What Are the Types of Vehicle Leasing Options for the Construction Industry?

In the construction industry, there are many vehicles and pieces of equipment available. These machines are large, powerful, and can be expensive. Additionally, they can experience a lot of wear at a fast rate depending on the type of job you are completing. Working with car leasing companies to lease vehicles for your construction company should be a priority. There are several leasing options to consider to help you make the best decision for the type of work your company completes.

Fair Market Lease

The Fair Market lease is one of the most popular. It offers you more freedom with your lease. For example, it will provide various options for the term length, how to renew the lease, if purchasing the equipment at the end of the term length is possible, etc. This lease option is ideal for pieces of machinery that are constantly used and will quickly depreciation in value. For vehicles that will need frequent repairs, are prone to damage, and are used often, a fair market lease should be heavily considered.

Wrap Lease

If you are previously leasing from car leasing companies in Canada and you decide to lease new equipment, a wrap lease is ideal. With this option, you can wrap new equipment into your current lease without a large, drawn-out process. Rather than having multiple leases for each piece of equipment you lease, your lease payments are combined into one. You will only have one payment to worry about each month.

Dollar Buyout Lease

If you are interested in purchasing your construction vehicle at the end of your lease, the dollar buyout lease should be heavily considered. With this option, you can purchase the vehicle at the end of the lease’s term for one dollar. This option is ideal if you are considering to keep the vehicle for a long period of time, rather than upgrade to a more advanced, powerful machine. Additionally, this option can save your company money by keeping your monthly payments low during the leasing process but it still provides the option of ownership in a few years.

If you are considering to rent a vehicle for a certain length of time, there are several types of lease options available. You can work with a professional company to discuss their car-leasing services and which lease will be a better option for your specific needs and the type of work you complete. Contact Jim Peplinski Leasing today to discuss the various car leasing options for your construction company and to help you determine the best choice for your company’s needs and budget.