According to reports, the cost to lease a box truck in the United States will range from as little as $300 a month for smaller box trucks to over $1,000 a month for much bigger trucks.
Leasing is often the best option for businesses looking to put a box truck or fleet into use while still maintaining a low monthly overhead. Most often, the monthly cost of a lease is less than what you would pay in loan installments when you purchase the box truck instead.
The exact cost to lease a box truck will depend on its size, model, and lease program, coupled with other features or services included in the leasing contract. It can be quite challenging to calculate your lease payments down to the precise amount but you can get it pretty close.
It is also necessary to know the type of payment you can afford when you are looking at acquiring a new box truck lease. A box truck business is one of the businesses with a very low profile, but can be quite lucrative especially for those willing to put in the work.
A box truck business is more or less a truck company that hauls box truck loads. When you start a box truck business, extensive planning is paramount, especially in terms of financial decisions. Note that failure to analyze every bit of detail can result in a negative impact on your business
Top Factors That Will Influence the Cost to Lease a Box Truck
Just as was noted above, numerous factors will influence how much you pay to lease a box truck. These factors include;
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Value of the Truck
Note that one of the most notable factors that will determine the cost to lease a box truck is the value of the box truck itself.
Have it in mind that the lower the value, the lower the payment. It’s also pertinent to understand that value is not the number on the window sticker, rather it’s the selling price agreed between you and the dealer, the same as if you were out rightly buying the box truck.
This information most often tends to get overlooked, especially since leases tend to be advertised at a particular monthly rate. Note that to get the best possible selling price, you may want to negotiate the selling price with the dealer before letting them know you want to lease or buy the box truck.
Structure of the Lease
Most often, your lease will include monthly payments, a total initial payment, possible charges at the end of the lease, and the length of the lease.
Note that what you pay each month is most often the difference between the estimated value of the box truck at the end of the lease and the box truck’s capitalized cost each month. A good number of people prefer leasing because it means you can get a new box truck for a smaller down payment than if you were buying that box truck outright.
This is without doubt one of the first things the company you are looking to lease from will check. Note that the better your credit, the more likely you will get approved for the lease. Also, note that the credit will dictate what interest rates you will be expected to pay.
If your credit score is high enough, your monthly payments will be less and vice versa. Most often, you will need a credit score of 600 or more to get the best financing rates. In addition, you need a CDL license (3+ years preferred) and adequate resources for a down payment. Some truck financing companies may have easier qualification requirements, but the interest rates will be high.
Note that the bottom line payment each month on your box truck lease is the monthly depreciation payment, coupled with the money factor payment.
It is also important to factor in some type of tax which is normally your state sales tax. If you realize that your monthly payment is too exorbitant, you can decrease this value by making a much bigger down payment.
According to experts, this amount will ensure that the invoice price of the box truck becomes smaller. You wouldn’t need a four-figure table to calculate this payment and a good number of online sites have calculators that will do this for you.
Box Truck Insurance
Note that before you get approved and get your box truck lease, you will be expected to have adequate box truck insurance. Have it in mind that commercial truck lenders are always eager to make sure clients have good box truck insurance.
Same as with your personal car, you will be expected to have good insurance for your box truck. Always remember that you get what you pay for, and since your box truck and business are valuable assets, you wouldn’t want to be under-insured and liable for the potentially massive repair and legal bills.
Lease purchase programs have become genuinely popular for truck drivers, and for good reason. However, also note that the exact program you go for will influence how much you pay for a leased box truck. These programs may include;
- Long-term box truck lease: If you need to lease the box truck for months, years, or more extended periods, you may have to consider going for a long-term lease. One very notable benefit of this program is that you won’t have to worry about the maintenance and repair costs of the truck.
- Short-term box truck lease: Unlike a long-term lease program, a short-term truck lease is a lease that can last days up to months. A good number of companies offer custom-based programs depending on the customer’s needs.
- Lease-to-own box truck: This program allows you to buy the truck at the end of your lease. This is very suitable for those who want to use the truck for some time and then, after depreciation hits, buy the truck.
You will find a variety of box truck lengths that range from 10 – 26 feet and several sizes in between. Have in mind that the size of the truck you lease will influence how much you will be expected to pay. Box body trucks are known to have a fully enclosed deck with rear doors and sometimes include a hydraulic tail lift to make loading and unloading easier.
However, every company will have slight differences in their truck sizes, even if it’s just the height or width of the loading door. However, in general, you will be looking at 10- to 26-foot box trucks.
Lease Price Comparison of Different Sizes of Box Trucks and Company Rates in the USA
Outlined below are the top box truck leasing companies and the prices they charge for different sizes of box trucks.
Penske Truck Leasing
Penske is an industry leader in truck leasing, offering full-service leasing, contract maintenance, and on-site maintenance. Penske leasing services are designed to suit your needs and remove the stress of ownership. The leasing structure is reliable and flexible. Leasing a truck or fleet on Penske will help your company save a lot of money and time.
- 12’ – 15’ Box Truck w/pullout ramp: $25 daily, $125 weekly, $542.00 monthly
- 15’ – 16’ Box Truck w/lift: $42 daily, $210 weekly, $910 monthly
- 24’ – 26’ Box Truck w/lift gate: $60 daily, $300 weekly, $1,300 monthly
Enterprise Truck Leasing
Enterprise boasts of a vast array of box trucks with tuck-under lift gates ranging from 15’ parcel vans to 16’ cab-over trucks up to 24-26’ box trucks.
- 12’ – 15’ Box Truck w/pullout ramp: $65 daily, $325 weekly, and $1,200 monthly
- 15’ – 16’ Box Truck w/lift: $75 daily, $375 weekly, $1,475 monthly
- 24’ – 26’ Box Truck w/lift gate: $75 daily, $375 weekly, $1,475 monthly
Ryder Truck Leasing
Note that this company is renowned as one of the market leaders in the US when it comes to truck lease, sales, and rental business.
- 24′ Box Truck: $$775 – $2500 (Depending on model)
- 26′ Box Truck: $995 – $2700 (Depending on model)
This company offers a safe, cost-effective, and efficient alternative to commercial truck ownership through its well-tailored truck leasing, truck rental, and dedicated maintenance solutions.
- 12’ – 15’ Box Truck w/pullout ramp: $26 daily, $131 weekly, and $524 monthly
- 15’ – 16’ Box Truck w/lift: $41 daily, $206 weekly, $834 monthly
- 24’ – 26’ Box Truck w/lift gate: $64 daily, $319 weekly, $1,276 monthly