A Finance Lease is an excellent option for clients who are seeking flexibility in leasing.
Under a Finance Lease, the financier purchases the vehicle or equipment of your choice which is then payable by you, the customer, in a series of rental payments.
At the end of the lease you can make an offer to purchase the truck or equipment from the finance company for the residual value that was established at the commencement of the term, or you can return the truck or equipment to the leasing company for them to sell.
This gives you the opportunity to upgrade your truck or equipment at the end of the lease term to meet your ongoing needs.
The term of a lease is typically from 1 to 5 years.
Residual value is an estimated value of the asset that can be payable at the end of the lease term to purchase the truck or equipment from the lender.