If you use flatbed trailers for your work, you may be thinking about securing a trailer by renting or leasing one. Each option has its pros and cons. Here are a couple of things to evaluate when making your decision.
Rentals are often a good solution for those who need a flatbed trailer for a short period of time. You will not need to put a deposit down on the rental. This means that it could be beneficial for an individual who has poor credit. You will sign a temporary agreement with the flatbed rental company.
Since this is a short-term agreement, you are not responsible for maintenance or repairs. You will simply pay the rental fee. The fee will be based on various factors, including how long you use the trailer.
There are many pros that are associated with flatbed trailer rentals. They include a small upfront investment and the ability to use the trailer without a great credit score. The company is responsible for maintaining the trailer. There is money savings all around with this option when used for short-term projects.
However, if you will be using a rental for long-term use, it gets expensive quickly. Also, you won’t get any of your investment back. It is also important to be aware of any cons associated with conditions or terms that may limit how you can use the trailer.
A lease is a good option for longer-term temporary use. You will need to pay a deposit up front. You may need to get financing for the lease or make monthly payments.
It is common for leases to last three to five years. During this time, the motor carrier is responsible for maintenance.
Making the decision to lease a flatbed truck allows you to keep capital freed up while you make an investment that can benefit you later on. You enjoy the benefits associated with the manufacturer’s warranty and often have access to new flatbed models. In comparison to rental prices, monthly leases are typically less expensive when looked at over a longer period of time.
When evaluating your options, you must also look at the cons. You will need a down payment, which can be difficult if you are strapped for capital. Your credit score will also be evaluated. You will need to consider the cost of a monthly payment for the trailer, which could be a financial drain if you only use the flatbed trailer occasionally.
According to Hale Trailer, “You want to make a wise investment based on your needs that will offer your team and your customers the best solutions.” This includes considering factors like budget, insurance, how often the trailer will be used, and the type of freight you move.
Pros and cons are associated with leasing and renting a flatbed trailer. Considering all factors will help you make a decision that is beneficial now and in the future.