So, you know Ryder leases trucks, but you want to know the costs of leasing before you jump into it. Here’s what you should know about leasing with Ryder so you can decide whether they’re right for your business.
The cost to lease a truck from Ryder is about $1,150 per month, though it can get as high as $2,500. In addition to that monthly rent, there’s an initial down payment the renter must pay. A better credit score could make the down payment and monthly rate lower. Leases last for 1 to 10 years.
Here’s how to get a lease with Ryder, as well as details about truck availability, how leasing trucks is different from renting and owning, and the types of trucks you can get from Ryder.
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How to Lease from Ryder
When you want to lease a truck from Ryder, the first thing you’re going to do is send them a lease application through their website.
Lease Application
After selecting which kind of truck you want to lease, you’ll select “Contact Us” or “Connect With Us.” This will prompt you to send them your name, phone number, email address, and zip code, as well as your company’s name and your job title. Ryder only leases to businesses. This prompt will also ask you to give the time frame for when you will be ready to lease one of their vehicles.
I recommend sending in your application as soon as possible since they have a long wait time on leases. So, even if you won’t be ready for the lease for 3 or more months, don’t put off sending that application.
Lease Options
With those things taken care of, you can move on to the lease options. Ryder has 3 lease options: Full Service, Preventative, and On-Demand. The option you choose will determine the kind of maintenance you can expect as part of your contract.
On-Demand is the lowest-tier lease option. With this package, you get access to Ryder’s Nationwide Network, vehicle sourcing, and financing.
Preventative is the next one up. This package gets everything included in the On-Demand tier, but you also get warranty management, vehicle history, 24-hour roadside assistance, and a 150-point PM inspection.
The Full-Service package gets everything in the Preventative package, along with brake and tire repair, pick up and delivery, and safety services. You can also get substitute vehicles at better rates.
If you don’t choose the Full-Service package, you can still get some of the features on a pay-as-you-go basis by paying for the individual features when you need them.
Finance Options
Once you’ve chosen the type of lease you want, it’s time to decide which finance option you want. Ryder has 3 finance options: Tax Advantage Solution, Fair Market Value Lease, and FlexTrac.
The Tax Advantage Solution option reduces your interest and maintenance costs. It also gets you tax benefits faster than other lease payment options would. It’s basically like getting the tax perks of owning the truck without having to buy it outright.
The Fair Market Value Lease option improves the cash flow and lets you choose between fixed and variable payment options. On top of that, there’s no down payment with this option, and you can purchase the truck at the end of the lease if you want to. This plan gives you 100% financing and cuts down on your risk.
The FlexTrac financing option is easy to bend to your needs. The Fair Market Value option improves cash flow and gives you the chance to buy the truck at the end of the lease for a predetermined amount. You will also be responsible for any outstanding value once your lease ends.
Truck Availability
At the time of writing, Ryder’s trucks are in short supply, and the waiting list is at least 1 year long. When you read this, it may be much better or worse, but either way, you’ll be well served if you get on top of the ball and streamline the process of getting your lease. Send them your contact information as soon as possible, and maybe even call them if you want a quick reply.
You can send them your contact information on their webpage by hitting the “Contact Us” button, the “Connect With Us” button, or by scrolling to the bottom of the page. Either of those methods will show you a form that you can use to tell them how to get in contact with you and how soon you want them to get in touch.
The “Connect With Us” button at the top right corner of the page will also give you other helpful links to get in contact with them, as well as a phone number you can call to get the help or information you need. Just be aware that their office closes at 5 pm Eastern Time.
Lease vs. Rent
If there aren’t any trucks available to lease, you may need to rent the truck you want instead of leasing it. With that possibility, here are the differences between renting and leasing so that you can decide which option is right for your needs.
One of the biggest differences between leasing and renting is that one works better than the other depending on how long you need the truck.
Renting is best when you only need the truck for a short time or when you only need to do jobs with it occasionally. You get less time with the truck for the money you spend on it, and you might not be able to get the truck at the time that’s best for you. But if you only need it a few days at a time, it might be better to rent rather than to lease.
Leasing is a long-term commitment. When you lease with Ryder, the shortest contract you can get is for 1 year, which means you’ll have to commit to making monthly payments for that whole year (and more if your contract is longer). On the other hand, you can get a lot more use out of the truck for a fraction of the rental cost for the same amount of time.
Another difference is how easy or difficult it is to get a truck. As I said earlier, Ryder’s trucks for leasing are in short supply, and there’s a long waiting list. You also need to apply and show them your credit score before you can lease with them. It’s easier to get a rental truck, though you might have to go a distance to find the truck you need in the time window you need it during.
Lease vs. Own
Ryder makes a point to tell their customers the benefits of leasing a truck versus buying it outright as often as they can. Essentially, leasing a truck is less costly than owning it, and it gets rid of some risks as well.
When you want to own a truck, you’ll either have to take out a loan or pay the whole sum up front. That’s a lot of capital you’re putting into that truck, and if you took out a loan for it, you’d be paying it off for a while. On top of that, owning a truck means you have to take care of the maintenance yourself, which can lead to unexpected costs.
Leasing gets rid of all of that risk. You pay a fraction of the truck’s worth every month, and you can get maintenance included. At the end of the lease, you can get a new lease or you can buy the truck at a much smaller cost.
Types of Trucks at Ryder
Whether you’re leasing, renting, or buying, you’re going to want to make sure to pick the type of truck that’s right for you. Here’s a breakdown of the different types of trucks Ryder offers, so you know what to look for.
If you or your drivers don’t have a Commercial Driver’s License (CDL), then you’re going to want to pay special attention to the Gross Vehicle Weight Rating (GVWR) of the trucks you’re browsing. A CDL is required to drive any vehicle with a GVWR of 26,001 or above. Vehicles under this limit are non-CDL vehicles, and you don’t need a CDL to drive them.
We should note here that Ryder only rents out trucks to commercial businesses. If you need to rent a truck for your personal use rather than for a business, you will have to look elsewhere.
Box Trucks
Ryder’s box trucks are the smallest trucks they offer, with a 6,000-pound load capacity in 960 cubic feet of cargo space. The body is 16 feet long and equipped with a hydraulic lift gate with 2,000 pounds of load capacity.
You should find that these trucks are easier to maneuver than the bigger Ryder trucks, and they’re small enough that you shouldn’t have to worry about whether or not you need a CDL.
Renting a box truck costs $130.95 per day.
Refrigerated Box Trucks
When you need to keep your cargo at a stable temperature, you’re going to want a refrigerated truck. Ryder’s refrigerated box trucks have insulated cargo areas, with the walls and back doors designed to keep the temperature inside isolated from the weather outside, as well as an energy-efficient refrigeration unit.
Like the other box trucks, the body is 16 feet long and has a hydraulic lift gate that can handle 2,000 pounds. The refrigerated box truck can hold up to 7,000 pounds of cargo, and it’s well under the 26,0000 pound CDL threshold.
If you want to rent a refrigerated box truck, they cost $233.95 per day, and they have an additional fee for the reefer.
Straight Trucks
Sometimes that 16-foot box truck just isn’t enough for what you need to move. For some extra space, you’ll want to go for a straight truck. Ryder’s straight trucks come in a range of sizes, starting at 26,000 GVWR. If you need a non-CDL vehicle, make sure to get one with a 26,000 GVWR.
These trucks have a hydraulic lift that can handle 3,000 pounds of load, and the reinforced body makes it safe to use forklifts to load it up.
The daily rent for this truck is $215.95.
Refrigerated Straight Trucks
Three words: big reefer truck. This is the truck you need when you have a lot of perishable or temperature-sensitive cargo that you need to move a long way. The reefer has a wide temperature range, and it adjusts itself to save energy.
You can get this truck from 22 to 26 feet, and the GVWR ranges between 26,000 and 33,000 pounds. The smallest one (the non-CDL one) has 7,000 pounds of load capacity. If you don’t need a non-CDL truck, you can get up to 13,000 pounds of load capacity and up to 1,600 cubic feet of space.
There are side doors to make loading and unloading easier, as well as a hydraulic lift that can handle 3,000 pounds of load.
The price to rent it is $260,95 per day, and there’s an additional fee for the reefer.
Stake Trucks
Ryder’s stake trucks are flatbed trucks with a removable fence along the bed’s edge. If you need to haul a lot of cargo that isn’t sensitive to the elements, this could be the type of truck for you.
They’re especially popular in the construction, agriculture, and automotive industries. You can use these trucks to haul anything that doesn’t mind a little dirt, sun, or rain: scrap metal, tools, hay bales, building materials, heavy equipment, car parts, and even livestock.
Ryder offers non-CDL and CDL stake trucks, with the GVWRs ranging between 26,000 and 33,000. If you need a non-CDL truck, make sure to get one with 26,000 GVWR, which can carry 7,600 pounds of payload. The bigger trucks can carry up to 14,500 pounds of payload.
If you rent a stake truck from Ryder, it costs $220.95 per day.
Semi Trucks
Finally, we’ve got semi-trucks. These are quite different from the rest of the trucks here, so Ryder put them in a category all of their own. Ryder offers single-axle tractors, tandem-axle tractors, and tandem sleeper-axle tractors. You can get the same financing options for semis as the other trucks, but expect the costs to be a lot higher.
Unlike smaller trucks, semi trucks require a CDL to drive.