How to Choose Between Short-Term vs. Long-Term Truck Leasing

June 22, 2022
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If you’re leasing a truck for the first time, you may be wondering whether to choose a short-term or long-term lease.

There are many factors to consider when making this decision, including your budget, your business needs, and your personal preferences.

Let’s take a closer look at the pros and cons of short-term vs. long-term truck leasing to help you make the right decision for your company.

The Pros and Cons of Short-Term vs. Long-Term Truck Leasing Caledon

A short-term truck lease is an agreement to lease a truck for a short period of time, generally between six months or less. Here are some of the positives and negatives of short-term leasing:

Pros:

  • You can change the options more frequently
  • You can take advantage of the lease completion bonus
  • No need to worry about a credit check or put down money

Cons:

  • There aren’t many newer truck options
  • You can’t build equity in the truck

The other option is a long-term lease, which is when the lessee has the truck for a longer period of time, generally anything longer than six months and lasting up to several years.

Here are some of the positives and negatives of long-term leasing.

Pros:

  • You can build equity in the truck and own it after the lease ends
  • You can customize your truck to meet your specific demands
  • You have a full-service lease with 24-hour servicing & emergency support

Cons:

  • To make a down payment, you’ll need a large amount of money
  • There aren’t many choices, and you’re stuck in the same truck for longer
  • Most companies do not offer completion bonuses with a long-term lease

Metro Hino: The Best Place for Truck Leasing in Caledon

If you’re new to truck leasing, you might be confused about what kind of truck to lease, whether you should choose a newer or older model and whether you should do a short-term lease or long-term. But don’t worry, we can help!

At Metro Hino, we offer a wide range of trucks for lease. You can choose from Hino straight trucks, highway tractors, straight trucks, dry vans, and reefers. Our team of experts will help you through the process of choosing the right vehicle for all of  your business needs.