Should You Finance or Lease a Hino?
There are two options when it comes to truck ownership.
Some shoppers choose to commit to buying up front, but don’t pay in full and require assistance. This approach is called financing. Other shoppers opt to lease the vehicle, which means the auto lender purchases the vehicle on behalf of the client and essentially rents it to them in exchange for monthly payments for a set period of time.
The age-old question remains: is it better to lease, or to finance a new truck? There’s no correct answer. Whether you decide to finance or lease really all comes down to your personal and financial lifestyle.
To make your next Hino truck purchase a bit easier, we’ve broken down the buyer personas of who should lease, and who should finance. Which type of truck driver are you?
Make Your Truck Your Own
Generally speaking, truck drivers like to personalize their cabs a little bit. Whether it’s by purchasing custom Hino parts and accessories, like new seats or mirrors, or simply applying a unique paint colour to the body, personalizing your truck makes it feel more like your own. But if you choose to lease a Hino truck, you actually can’t do this. Since it’s technically not your truck, any accessories or parts you purchase must be removed before returning it into the dealership you leased it from. If you love the idea of customizing your truck and enjoying it for years to come, financing is for you. When you finance a truck, it is yours to keep, and all you have to worry about is making those monthly payments on time. Here’s what you get when you finance:
- Unlimited kilometres (no restrictions apply)
- Unlimited customization/upgrades
- Build equity
- Total ownership
- New Hino warranty
Most truck drivers complete multiple deliveries, all across Canada. If you’re constantly doing long trips back and forth, or even across the border, financing is your best bet. Auto leasing has restrictions on mileage (usually 100,000 kilometres in three years), and if you go over your limit, you end up paying a hefty bill. With auto financing, you can drive where you want, when you want, and don’t worry about anybody telling you that you can’t install those front seat warmers!
Get Flexible With Auto Leasing
Just like not everybody opts to buy a house, not everyone wants to buy a truck. Leasing a truck provides a lot of flexibility, especially if you don’t plan on keeping the truck for a very long time, or if you know you’ll only require its services for specific duties. If you’re a small business owner, you might be looking to add a few more trucks to your commercial fleet, but hate the idea of paying for them and commit to ownership. That’s where the perks of leasing come in.
Automotive leasing allows you to enter a contract with the lender that sees you allocate monthly payments over a specific time period. Once that contract is up, you can walk away, no strings attached, and no truck in sight! Plus, it’s great for those who enjoy switching up their trucks every few years. There is a kilometre restriction when automotive leasing is involved, but if this isn’t your personal vehicle, and you only use it for work, you’ll be fine. Leasing is also a great alternative to financing thanks to its cheaper monthly payments. Here’s what you get when you lease:
- Lower monthly payments
- Lower sales tax
- Upgrade every few years
- Extended warranty coverage
- No ties to ownership/no hassle of selling
When you lease a Hino truck, you don’t have to worry about what you’ll do once your lease is up, because the lender takes care of that part for you. Plus, you get to pick a brand new Hino truck to drive, whereas you wouldn’t enjoy that luxury if you financed it. Auto leasing is great for truck drivers who treat the truck as a secondary vehicle, or those who make local deliveries within Canada. Either way, leasing is ultimately the cheaper option to financing a truck.
At Somerville Hino, we specialize in both automotive financing and automotive leasing. Our team members in the Finance Department will work with you directly to uncover which option works best for you, and your business. All of our new 2017 Hino trucks are also backed by our comprehensive Hino warranty, so you can be sure your safety is covered at every angle. Give us a call today at 1-(877) 650-6296 or contact us online to get started.
