Leasing a semi-truck is very misunderstood. In today’s episode Craig and I are bringing some guests onto the show to help answer some of the common questions people have when it comes to leasing a truck. Before we jump into the main topic, I talk about a crazy load one of our drivers is currently on and how it has the potential to cause frustration.
It is important to find a win-win situation under an uncommon set of circumstances that this load has.
What To Expect From Episode 80
The word “lease” in the trucking industry is incredibly confusing, because it means so many different things. Craig and I start off by breaking down some of the most common ways the word lease is used in the industry and which type of lease usually creates the most horror stories.
This episode’s focus is going to be on the type of lease that is similar to a car lease. Here are some of the questions we answer:
- Who owns the truck?
- What happens to the truck after the lease is done?
- Are you limited to the number of miles you can put on the truck?
- Does leasing vs. buying change anything for your insurance?
- Is there a per-mile maintenance cost?
- Who is responsible for maintenance and repairs?
- Is one going to typically have a lower payment?
- Is the interest rate on a lease different?
- What are the tax considerations when leasing vs. buying?
- Who can qualify for a lease?
- Is it easier to qualify for a lease than traditional financing?
- Is there a down payment?