Truck Leasing for the Owner Operator - Sep 10,2010

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How to Choose a Truck Leasing Company

Each year, thousands of companies face the challenge of finding attractive financing to acquire business equipment. Many of these companies approach the lease sourcing process seeking the lowest rate. While securing a low rate is a worthwhile goal in choosing a lease arrangement, it alone is not a reliable standard for obtaining the best lease transaction or lease experience.

Choosing the right lessor will help you avoid hidden fees, substandard lease terms, slow approval, and even the lessor's inability to fund your deal at the eleventh hour.

Following these 10 simple rules will help you avoid pitfalls and create a long-term financial relationship with a lessor that will work for and grow along with you.

1.Find a leasing company that specializes in financing the type of equipment you want to finance.

2.Look for a company that has highly skilled professionals, seasoned in your type of business, that have sufficient resources and the flexibility to meet your specific needs.

3.Only deal with lessors that have high integrity, have an extremely good understanding of leasing and the product they are selling you and understand the market you are in.

4.Ask for and check customer, vendor and bank references of the lessor.

5.Avoid high-pressure sellers, as your chances of being misled are very high. If the lessor misrepresents themselves in any way, you can be confidant that your leasing experience will be negative.

6.Avoid giving deposits or advance rentals before receiving firm quotes in writing. Many disreputable companies will promise low rates in order to obtain deposits only to raise rates later while holding your deposit "hostage".

7.Google the leasing companies name along with your sales representative. Many disreputable, even well-known scam artists continue their illegal business, hoping for new customers that are naïve about their past transgressions.

8.Be careful when your lease is a $1.00 buyout. Make sure it is indicated in your lease documents and not just told to you. A few leasing companies instruct their sales team to say it's a $1.00. when it is in fact 10% or higher at lease end.

9.Avoid "Evergreen Clauses" or auto-renew clauses that automatically renew your lease after the initial agreed upon term unless you notify the company in writing prior to your lease end that you intend to end the lease on the agreed upon terms.

10.Lastly, like anything, look for a company that's been around for a while and has established credibility in the field.

Ultimately, the qualities you look for in any successful business apply here as well. Does the leasing company have a good reputation? Do they have experience and expertise? Do they have the ability and most importantly, the funds, to perform? And finally, can you establish a good, long-term, mutually-beneficial relationship with the leasing company that will help your company grow and prosper? If the answer to these questions is yes, you have found your leasing company.

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How to Pick a Truck Leasing Company

As a trucker, you're a very busy person. Not only are you on the road, busy with transportation for your business, but you're also loaded down with paperwork for both personal and professional matters. If you've ever worked as an employee for a trucking company, you know what it's like to have someone else take care of the ins and outs of your business, someone to handle the maintenance and processing of other paperwork, someone to take care of the business aspect of trucking so you could concentrate on the road. While owning your own trucking business may be better than working as an employee because of the freedom and income it allows you, it's also more work.

That's why finding the perfect company to lease you your next truck is so important. Some leasing companies go out of the way to earn the trust and respect of their customers. These companies arrange for maintenance and repairs, often file the associated paperwork, take care of government DOT inspections, and arrange for the truck to be washed on a regular basis. Lease providers can also be beneficial by offering fuel cards that allow business owners to track their expenses.

Lease companies can do this because they are the truck's owners. They want to make sure that their investment stays in good condition. As a trucker, however, you benefit from this investment because you don't have to be responsible for or keep track of these types of business transactions, although insuring that the lease companies adequately take care of these issues is important in case of liability or other legal problems.

Even before you get on the road with a leasing company, they can help you through the process of finding the right vehicle. Many lease companies have officials who are trained to help you find the right commercial vehicle at a price that you can afford.

Monthly payments, interest rates, and the stability of the company are all important factors to check before deciding on a company to lease your truck, but convenience is another important characteristic. If you get a great interest rate, but have to stay on the phone for over an hour each day to correct some problem your lease company made, then it probably won't be worth the slightly lower rate. When choosing a lease company, can focus not only on the numbers, but also on the attitude and the service. Lease companies that go a step above in trying to satisfy the customer keep you free to deal with challenges as a new business owner. They also make life easier on you when you need verification of your fuel or maintenance expenses. Although money might be the bottom line, checking out your lease company's amenities is important before you sign that paper.

Truck Leasing resources available at Trucker To Trucker which specializes in Trucks For Sale.