The best commercial loan for your truck (or trailer, or specialty vehicle) depends on a range of factors including your budget and goals. At Trans Lease, we offer a wide range of financing options, from TRAC leases to loan and security agreements, all backed by an expert team who will help you find the right commercial vehicle loan for your busiiness.
Yes, a TRAC lease is a real lease. TRAC leases may be considered capital leases for accounting purposes, but they are treated like operating leases when it comes to titles and ownership.
A split TRAC lease is very similar to a TRAC lease but includes some additional protection for the lessee. A split TRAC lease includes a cap on how much the lessee may owe upon returning the vehicle. The transportation market can be unstable, and this prevents the lessee from having to take a large windfall.
At the end of your lease, if you decide to buy the vehicle, you pay the agreed-upon residual amount. If you decide to return the vehicle, the lender will sell the vehicle to a third party, and any difference between the sale amount and the residual must be handled. If the lender sells it for less than the cost of the residual, you will owe that difference.