Lease to own trucking programs are a popular way for new truck drivers and small businesses to get started without the high upfront cost of purchasing a truck. Choosing the right lease to own trucking company for your needs can be a daunting task, but these tips will make that task easier.
Know What You’re Getting
Before you can pick the best lease to own trucking company for your needs, you first need to know what you are signing up for. In a lease to own agreement, you will be agreeing to pay a monthly fee to lease a truck for a set amount of time, usually 3-4 years. There may also be a down payment, mileage fees and other associated costs, depending on the terms of the lease.
At the end of your lease period, you will have the option to either return the truck or purchase it. Usually, the purchase price will be stated in your lease, but you may be able to negotiate a lower price.
Do Your Research
Compare different companies’ offers. Read over the lease carefully. Look for any fees, the stated purchase price at the end of the lease, mileage restrictions, charges for wear and tear and any restrictions on modifications you can make to the vehicle. You’ll also want to do a careful inspection of the truck and check for warranty information.
Finally, ask what kind of special deals or promotions are being offered and choose the deal that best fits your financial situation and plans. Some companies will offer plans with $0 down or no credit checks, which can be helpful to drivers without established credit or limited capital.
A lease-to-own truck can be a great way to get started in the trucking industry. With a bit of research and comparison shopping, you’ll be on your way to finding the best company to fit your needs.
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