Whether You're in Hamilton, Brampton, Mississauga or Barrie, here are the basics of industrial truck lease agreements

If you're in the Toronto GTA and are looking at leasing an industrial truck, it's important to understand the basics of a lease agreement. Otherwise, you might find yourself caught in a difficult situation later on. The majority of lease agreements are similar all across Ontario. So whether you find yourself in Mississauga, Barrie, Hamilton or Brampton, knowing these basic principles about leasing a vehicle will come in handy:

Term of the Lease Agreement

A lease agreement usually lasts for a period of thirty six to forty eight months, with a fixed payment over these months. The dealer, known as the lessor, helps to arrange the lease and provides and offers services to the consumer who is known as the lessee.

Types of Leases

Generally, there are two types of leases. The first is a closed lease, which allows consumers to return the vehicle at the end of the lease or buy the leased truck for a pre-determined amount. The second type of lease is an open lease. This type of lease is less common as they require the consumers to cover any shortfall between the actual price the lessor sells the vehicle for, and its residual value.

Important Documents

Every dealer requires different documents as a part of the lease agreement process. A valid driver’s license, proof of identity, proof of address, proof of income statements and a credit check, are all typically documents that may be requested.

0 Financing

Before getting a truck leased, remember that sometimes 0 financing is an option. This is one of the most important basics of a lease agreement, which prevents you from paying an additional amount, known as interest, over the amount of the original lease.

Somerville Has Options

If you are interested in leasing an industrial truck or every day vehicle, you may be familiar with the terms of a lease agreement, 0 financing and all the rest. But if you need some clarification or assistance in deciding how to finance the lease or purchase of your new or used industrial truck, we'll help identify your budget and set you up with the financing options to suit you. Start your pre-approval or get in touch with our great Hino sales staff here at Somerville National Leasing and Rentals Ltd., so we can get you on the road.