Semi Truck Financing: 3 Key Benefits of Leasing for New Owner-Operators Explained by Integrity Financial Groups, LLC
Midvale, Utah, October 18, 2016 (Newswire.com) - Dallin Hawkins, Director of Sales & Operations of Integrity Financial Groups, LLC Discusses Semi Truck Financing for New Owner-Operators: 3 Key Benefits of Leasing.
Integrity Financial Groups, LLC specializes in Used Truck Finance, Used Equipment Finance, Heavy Equipment Finance, Commercial Truck Finance & Medium Duty Truck Finance. Our experienced underwriting professionals have over a century of experience in structuring financial transactions that give our customers a strategic advantage by having a stronger funding partner with the necessary financial resources.
Semi Truck Financing for New Owner-Operators: 3 Key Benefits of Leasing
Even if you're in the fortunate position to be able to buy a semi truck for cash, there are many reasons to opt for a truck finance arrangement instead. The following three top leasing benefits should not be underestimated, since they can all make life easier when you're a new owner-operator and trying to build a successful business.
When you’ve committed yourself to a new career as owner-operator of a semi truck, your research should have revealed that there are plenty of financial considerations involved in running your new business—like truck finance for example. The choices you make in acquiring your one critical business asset will make a difference to your operational cash-flow and profitability.
Is it Better to Pay Cash if You Can?
Even if you’re in the fortunate position to be able to buy a semi truck for cash, there are many reasons to opt for a truck finance arrangement instead. The following three top leasing benefits should not be underestimated, since they can all make life easier when you’re a new owner-operator and trying to build a successful business.
1. Minimal Investment Up-front
Leasing is the only commercial truck finance option that doesn’t involve a lot of payment up-front. In fact some lease programs let you get started without making any down-payments at all. Of course this is a great truck buying option if your cash funds are limited. Even if you could afford to buy a truck for cash though, ready money is a valuable commodity to a fledgling business. There’s a lot to be said for holding on to what cash you have and taking advantage of low-cost semi truck financing by way of a lease arrangement.
2. Leasing is a Flexible Truck Finance Option
The best commercial truck finance providers are able to offer you choices in the way your lease will operate. For example, it’s not always easy to make a lot of money when you first start out as an owner-operator. If you run your business well though, your income will increase as you become established.
Some companies that provide semi truck financing offer step-up leases. A step-up lease enables you to make low payments for an initial period, offset by a higher payment requirement later on, by which time you will hopefully be bringing in more revenue.
3. No Truck Maintenance Woes
The one thing you don’t want as a new owner-operator is vehicle downtime. You’re only making money while your truck’s wheels are turning. Leasing offers a couple of advantages over other used truck finance options in terms of downtime minimization.
Firstly, a specialist truck finance and equipment finance company typically provides leases with built in service and truck maintenance. This means that your monthly outlay in lease payments will be a little higher, but you won’t be faced with the separate costs of keeping your vehicle roadworthy.
That’s a really big advantage in terms of spreading your outgoings and avoiding unexpected, one-off repair bills, which can really put a chokehold on cash-flow. You will also risk less unplanned downtime, since you’ll enjoy a fully comprehensive preventative maintenance program under the terms of your lease agreement.
Secondly, leasing agreements with truck finance companies typically run for three or four years, after which you can start again with another brand new truck. When your business depends on the reliability and condition of your vehicle, regular renewal offers more piece of mind than a truck that gets older and older while enduring the daily rigors of the road.
Lease Your Way to Success as an Owner-operator
Hopefully these three benefits of semi truck leasing have helped you in making your truck finance decision. Whether you choose leasing or a different financing option, Integrity Financial Groups, LLC is here to help you launch a successful owner-operator’s career. To find out more about our many semi truck finance options, contact us today at (801)-386-8222.
Source: Integrity Financial Groups, LLC