Do you need a new truck or are looking to join the trucking industry? It can be tempting to go purchase your own rig with your own cash, but have you considered leasing a semi-truck?
At Financial Carrier Services, our focus is on you, the truck driver. That’s why we offer a variety of truck related financing service like no credit check financing, unlimited free credit checks, and truck warranties. It’s no surprise why we’re one of the best in the industry. With that being said, have you weighed the pros and cons of leasing a semi? In this post, we share them with you, so you can make the best decision for you.
Lease A Semi-Truck
You want to get on the road. You want to drive a truck. The trucking industry is the heartbeat of the country, and it’s time you joined in on it. There’s only one problem. You don’t have a truck. Here are the pros and cons to leasing a semi-truck:
Cons of Leasing A Semi-Truck
“Why should I not lease a semi-truck?”
Con #1 – The Truck’s Not Yours
Although you’ll be using it to haul, the semi-truck is not yours when you lease it. This can put a lot of drivers off the leasing path, especially if they’ve been driving semis for a while. A truck becomes an intimate part of a driver’s life, and if they have to get used to a new one every few years, it can be disheartening.
Con #2 – You May Pay More
A lease may cost you less up front, but if you don’t purchase the truck at the end of the lease, it can cost you more. For example, if you don’t purchase a truck at the end of the lease, and it’s worth less than market value, the leasing company may have you pay, per your contract, more to cover the difference.
Con #3 – Lease Agreements Are Complicated
Read the lease agreement carefully. Many of them require specific monetary obligations outside the monthly payment to keep the truck running like repairs, maintenance, and more.
Pros of Leasing A Semi-Truck
“Why should I lease a semi truck?”
Pro #1 – Short Term Commitment
If you cannot afford your own truck outright, leasing your first truck to stash some cash may be the best option. Furthermore, you will be tied into a commitment for shorter, in case the industry isn’t right for you.
Pro #2 – Low Upfront Cost
It’s true that purchasing a truck outright cost more, but the upfront cost of a lease can be substantially lower, including the other pros listed.
Pro #3 – Maintenance Costs Less
When you lease a semi-truck, you will surely pay less for repairs and maintenance due to the truck being newer than the one you would have otherwise purchased outright with your own cash. This can save you money in the long run and help you purchase your own truck eventually.
Want to get paid sooner for the work you’ve completed? Contact Financial Carrier Services today!