Things to Look Out For In Commercial Truck Leasing
Every business aims to manage their assets as efficiently as possible to avoid unnecessary expenditures and losses to their bottom line. One way to lower costs is to lease rather than purchase vehicles for your business operations to optimize the use of your working capital. However, before you drive off with your newly leased vehicle, there are a number of things to pay attention to when it comes to commercial truck leasing.
Here is a guide of the right questions to ask to get the most out of your lease contract.
Do they have a diverse inventory to provide the right commercial truck?
Up to 50 percent of companies have fleets that are either the wrong size or have the wrong specifications. Be sure to look for commercial truck leasing companies that have experts who will optimize your fleet to the right size and composition of trucks. They should be flexible enough to downsize your fleet as needed and make other necessary adjustments as business circumstances change.
Do they provide reliable maintenance and repairs?
A good commercial truck leasing company would schedule maintenance plans for all vehicles, working in line with the vehicle manufacturers. This ensures that the vehicle you rent is performing at its optimal level. In the event that a vehicle needs to be serviced, it’s important for any customer to have as little downtime as possible to avoid disruptions in operations. Some commercial truck leasing companies reduce downtime by doing their maintenance in the same location. Look for a leasing company with dedicated technical support teams composed of fully trained and qualified personnel who will do all the maintenance and repairs.
Do they have competent and responsive fleet managers and technical personnel?
The best commercial truck leasing businesses are usually managed by certified professionals, problem-solvers and project managers. Look for those companies that continually improve their processes and equip their shops with the best tools used by professionally-trained technicians. They proactively find potential issues and problems with a part or model often before the manufacturers discover them.
Are they diligent in complying with regulations?
Commercial truck leasing firms need to be aware of changing federal, provincial and local regulations. Check if all certifications and government-mandated assessments are up to date. They must conduct regular training to educate drivers on proper safety practices. A responsible leasing company should also pay the appropriate taxes for operating these commercial vehicles.
Are they up-to-date with technology?
With onboard telematics systems (OTS), it is now possible to capture critical performance metrics that commercial truck leasing companies need for making reliable, informed decisions. You can select an OTS solution that will benefit both your drivers and your business, saving you time and fuel.
Electronic Logging Devices (ELD) automate record-keeping for drivers and makes the data easily accessible. It helps drivers concentrate on their driving and dispatchers on load assignments without interfering with each other’s data. Having an OTS reduces the time required for ad hoc data entry and administration so you can ensure compliance with reliable Hours of Service (HOS). It can also help with improved performance and fuel economy, less distractions for the drivers on the road, and increased attention on assignments and maintenance schedules for administrators.
Do they provide flexible rental terms contracts?
Look for a commercial truck leasing company that provides a flexible cancellation policy. If you have to scale down operations for whatever reason, you want flexible terms where you will not be penalized if you decide to return the vehicle before the end of your commercial truck lease contract. A flexible agreement will minimize financial risks for your company.
Do they allow customization of their trucks?
If there is a specific type of vehicle that you need, ask if the company will allow you to customize the truck, or if they can do the customization themselves. Determine if they offer add-ons such as ladder racks, toolboxes or fuel storage tanks, if these are essential to your operations. If you have Health & Safety requirements, see if they can provide first aid kits, fire extinguishers, and back-up horns.
With commercial truck leasing, you can access affordable vehicle financing options depending on your budget. Buying a vehicle ties up funds while renting allows you to free up cash that can then be invested elsewhere in the business. It spares you the problems associated with depreciation, re-sale value and maintenance of the vehicles. There are many benefits to commercial truck leasing, but it is a tedious task to manage your own fleet: consider outsourcing it to experienced and dedicated professionals.
Contact us at 1-877-479-1388 or email firstname.lastname@example.org for your truck or fleet rental and maintenance needs. With a fleet of over 800 vehicles and growing, Thomas Solutions has a wide array of work vehicles for lease or rent. We service all of Southern Ontario from our locations in Hamilton, Selkirk & Niagara, as well as through our growing list of service partners.