At Lee-Smith, we're always looking for ways to better serve businesses. That's why we're excited to highlight our sister company Idealease. Idealease was designed to meet the needs of businesses that may not own their own trucks. Keep reading to learn more about how Idealease works and the benefits of renting or leasing.
WHAT IS RENTING?
For businesses that need a commercial truck but do not want to purchase one upfront, renting is usually the right solution. A commercial truck rental allows you to utilize the vehicle for a short period in exchange for paying a higher daily cost or monthly cost. Keep in mind that the total cost will vary drastically based on the type of truck you are renting and the use of the truck.
Ultimately, a truck rental is a short-term agreement between you and Idealease allowing you limited use of their vehicle.
Renting can be a beneficial option for businesses that need access to a commercial truck for an upcoming short-term job. The following are all benefits of a commercial truck rental rather than a lease:
Flexible Options: Rentals are best for short-term or project-based use with common rental contracts ranging from six to twelve months, however, some may be one to two days.
No Major Upfront Investment: While rentals do require a deposit upfront, renting a truck does not require the renter to make a long-term investment decision. This makes it a good choice when capital is tight.
While renting is a great fit in certain situations, there are some points to consider when choosing a commercial truck rental. The following are all things to keep in mind when deciding between a lease or a rental agreement:
Expensive over the Long Term: While a commercial truck rental is a good short-term choice, it is not ideal for long-term use (3 years). The monthly rental costs can add up quickly, making a lease or purchase a better choice for ongoing use.
No Equity Built: When you rent a truck, you will not receive back any of the money you put into the truck.
Limited Use: In some cases when renting you may run into availability issues, since the vehicles are first come first serve, if you have a last-minute job, the situation could arise that a vehicle isn’t ready immediately.
Idealease Short & Long Term Rental
Idealease offers a wide variety of industry-leading international trucks and truck specs that are dependable and well-maintained. In order to adhere to current FMCSA regulations, Idealease rental trucks may feature electronic logging devices.
With nearly 50,000 trucks running nationwide, Idealease helps you meet your customers’ expectations. We can provide the appropriate rental truck for the job and offer daily, weekly or monthly rentals. Our rental fleet includes: Day cab, sleeper tractors, dry straight trucks, refrigerated straight trucks, light duty, stake body trucks, and specialized equipment (yard spotters, wet line kits, and more)
You also have access to Idealnets 24/7 breakdown service when using our rental.
Ease of Doing Business
The Idealease North American Rental Program is our seamless and cost-effective solution for larger fleets. All insurance documentation, credit approval, and service requirements are issued with your rental account from our corporate headquarters so you get a consistent, guaranteed rate structure and coordinated rental services at Idealease locations throughout America.
COMMERCIAL TRUCK LEASING
WHAT IS LEASING?
A hybrid between purchasing a commercial truck and renting it, leasing is a great option for those who need the vehicle for long-term use, but do not have the means to purchase the truck outright.
According to CDL.com, the average commercial truck lease payment is anywhere from $1,000 to $3,000 per month. Compare this to the daily cost of a rental over a month, and you are saving a lot of money that can be used elsewhere in your business.
Remember, the cost of a lease will be highly dependent on the type of vehicle buildout and equipment being leased, as well as your credit score, the lease terms, and current interest rates.
A major difference between leasing and renting a commercial truck is that many lease agreements come with the option of a lease to own. Lease to own allows you to build equity in the truck over time, with the option to purchase the remainder of the truck at the end of the lease agreement. In contrast, a rental will never allow you to build any equity in the vehicle.
Idealease Full Service Lease Includes
Improved cash flow
No down payment required.
Fixed and Guaranteed maintenance costs
Lowest life cycle costs on a consistent monthly basis
All predictable maintenance parts and labor
Comprehensive preventive maintenance program.
All predictable tire repair and replacement.
No Disposal Concerns
Return the vehicle at the end of the term, and replace it with a new truck or tractor.
Idealnet 24/7 Roadside Assistance
Trained Idealease staff answer calls ’live’ 24/7
1-800-ID LEASE helps drivers deal with vehicle breakdowns, lock-outs, emergency permits requirements, fuel or hazmat cleanups.
Idealease service network has more than 430 locations and 34,000 truck stops, tire repair centers, and service stations throughout the United States, Canada, and Mexico
Receive priority service at more than 430 locations.
Your vehicle will receive immediate service in priority service bays where expert technicians are ready to diagnose and repair issues if a mechanical failure occurs.
Idealease customers have experienced over 98% vehicle uptime since 2005.
Fuel Tax Reporting and Fuel Purchasing Programs
Idealease fleet services provide efficient vehicle licensing, legalization, and U.S. fuel tax reporting. Our Idealease Fleet services fuel card eliminates most of the paperwork for tracking, trip reports, and fuel tax receipts. The card is accepted at more than 43,000 fueling locations in North America, and it has no transaction fee.
For some businesses, a truck lease is the best solution. The following are all benefits of the option for a commercial truck equity lease:
Lease to Own: Many leasing options offer the opportunity to lease to own. This allows you to slowly build equity in the vehicle, with an option to purchase the truck at the end of the agreement.
Less Money Down: Unlike buying a commercial truck, leasing often requires little to no money down, making it a great choice when capital is tight but you need a longer-term solution than renting.
Better Pricing for Long-Term Use: Compared to renting, leasing is usually a more affordable option when needing long-term or regular use.
Access the Newest Fleet: Leasing allows you to access the latest models of commercial trucks on the market. Unlike purchasing a truck outright, which often limits what inventory you can afford, leasing makes newer makes and models accessible.
While leasing a truck has its benefits, there are also a couple of questions to consider before signing on the dotted line:
How long your company has been in business: Idealease requires at least 2 years of business history to enter a leasing agreement, renting may be the best option to build credit if you haven’t been in service two years.
Credit Requirements: Leasing does require a credit check. This can be a limiting factor for those with poor credit scores. However, it is worth noting that, in the case of commercial trucks, Idealease rental agreements also require a credit check.
Long-Term Commitment: A lease is a longer-term commitment than a rental. For people doing occasional jobs or one-time jobs, this may not be ideal.
Waiting Period: A leased truck often requires time to be designed and delivered, this can take quite a bit of time, the timeline can be 6-18 months currently.
One Last Word
For more information about Idealease, visit https://idealeaseofchattanooga.com/www. Our team is also here to answer any questions you may have. Give us a call at 423-622-2141.