What Are the Best Tips for Leasing a Forklift?

Dan Cavallari

Before you enter a contract for leasing a forklift, it is important for you to determine whether leasing is the right option for you. Leasing basically means a lender buys the vehicle and loans it to you for a set period of time. During that time, you will pay the lender for the use of the vehicle, and at the end of the lease, you will have the option to either return the vehicle as the last payment, or buy the vehicle from the lender. Leasing a forklift may be a good option for some people and not others, so do some research to find out if it is the best option for you.

When leasing a forklift, make sure it's the right piece of equipment.
When leasing a forklift, make sure it's the right piece of equipment.

Make sure you find the right piece of equipment before leasing a forklift. Decide how you are likely to use the forklift regularly, and in what conditions. This will determine the size of the lift as well as the features you will need. If you own a warehouse with narrow aisles, for example, you will probably be best off with an electric lift that is small and narrow; if you plan on operating the lift outdoors on rough terrain, a diesel powered lift with pneumatic tires will work better. Leasing a forklift starts with determining the right equipment for you.

Research the rates from different dealers before leasing a forklift from any particular company. Be sure to analyze the lease agreement carefully to make sure you know what you are getting into. The terms of the lease can vary significantly depending on the dealer and the lender, so read the agreement to find out what your responsibilities will be. You will want to negotiate for a low interest rate; this rate often depends on your credit score as well as several other factors. Calculate how much you will end up paying over the course of the lease, as the purchase price is not the only cost the lessee will end up accommodating. Interest can accrue quickly, so consult a loan calculator to find out how much you will end up spending over the course of the lease.

It may be helpful to research alternatives to leasing to ensure you are making the best decision. If you only need the forklift for a short period of time, renting may be a better option. If you intend to keep the forklift indefinitely, securing a loan for purchasing the unit may be the best option.

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