Midvale, Utah, August 2, 2016 (Newswire.com) - When you want to start a commercial truck business or expand your current business by adding additional trucks to your fleet, obtaining financing is the first hurdle to overcome. Whether you want to obtain a new or used truck leasing option, there are many programs currently available that will enable you to reach your goal. Poor credit and lack of industry expertise may seem like a setback, but there are ways to circumvent those as well.
Leasing as an Option
Leasing is a quick way of acquiring this equipment that is vital to your business operations without actually buying the equipment. In this arrangement, a lessor gives a business the right to use its equipment for a predetermined length of time in return for a specified monthly payment. At the end of the leasing term, depending on the agreement, a business either returns, continues to lease or buys the equipment.
Dallin Hawkins, Director of Sales & Operations
Leasing is a quick way of acquiring this equipment that is vital to your business operations without actually buying the equipment. In this arrangement, a lessor gives a business the right to use its equipment for a predetermined length of time in return for a specified monthly payment. At the end of the leasing term, depending on the agreement, a business either returns, continues to lease or buys the equipment.
When obtaining semi-truck finance, used equipment finance, heavy equipment finance and commercial truck finance with a low credit score, lenders often look for additional security from additional collateral or other assets you have, such as other trucks or equipment and occasionally equity in real estate for your lease. In the construction industry and transportation industry especially, leasing is a good way to acquire equipment, because these assets are usually quite expensive.
Advantages of Leasing
Cheaper than acquiring: Financial institutions generally have inexpensive leasing plans available for lessees. Even the amount required for a down payment is normally less than 20% for semi-truck leasing, commercial truck leasing, heavy equipment leasing, and used equipment leasing. Depending on your credit, truck leasing and equipment leasing often allows you to finance 100% of the asset with generally only one or two payments upfront. See more at: http://equipmentfinanceservices.com/the-cash-the-loan-and-the-lease-equipment-loans-vs-equipment-leases
Flexible solutions: Flexibility offered by leasing can give your business a tailor made solution for your heavy equipment and truck-buying needs. These flexible options include step-up leases that start with low repayments and increase gradually over time, skip leases that allow you to choose particular months for repayment, and deferred payment leases that provide a grace period before the first repayment is due.
Prevents the risk of obsolete equipment: As technology rapidly changes, using the loan option to purchase equipment may become risky as there is always a chance that certain equipment may become obsolete after a few years of use. Reselling may also prove difficult or may cause a great loss. On the contrary, leasing gives you the option to upgrade and replace equipment easily when the time comes.
Tax savings: Typically, payments made on operating leases are regarded as operating expenses, which then offer tax benefits. Seek the assistance of a financial advisor who can show you how to get the most out of these benefits.
What Does Leasing Do for You?
The availability of heavy equipment leasing, semi-truck leasing and used truck leasing options enables you to serve your customers better by allowing you to access better equipment that will give you the competitive edge and enable you to attract even more customers and new business. Plus, you can easily obtain or get rid of heavy equipment and trucks when needed.
Obtaining truck leasing or used equipment leasing options through leasing will enable your business to achieve the flexibility needed for growth without bogging it down with extra costs or reducing cash flow during the months of slow business. This frees up funds and allows them to be funneled to other areas of your business.
Getting ahead in business requires finances and there is no better way than obtaining equipment leasing and truck leasing than with Integrity Financial Groups. We offer various truck leasing and equipment leasing products to help you remain competitive in your industry and grow your business. Call our team today at 801-386-822 and get started today to obtain a used truck lease or heavy equipment lease for a better tomorrow!
Source: Integrity Financial Groups, LLC
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