{"id":5515,"date":"2021-10-28T17:38:35","date_gmt":"2021-10-28T11:38:35","guid":{"rendered":"https:\/\/carsplan.com\/?p=5515"},"modified":"2023-11-24T14:44:43","modified_gmt":"2023-11-24T08:44:43","slug":"semi-truck-leasing-companies","status":"publish","type":"post","link":"https:\/\/carsplan.com\/semi-truck-leasing-companies\/","title":{"rendered":"The 10 Best Semi Truck Leasing Companies"},"content":{"rendered":"\n

Having a semi-truck for your use can give you a great sense of freedom. There are two main ways to go about \u2013 purchasing or leasing a semi-truck. The option can be expensive, especially if you do not have all the money you need for the cash price. Besides, owning a semi-truck can be demanding, requiring you to pay for maintenance and repairs.<\/p>\n\n\n\n

Luckily, several semi truck leasing companies can give you the vehicle you need without too many conditions. They make it possible for you to act as an independent trucking operator, resulting in improved income. In short, you no longer have to act as a company driver, working on behalf of a certain company. Instead of being paid per mile, you can operate the truck as a small business venture, as you make monthly payments on it.<\/p>\n\n\n\n

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How Does Semi-Truck Leasing Work<\/h2>\n\n\n\n

Semi-truck leasing refers to the arrangement in which you get a truck from a company for a given period. You can then operate the truck while making regular payments. At the end of the lease period, you can return the truck to the leasing company<\/a> or decide to purchase and own it. The lease usually comes with mileage restrictions to ensure that the truck is in perfect condition when you bring it back. As part of the contract, semi-truck leasing companies may cover the vehicle\u2019s repair and maintenance costs.<\/p>\n\n\n\n

Even though leasing a truck has its benefits, it also comes with some disadvantages that might discourage you from trying it. The contract has restrictions on carriers to work, mileage, and other aspects that make it impossible for you to operate the truck profitably. That calls for great care when choosing the company from which you will lease a car.<\/p>\n\n\n\n

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Advantages of Semi-Truck Leasing<\/h2>\n\n\n\n

Semi-truck leasing has several advantages compared to working as a company driver or purchasing the vehicle straight away. They include the following:<\/p>\n\n\n\n

1. Low Down Payment<\/h3>\n\n\n\n

A brand-new semi-truck costs anything from $80,000. On the other hand, a used semi-truck starts from $30,000. Whether you choose a brand-new or used truck, the cost can be too high for you to manage. Therefore, you can save yourself the stress by leasing the truck. Whether you get a new or used semi-truck, the leasing company will require you to make a small down payment. After that, you can make small, convenient monthly payments to the end of the lease period.<\/p>\n\n\n\n

2. Short-Term Commitment<\/h3>\n\n\n\n

Semi-truck leases usually last three to four years, which doesn\u2019t hold you down financially for too long. Besides, you can terminate the contract before the end of its term by paying the penalty. Whether you take the contract to the end or terminate it prematurely, it is a short-term commitment. You can use it to test whether a trucking business can work for you. If you discover that it\u2019s not working, you can withdraw from the contract before losing too much money. However, if it works, you can go ahead and buy a new truck for the business.<\/p>\n\n\n\n

3. Minimal Credit Checks<\/h3>\n\n\n\n

Even with bad credit, some semi-truck leasing companies can still give you the vehicle you want. That\u2019s because most companies do not carry out credit checks before leasing to you a truck. Where a company does a credit check, the purpose is to gauge the risk of investing in you. The results of the credit check usually determine the amount of the periodic payments. If you have good credit, you will pay less than someone with awful credit. But don\u2019t worry. If you can make the payments regardless of your credit score, this is a great way of getting your semi-truck. It would help if you asked the leasing company how much you would pay before signing a deal. Why would you sign a deal whose obligations you cannot fulfill?<\/p>\n\n\n\n

4. Buyout Options<\/h3>\n\n\n\n

If your lease has a buyout option, you can purchase the vehicle at the end of the lease for a significantly reduced cost. The buyout clause is part of the contract, allowing you to pay an agreed amount to become the vehicle\u2019s owner. Surprisingly, it can be a paltry amount determined by the duration of the lease agreement. If the cumulative amount you have paid so far is substantial, the buyout payment will be very minimal.<\/p>\n\n\n\n

5. Lease Completion Pay-outs<\/h3>\n\n\n\n

Some semi-truck leasing companies offer pay-outs for anyone who completes the lease. The pay-out can be in the form of weeks when you are exempted from paying or money. For example, one leasing company pays $18,000 to all clients completing a 3-year lease period. Once you get the bonus paycheck, you invest it in a new lease or use it for any purpose.<\/p>\n\n\n\n

6. State-of-the-Art Trucks<\/h3>\n\n\n\n

The only way most people can get a state-of-the-art truck is by purchasing a brand-new one. However, that doesn\u2019t always have to be the case. Some leasing companies have the latest trucks, giving you the latest safety features. Since the lease accounts for the expected depreciation, you only get to pay a fraction of the cost. When the lease ends, you can move to a newer, better semi-truck.<\/p>\n\n\n\n

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Disadvantages of Semi-Truck Leasing<\/h2>\n\n\n\n

While leasing a semi-truck is an excellent option, it comes with several disadvantages. Most of the drawbacks are related to how leasing companies handle their clients. The following are some of the major disadvantages of semi-truck leasing:<\/p>\n\n\n\n