Leasing vs. Financing a Service Truck

Purchasing a service truck is a significant investment—an essential expense that often exceeds the cash resources most buyers have on hand. This is where financing or leasing provides a practical solution.

We reached out to Gary Monaghan at LeaseLine for expert advice, and he shared some key benefits of leasing over traditional financing:

1. Competitive to bank rates.
2. Fixed payments over term.
3. Leasing doesn’t report to credit bureaus, so it doesn’t appear as debt for your company or personal credit.
4. 100% write-off against income.
5. Accessible funding for those with less-than-perfect credit.
6. Options for new businesses and contractors just starting out.
7. No general security agreements required.
8. Faster approval processes compared to banks.
9. Access to staying up-to-date with the latest equipment.

Leasing your service truck can help you conserve and control cash, freeing up working capital for other expenses. With a lease, you gain predictable monthly payments, making it easier to budget effectively and plan for the long term.

Additionally, monthly lease payments are treated as a business expense rather than long-term debt. This keeps your balance sheet cleaner, improving your ability to secure financing for other areas of your mobile service truck business.

Ready to explore leasing options? Contact us to partner with LeaseLine and take advantage of competitive rates and fast approval for your service truck package.