29 Jan Common Questions About Truck Leasing
Are you planning to buy a new vehicle? Are you interested in exploring some of the several financial options available? Do you want to choose the best truck deal available on the market? If you answered yes to all these questions, then this article is for you. There are many frequently asked questions regarding commercial truck rental in Singapore. This article aims to address common enquiries and help you make better leasing choices.
What do you mean by vehicle or truck lease?
This is a type of lease entered into by a client and an automobile company regarding the use of a vehicle. The truck is the subject of the long-term rental agreement of the parties involved. In a lease, the owner of the vehicle is the lessor. Therefore, the lessee does not have any right of ownership over it. At most, all he has is a limited right of possession.
Is it better than buying a truck?
The answer to this question depends on your preferences. Keep in mind that not everyone wants to own a vehicle. On the other hand, there are also those who are excited about a brand new truck. The goal here is to determine what category do you belong? At the same time, you also need to take the amount of savings into consideration.
If you already have enough money to buy an automobile, then go for it. You will have exclusive ownership of the property. You can even prevent any person from using it without your consent. However, if you only have limited cash, the better option is to rent first. If you choose vehicle rental Singapore, you will not need to pay significant sums upfront or take a large loan to finance the purchase. Instead, you pay monthly rent, thus also making budgeting easier on your part. Additionally, depreciation is not added to your costs since you do not own the asset.
What determines the rate of the lease?
The rate for the rental payments is dependent on a lot of factors such as
- Age of truck, the older the truck, the lower the rate
- Fuel consumption, naturally lower fuel consuming vehicles cost more
- Type of truck
- Demand for the model
Does it include insurance?
The payment of insurance depends on the agreement of the parties to the contract. Usually, gap insurance is included in the lease arrangement. This is something that you need to discuss thoroughly with the company when you are planning to get the vehicle.
When it comes to leasing a vehicle, be sure that you take your time in the selection of the firm to contract. Avoid rushing the decision-making process as it can lead to complications. One of the few things you could do is to speak to several companies. Aside from this, you may also check the ratings given by its previous clients, this is an excellent way to learn more about the firm.