What is the Difference Between Leasing and Renting a Truck?

It’s possible to find yourself needing access to a truck if you don’t already have one of your own! However, it’s not always logical to rush to the lot and purchase one. Instead, you might consider renting or leasing a truck, but what is the difference? Our team at GATR Truck Center proudly offers both services and we’re here to help determine what option is best for you.

What is Leasing?

A lease is typically a long-term agreement that gives you possession of an item for the duration of the contract. So, if you lease a truck, you’ll be responsible for it for an average of five years. This is a great option for anyone who isn’t able to commit to a loan or the outright purchase of a vehicle. 

The top benefits of leasing include: saving money, reducing ownership obligations, and long-term access to the truck. 

Some lease agreements can include maintenance coverage, meaning you won’t be entirely responsible for the cost of repairs. It’s very important to research and understand the different terms of the agreement!

What is Renting?

When you rent something, on the other hand, you’ll be borrowing the item for a fixed amount of time. Typically this is a short period of time and you will not have any ownership of the vehicle at all. Generally, you will be responsible for fueling the vehicle and covering operating expenses. 

The top benefits of renting include reduced risk, the ability to return the truck after use, and access to specific features you need. 

There can be a lot of information involved with a rental agreement, so make sure you pay attention to the terms and obligations. 

Which is Better?

Both options can be great solutions, but there are a few questions to ask yourself before you determine which option is best. You should consider the amount of time you need access to the truck, if you’ll be interested in owning the vehicle, and how much financial responsibility you want to have. Knowing which is the better option is completely situational and unique to you!

Whichever solution you choose, we’d love to help you at one of our Iowa or Minnesota locations. Visit us in Elk River or Sauk Rapids, MN, or in Cedar Rapids, Des Moines, or Waterloo, IA.