New commercial trucks can cost up to $100,000. Used trucks around seven-years-old usually cost between $40,000 and $60,000, and used trucks around 10 or 15-years-old can cost between $35,000 and $45,000. Financing rates vary depending on the truck you lease. Generally, the more expensive the truck, the lower the finance rate is. When buying a commercial truck, you also need to consider the lifespan of the truck. A new commercial truck is going to last longer than a 15-year-old truck. If you can’t afford these rates, then you should consider leasing a truck.
If you can, you’ll want to get quotes from different sellers, as you want to get the best deal possible if you’re buying a truck. Buying a truck from a dealership is probably going to get you a better financing deal. However, getting a truck from a dealership is going to depend on your credit score, and how long you’ve been in business. Dealerships are only going to want to take a chance on those who have already proven to be reliable. Most leasing companies know people won’t bother shopping around, so they’ll make their financing rates just because they know they will get away with it. So if you have the time and patience, shopping around for the best deal is the best way to go about leasing a truck.
Your credit score is going to greatly influence your ability to purchase a truck. If you’re able to put a down payment of 50 percent, you’re probably going to get approved for a truck no matter what your credit score is. However, the less you can put down and the worse your credit score is, the less chance of you being able to lease a truck will be. If you have child support problems, a recent bankruptcy, or recently have had a truck repossessed, don’t expect to be approved.
How long you finance a truck is going to depend on a couple of things. How big your down payment is, and how good your credit is will be two major factors. Your credit score is going to determine how high your interest rates are. High-interest rates mean a longer finance period. The bigger your down payment is, the less you’re going to have to pay overall, meaning a shorter finance period.
This is where leasing a truck can be the better option. You’re probably not going to be required to pay a down payment when leasing a truck. The monthly payments are also going to be much cheaper. Plus, you won’t be in debt, since you’re not the owner of the truck. Although, insurance payments are most likely going to be higher when leasing a truck. However, if you have a weak credit score, leasing may be your only affordable option, or you’re only option period.
Whether you buy or lease a truck, you’re going to have to make month payments. One of the major benefits of leasing a commercial truck is that the leader is responsible for repairs and maintenance. The only exception would be if you neglected or misused the truck. Depending on the company leasing you the truck, you may be able to purchase the truck after your leasing contract is up. It is similar to a rent to own type transaction. You would purchase the truck for its remaining value after the lease is up, which is a cheaper way to buy your own commercial truck.
If you are considering leasing a truck, consider leasing from Tom Nehl Truck Company. They are a full-service transportation provider, dedicated to customizing a package that fits your needs. Their packages include service, parts, permits, licensing, tires, washing, and substitution. They also have roadside assistance. They also have a rental program, where you can rent a variety of vehicles. They’ll put together a custom rental plan if you need to rent a vehicle for longer than a year. You can visit their web page http://www.tomnehl.com/ to find out more information about your financing options.