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Heavy Truck Leasing: A smart financing tool to grow your business

Is your business growing? Are you looking for a financing tool to help you take it to the next level? If so, then you should consider heavy truck leasing. It can be a smart way to grow your business, because it allows you to get the equipment you need without having to commit to a long-term loan. Plus, leasing can be more affordable than buying outright, and it can help you conserve cash flow.

In this blog article, we’ll explore everything you need to know about truck leasing, including how it works and the full benefits it can offer your business.

Do you need smart truck leasing? 

Contact us now!

Leasing: how does this type of heavy truck financing work?

Leasing allows you to use the truck, or trucks, for an agreed-upon period of time, during which you’ll make monthly payments to the leasing company. 

Let’s see what types of equipment leasing exist, so you can evaluate which one might best suit your business.

Heavy Truck leasing: operating lease contracts

An operating lease is a contract that allows you to use the truck you need, but doesn’t transfer you the ownership of the vehicle.

In addition, operating leases are considered an off-balance-sheet financing. This implies that the leased truck and its liabilities (i.e., future monthly payments) aren’t recorded on your firm’s balance sheet. It helps to keep your debt-to-equity ratio low.

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Heavy Truck leasing: capital lease contracts

A capital lease contract allows you to use the truck for a set period and provides you with certain ownership benefits for accounting purposes. 

Is a full service truck leasing a good idea?

A full leasing service typically includes maintenance and repairs, insurance, and roadside assistance. Depending on your needs, adding more or less features may be either an advantage or a disadvantage, as it will directly affect your monthly payments.

We recommend that you contact a leasing company specializing in heavy trucks, like Finco FG, for professional advice.

Is it better to buy or lease a heavy truck?

It depends. There is no definitive answer to whether it is better to buy or lease. Some factors to consider include the amount of use the truck will get, the length of the contract, and the cost of buying or leasing. In the short term, it is always cheaper to lease a truck than to purchase one outright. In the long term, however, it may be cheaper to purchase a truck if it will be used frequently. However, one thing is certain, leasing can be a smart financial tool since it offers flexibility to your business cash flow while allowing you to improve your fleet services.

How much does it cost to lease a heavy truck?

There are several variables that affect the cost of leasing a truck. For instance, in Canada it may depend on the Province in which the operation is done. It also depends on the length of the agreement, the model and type of truck, or whether it is new or used, among other factors.If you need to know in more detail how much your leasing could cost, the easiest way is to contact a specialist truck leasing company like Finco FG.

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Finco Financial Group: a Leasing Company to Finance your Heavy Truck

If you are in the market for a new or used heavy truck, Finco Financial Group can be your go-to source for financing. We offer support and solutions tailored to our customers in the transportation and logistics industries. Our leasing service options are customizable to fit your needs, so you can get behind the wheel of the truck you need without breaking the bank. Contact us today to get started!

FAQs about leasing heavy trucks

Here are some of the most common questions our customers ask us.

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Can I lease used trucks?

Yes, you can lease used trucks. Leasing a used truck can be a great way to get a reliable vehicle.

Is leasing a good financing option for fleet management?

Leasing can be a great option for fleet management. Here are some of its benefits:

  1. Reduced Maintenance Costs: When you lease a vehicle, maintenance can sometimes be included in the lease agreement. This can save you money in the long run.
  2. Fewer Depreciation Costs: Vehicles lose value as they age. When you lease a vehicle, you only pay for the depreciation that occurs during the lease term. This saves money over time for fleet owners.
  3. Easier Updating: When technology advances, it is often easier and cheaper to update leased vehicles than purchased vehicles. This can keep your own fleet running and up to date with the latest technology.
  4. More Flexible: Leasing contracts are often more flexible than purchase contracts. This can be helpful if your business needs to make changes to its fleet size or composition.
  5. Tax Benefits: Leasing a vehicle may provide tax benefits that purchasing a vehicle doesn’t.

Can I also lease truck trailers?

Yes. Specialist truck finance companies, such as Finco FG, allow you to do so.

Can I lease medium duty trucks?

Yes. You can lease every type of truck to cover your transportation needs.

Is truck maintenance included in the lease contract?

It will depend on the type of truck leasing agreement you sign.

Are rental truck services the same thing as leasing services?

No. Although rental and leasing services can sometimes be similar, there are key distinctions between the two. For instance, rental services involve the short-term use of a truck, while leasing usually refers to a more extended use.

Is a Heavy Commercial Truck leasing for me?

The quick answer is yes, if what your business needs is to get a truck without having to pay for it outright. But, again, the decision depends on other factors related to your business in the short, medium and long term.