4 Questions You Should Ask Before Leasing a Commercial Vehicle

Leasing a commercial vehicle can offer many benefits for businesses in need of reliable transportation without the long-term commitment of ownership. However, it is a serious commitment, and the task of choosing a vehicle and understanding the different leasing terms can seem challenging to many. Whether you’re already a fleet owner looking to expand or upgrade your fleet or just starting a new business, here are some key questions you should ask to help ensure the best vehicle leasing for your needs.

Who is responsible in the event of an accident?

One of the most important questions to ask when leasing a commercial vehicle is who is responsible in the event of an accident. In most cases, the vehicle leasing company holds the primary insurance policy, but this may not always be the case. Hence, it is vital to understand your insurance coverage limits, as well as those of the leasing company. It is also essential to understand the insurance coverage limits and any clauses that could make you liable for damages. Creating a comprehensive accident management plan can help you mitigate any risks and ensure that you handle accidents in the most effective way possible.

Can someone else pick up the vehicle?

If you’re unable to pick up the vehicle yourself, enquire with your vehicle leasing company if someone else can pick it up for you. Some leasing companies require that the lessee be present during the pickup, while others allow for a designated representative to pick up the vehicle. It’s essential to understand the company’s policies on this issue and any additional fees or requirements that come with having someone else pick up the vehicle. Ensuring that the designated person has all the necessary documentation and authorisation is also crucial to a smooth pickup process.

Are there restrictions on the lease?

Another key question you should ask before leasing a vehicle is if there are any restrictions on the lease. For instance, some leasing agreements may have mileage restrictions or other limitations on how the vehicle can be used. Make sure you understand any restrictions or limitations in the lease agreement before signing, and whether there are any penalties for exceeding them.

What happens at the end of the lease?

Leased a commercial van for your business? At the end of the lease, you’ll need to decide whether to return the vehicle or renew the lease. Find out from the vehicle leasing company about the end-of-lease process and the options for returning or keeping the vehicle. Understand if there are any fees or penalties for terminating the lease early or extending it beyond the original term. You should also determine if there are any options for purchasing the vehicle at the end of the lease and what the purchase price would be.

Learn more: Why Do Businesses Need Car Rentals

Leasing a commercial vehicle can be a strategic move for businesses looking to save money and avoid the hassles of owning and maintaining their own fleet. However, it’s important to ask the right questions and do your research to ensure that you’re getting the right deal that meets your specific needs. Keep these questions in mind to help you gain a thorough understanding of your leasing options, you’ll be able to secure the perfect vehicle for the success of your business.

From commercial van rental to vehicle leasing options, Think One carries a range of commercial vehicles in Singapore for a range of business needs. Reach out to our team of automobile experts today to find out more!