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Oct

You Can Save Money by Leasing a Truck

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If you are thinking of buying a new truck, then you are not alone. Every year, thousands of entrepreneurs purchase trucks because they want to be independent workers that get to travel, or may want to expand their transportation businesses. Regardless of the reason, truck leasing may be the best option for you, as it can save you more money in the long run. For those unaware as to what truck leasing consists of, it is the act of financing a truck without being required to buy it.

You Can Save Money by Leasing a Truck

It will be far less expensive to lease a truck than it would be to purchase it outright. In addition, you may be able to secure several lucrative or enticing deals without being obliged to purchase the vehicle, while still being able to use it to its full potential or capacity. In other words, you will be able to enjoy the best of both worlds. Here, we will explore some of the interesting ways that you can save money by leasing a truck instead of purchasing it.

Benefits of Leasing a Truck

A truck lease will allow you to have more capital that can be put towards growing your business. You will also be provided with access to the most advanced truck models on the market today, which may give you an edge over your competitors who are using outdated trucks to operate their businesses.

You will also not have to worry about any storage issues when you lease a truck, as you will not be the owner of the truck. On that note, because you will not be the owner of the truck that you lease, you will also not have to worry about having to pay for any repair or maintenance costs on the truck, nor will you ever have to worry about any hidden costs or charges that can take you by surprise.

You will only be required to pay the amount which is stipulated in the terms of your lease agreement, so you will never have to worry about additional expenses.

When you lease a truck, you will usually be given carte blanche to use it as you wish and then return the vehicle after you’re done with it. Also, in the unlikely event that you damage the truck in some way the only fee you will have to pay is the damage fee, and even then it will be less than the original.

Today, more and more trucking companies are opting towards leasing versus buying, particularly private trucking fleets. This is due to the fact that leasing may prove to be more reliable as well as more convenient for many companies that do not want to have to worry about storage, maintenance, and repair costs, not to mention the far greater upfront expenses associated with buying a truck.

What to Look for in a Truck Leasing Company

While truck leasing has many financial benefits over truck purchasing, not all truck leasing companies are created equal. Some of the things to look for before partnering with a given truck leasing company include low, locked-in monthly payments as well as affordable administrative and service fees.

The best truck leasing enterprises will offer their clients freed credit lines and capital, as well as industry-leading service discounts and unrivalled purchasing power. There should also not be any residual risks to worry about after the lease has ended, and the company should be more than happy to offer you discounted rentals in return for your business. Fleet size flexibility is also something that the best truck leasing companies offer, as they will want to not only foster customer satisfaction but also help retain your loyalty in perpetuity.

In addition, the best truck leasing companies will go above and beyond the call of duty to maximize fuel efficiency via expert specifications, which will save you even more money on the truck. They will also provide unrivalled repairs using only OEM parts for reliability and will also provide you with superb preventative maintenance services so that the chances of damage or serious wear and tear issues will be minimized.

What’s more, many reputable truck leasing companies will also provide their customers with streamlined analysis and reporting in order to optimize the productivity of their fleets, and will also offer their clients compliance and safety services with minimal paperwork to reduce stress.

A Guide to Saving Money on Your Truck Lease

The first thing you should do is try to master the lingo or jargon that is commonly used in the leasing industry so that you can secure the best deal. For instance, before you even enter the leasing company’s office, you should understand what a capitalized cost is, as it is the equivalent of the truck’s selling price.

As a result, your goal should be to lower your capitalized cost to the lowest amount possible. Another term that is thrown around quite a bit in the leasing industry is residual value, which is essentially the estimated value of the truck when your lease term ends.

In addition, your money factor is an interest charge that you will be required to make when you lease a truck, so your end goal should be to lower your money factor as well as your capitalized cost while raising the residual value of your truck. If you can meet the goals mentioned above, then your monthly payment will be significantly lower, so it is in your best interest to perform the necessary due diligence to get the best deal for your hard-earned dollars.

To learn more about how you can save money by leasing a truck, call Truck Loan Centre at 1-866-230-0094 or contact us here.

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