Professional drivers need new, professional equipment to operate and work from. Many have discovered that a lease, rather than a purchase is by far the easiest, most financially sound and best way to ensure they always have new equipment, and will be able to make hauls that profit them the most. What confuses many drivers, who may be new to the industry is what the difference between a lease and a purchase are. Today, let’s look at some of the most commonly asked questions about commercial truck leasing.
I lease my equipment through my company, why should I think about third party financing ?
By leasing trucks and other equipment through the company a driver is working for, they’re tying themselves in to a long term commitment to a company they may, or may not end up wanting to work for. While the option is certainly viable at first glance, once the math is done, company financing is simply not always the best option for most drivers. By utilizing third party financing, professional drivers give themselves flexibility in the way that they work, and if they choose to drive for a second, or even third company when the first company doesn’t have loads to haul, they’re free to do so, rather than sitting home for a week, making payments on equipment that isn’t making payments back to them.
Additionally, by utilizing an outside company for their truck leasing and financing, drivers can ensure they’re getting the equipment that they want to drive, instead of being stuck with the trucks the company provides. It’s simply a better option all the way around to seek out third party financing and leasing options for any professional driver.
But, I’ve got bad credit, and not much money for a down payment?
Third party leasing companies often specialize in bad credit truck financing. They’re familiar with the ups and downs of the professional driving industry, and are more willing to work with drivers who may not have outstanding credit histories. Unlike leasing a personal vehicle, truck financing companies are aware, drivers are leasing equipment that they’re using to go to work. The truck being leased becomes a tool, rather than a luxury, and therefore good equipment ensures that the driver will make a good paycheck and be able to make their lease payments. As for having little or no money for a down payment, truck leasing companies in Alberta are able and willing to structure the finances of a lease agreement to make sure a driver gets on the road, and stays on the road as quickly as possible.
Very often, the best rates for equipment financing can be found by shopping around, and seeking out third party financing for a truck or equipment, rather than just accepting the financing offered by the company, and more and more professional drivers are finding this out, turning in their company equipment and experiencing the freedom of a third party truck lease.