If you’re looking for a new trailer but don’t quite have the funds to purchase it outright, leasing or financing is an efficient way to get the trailer you need when you need it. Both of these financial aids have their benefits and drawbacks, and work better for different situations.
Below, we’ll examine the differences between leasing and financing and which method is best suited for your needs, purpose, and timeline, whether you need to upgrade a commercial long-haul fleet or get a side-by-side hauler for off-roading season. Keep reading to learn how to obtain financial assistance for top-quality trailers from Canada Trailers, BigTex, CargoPro, and more at Factory Outlet.
What’s the Difference Between Leasing and Financing a Trailer?
Leasing and financing are the most common alternative options for buying a trailer and can offer much more flexibility to buyers needing an immediate hauling solution. Before deciding which method to go through, it’s important to understand the key differences between leasing and financing. Let’s break these down below:
Leasing: After signing a contract and obtaining your trailer, you’ll make low monthly payments for a predetermined period (around two to five years). Once the lease term is up, you can either return the trailer to the dealer or purchase it at the remaining value.
Individuals or companies often choose to return their trailer after each lease period to maintain consistent upgrades among their fleets and other equipment. This method is similar to a long-term rental agreement, so the borrower relinquishes their ownership once the lease period has ended.
Financing: This method involves you or your company obtaining a loan to purchase a trailer and honouring monthly payments until the remaining balance is paid off. Once the terms of your finance agreement have been met, you will have full ownership of your trailer, giving you full control over how it’s used.
Buying a Trailer for Personal Use
If you’re buying a trailer for personal uses like farming, hunting, or offroading, you’ll likely benefit more from owning your trailer at the end of your payment plan.
Full ownership gives you control over when and how the trailer is used. You can lend it to friends and family, use it for a small business, tweak and customize it to make upgrades, and even do a full retrofit to transform it into something new (see a few things you can do with an enclosed trailer in this blog).
Overall, if what you’re looking for is freedom, flexibility, and personalization, obtaining your trailer through financing is an excellent option!
Outfitting a Commercial or Industrial Fleet
If you need a trailer for your worksite or business, leasing can often be a more worthwhile option than purchasing outright. Companies that work seasonally, like landscapers and gardening centres, can cut maintenance costs by leasing their trailers during peak job times and returning them in the off-season.
If your business regularly sends long-haulers on the road, you may want to upgrade your trailers more regularly for enhanced safety and security of your cargo and drivers. Leasing allows you to get a trailer when needed without the commitment and cost of full ownership.
While lease agreements can have more restrictions than financing (mileage requirements, etc.), they also provide companies more flexibility. You can switch out your equipment when it no longer meets your needs, ensuring your workers always have quality, durable, and trustworthy trailers to work with.
How to Lease or Finance with Factory Outlet
Whether you decide to lease or finance your new trailer, our team at Factory Outlet can help you secure an agreement for a high-quality, durable model from the nation’s top brands. Here’s how you can get quality equipment for your business or personal tasks:
Leasing: We have a partnership with CWB National Leasing that you can apply for online. Use our Lease Payment Calculator to determine an estimated lease payment that works best for your company and complete a no-obligation credit application.
Once your credit is approved, CWB will transfer the funds to Factory Outlet while we transfer one of our trailers to you.
Financing: Our finance department at Factory Outlet makes obtaining a loan for your trailer as simple as possible! Fill out our online application portal, and our staff will contact you with the financing options we provide.
Finance Your Trailer Today
Whether you’re upgrading your worksite’s equipment or simply need an extra hauler around your property, you can find what you need from Factory Outlet. With 13 locations across Alberta, BC, and Manitoba, we are Western Canada’s go-to provider of hauling solutions for commercial and industrial sites, contractors, off-roaders, and more.
We’re partnered with top-of-the-line brands like Canada Trailers, BigTex, Southland, Alcom, Haulmark, and many more. Contact us today to learn more about our financing and leasing options and how you can begin the process of securing one of our top-quality trailers.