Do you want to buy a big rig and start your own trucking company? This is an occupation few people have, but if it is for you, you can enjoy the kind of freedom most people can only dream about. Maybe you want to start a moving business, or you need a new delivery truck for your company. You have the option of buying a truck or visiting a truck leasing company in Texas. Here are some of the pros and cons of each choice.
Buying Your Truck – Pros
When you buy, you own the truck and can do anything you wish with it. Once the truck is paid for, you have a valuable company asset. It can be sold or used as a trade-in on a new model.
Buying Your Truck – Cons
You may not have perfect credit, and it can be hard to qualify for a large truck loan. You also may need a big down payment. Your truck depreciates the first year, and this can be significant. Once the warranty period expires, you are responsible for the costs of upkeep and repairs.
Leasing – Pros
Your truck leasing company in Texas can put customers in a new commercial truck with no money down. You can drive a new truck instead of settling for a used one. Once the lease is expired, you can simply return the truck. You may also have the option of buying the truck.
When the lease is over, you have no truck equity. If you want to terminate the lease early, there could be penalties to pay. However, there are many benefits to leasing and your truck leasing company in Texas can show you the good things about buying and leasing so you can decide which is best for you.