Box Truck Leasing Cost
Leasing is quite affordable because the monthly rates are relatively low, and range between $800 and $2,500. A solid box truck lease may cost between $800 and $1,000 per month.
If you just starting out leasing a box truck is a better option than purchasing it outright. The lease rate depends on the factors such as the type of vehicle, type of lease (short or long term), your credit score, and more.
You may find the below comparison table helpful.
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Pros and Cons of Leasing a box truck
For a person who is just starting out in the box truck business leasing is an excellent option. In this section, we will explore the pros and cons of leasing a box truck so that it helps you make an informed decision.
| Pros | Cons |
| More Affordable: The average cost of a box truck lease is between $800 and $1,000 per month, this makes it a more budget-friendly option than buying a box truck. | No Ownership: You never actually own the truck; at the end of your lease you have to return it back. |
| Lower Repair Costs: Many leases include warranty coverage. You are only responsible for any damage above normal wear and tear, so you need not worry about unexpected repair bills. | Excess Wear and Tear Fees: At the end of your lease, you may be charged for additional mileage or excess wear and tear. |
| Flexible Lease Terms: To meet the needs of businesses of all sizes companies offer a variety of lease terms and options, such as leases of short-term duration and long-term solutions, and more. | Early Termination Fees: You may be required to pay hefty fees if you terminate your lease early. |
| No Resale Problems: When the lease ends, you return the truck to the dealer, and you need not worry about reselling the truck or finding a buyer. | |
| No Depreciation Costs: The value of the box truck doesn’t affect you. But, in case you buy a new truck, that would be a problem. | |
| Emergency Breakdown Assistance: In you bought a full-service lease and your truck breaks down, you can get a hold of any experienced mechanic who has everything needed to handle your problem. |
Box Truck Lease programs
Let’s discuss some of the best lease purchase programs available
1. Long-term box truck lease:
A long-term box truck lease involves months, years, or more extended periods. It is flexible in nature and comes with plenty of benefits.
The major benefit is that you need not worry about the maintenance and repair costs of the truck.A long-term leasing program will stay with you through it all, and it means less work and more profit.
2. Short-term box truck lease:
This is a that can last days up to months. Many companies offer custom-based programs taking into consideration the needs of the customer.
The major benefit of a short-term lease is that it will not have depreciation costs. Another benefit is you can extend your lease if you plan to keep the truck for an extended period than what you planned initially.
3. Lease-to-own box truck:
In this type of lease you can purchase the truck at the end of your lease. This is an ideal lease type for those who cannot afford to purchase the box truck initially, but after using the truck for some time and when the depreciation hits in, buy the truck.
In this case, you need to make a down payment beforehand.
Box Truck Leasing Requirements
Before you think of leasing a box truck, do a thorough check-up of the requirements and know if you are eligible for the same. The factors and requirements that determine your eligibility are as below
- Money for down payment: This is a prerequisite and the amount may vary to some extent depending upon the company.
- Credit Score of 600 or more: To receive the best financing rates a decent credit score is a must
- CDL License: CDL license of 3+ years is preferred
Some box truck financing companies have easier qualification requirements, but the interest rates are also high.
Before you apply make sure you have documents with information such as:
- Name, date of birth, and marital status of directors;
- Name of the company, address, registration number, and annual turnover.
- Details of the company bank account.
Top Box Truck Leasing Companies
1. Penske Truck Leasing
Penske is a top truck leasing company in the U.S. that offers full-service leasing, contract maintenance, on-site maintenance, licensing and tax management, and more. The company also rents other type of vehicles along with trucks.
2. Enterprise Truck
Enterprise Truck provide various truck sizes–from small pickup trucks to large box trucks, that can satisfy the need of a box truck for any business. You can rent the box truck on a daily, weekly, or monthly basis. The best part is their team is always ready to help you out throughout the journey.
3. Ryder
With over 85 years of experience, Ryder is a major player in the transportation and supply chain industry and serves around half of Fortune 500 companies. Truck leasing and maintenance services are a few of the offerings of the total portfolio.
You have the option to choose between short, medium, and long-term leases, ranging from 1 to 10 years.
4.Idealease
Idealease is a truck lease and rental company with a fleet of trucks, trailers, and tractors.
The company offers short-time leasing opportunities along with full-service truck leasing transportation solutions. They are known for 24/7 roadside assistance, vehicle maintenance, and excellent customer service.
5. Wyatt Leasing
Wyatt Leasing is in business since 1996 and specializes in financing and leasing semi-trucks and trailers, construction equipment agricultural equipment, and waste-handling equipment. The company offers a 100% purchase option.
FAQs
1. Can I have a box truck lease without a credit check?
All lease companies do a credit check because that reduces risk on the companies’ part. A minimum credit score of at least 600 is required for the best box truck rates. If your score is on the lower side you will pay more on fees and deposits. A very low credit score may make you ineligible and might dismiss your truck leasing application.
2. Do you need good credit to lease a box truck?
Yes! A higher credit score makes you eligible for affordable monthly rates for your box truck than otherwise. You will less on fees and deposits. If your business credit score is not good, it’s just challenging to find good deals.