- April 5, 2023
- Posted by: Sergey Grushetskiy
- Category: Semi Truck Financing
If you want to get behind the wheel of your own semi truck, there are few paths that can get you there and each one has their pros and cons.
Of course, the simplest way is to simply purchase a truck. This is done in the same way as any other large purchase where you secure financing or a loan, then pay off that loan like a car or house note.
Next up is leasing, which can be more complicated but offers a different set of pros of cons that you may want to consider.
In this article, we’ll go over whether you can lease a semi truck and what the benefits may be.
Is It Possible to Lease a Semi Truck
In short, yes. You can lease a semi truck if you want to. This is generally done through a company where you lease the truck and then run loads for that company. A portion of your earnings pay for the lease and you keep the rest as your income.
These are typically shorter than financing a truck and have terms of 3-4 years, although there can be different lengths.
With many leases, the earnings are generally calculated per-week and you’ll often need a business plan in place that shows you can cover the costs on a weekly basis.
Because of the nature of these leases, it’s possible to start with no money down or very little money down.
However, there are downsides to leasing that generally make it a worse option to financing a purchasing a semi truck depending on your situation.
Downsides to Leasing a Semi Truck
When leasing a truck, you’ll generally pay more over time than if you bought the truck through normal financing and loans. At the end of the lease, you do have the option to buy the truck with a lump sum. But once again, the grand total generally adds up to much more than if you just bought the truck initially.
Next, leases may have requirements that normal financing on a truck does not. This includes specific insurance as well as earnings goals on a weekly basis.
When you purchase a truck with a loan or financing, you have more freedom to run your business how you want and in a way that works best for you.
Finally, you’ll generally need a certain amount of experience in the trucking industry to qualify these leases. This means it may not be a good solution for those just starting out.
Benefits of Leasing
There are a few benefits to leasing though. They generally include a lower down payment in most cases. Although with certain financing, a loan can be found with equally low down payments.
With leasing, you can get the newest trucks in situations where you may not qualify to get a loan on those. But once again, you’ll pay more for that luxury.
Should You Lease or Buy Your Next Semi Truck
For many truckers just starting out or looking to get the best deal and most freedom, buying your truck with financing is generally the best option.
If you’re ready to finance your next truck, contact 10-4 Financing and learn how our easy credit programs can put you behind the wheel of the perfect semi truck fast.
We work with lenders and dealers all across the country and can work with virtually any type of credit score. Contact us today and let our experts get you qualified for your dream semi truck.