Truck Loaning or Leasing which can be beneficial for me?

If you are only looking into once or twice a year use, look into renting a truck on an as needed basis. Penske or Ryder or something like that. Saves you the year round cost of a truck that won't be turning regular revenue.

 

Now, when you rent a truck for a couple of days, how does it work with insurance?

 

You'll have to ask the rental agency. I've never done it. Just seems to me that buying or leasing a truck that will only see the road once or twice in a twelve month period is going to be an expensive proposition. Renting may be a cheaper alternative that still allows you to service customer needs.

 

I have an account with Ryder, I had to add them to my policy as an additional named insured, they get a blanket coverage certificate that covers any hired autos, insurance speak for rental or leased trucks. The Ryder truck will have a Ryder insurance card in it for roadside inspections, Ryder only needs acceptable proof of your coverage, just make sure your insurance policy covers hired autos at the limits Ryder requires and you are good to go. Now, if you do not have a credit account with Ryder they will want an upfront credit card deposit of at least $2,500, more if they think you may be a risk, they then take the weekly or daily charges out of that credit card deposit and refund you the difference when the truck is returned. The hard part about that is when you need the truck for more than 7 days, they will run another $2,500 deposit on your credit card before returning the difference in rental charges for the prior week. I ran thru this for 7 weeks the first time I rented from them, now I have a house credit account so they just bill me net 14 days, but the first time I needed a rental I had to have $7,500 in available credit to cycle thru the weekly deposit holds.
My current rate for a daycab is $125 a day plus .08 cents per mile, a sleeper is $150 and .10 cpm, weekly rate is 5 times the daily rate (they give you two days free if you commit to a full 7 day week). These are US prices, they may be different or have slightly different rules in Canada.

 

Don't mean to be rude but this is a decision you need to make with input from your accountant to see what is the best option for you and your business. People sometimes think it is a lease that's best while an outright purchase may be better for them.