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Truck Leasing Pros and Cons Albert Lea MN

A truck lease offers cost advantages for personal use, as well as tax and accounting advantages for business owners. Learn the difference between personal and commercial truck leasing.

Minnesota Corrugated Box
(507) 373-5006
2200 Yh Hanson Avenue
Albert Lea, MN
 
Uhaul Co
(507) 377-9387
209 Saint Peter Ave
Albert Lea, MN
 
VFS Inc
(507) 373-7235
2309 Consul Street
Albert Lea, MN
 
Albert Lea Public Warehouse
(507) 373-5580
2301 Myers Road
Albert Lea, MN
 
Albert Lea Ministorage
(507) 373-2713
2101 Consul Street
Albert Lea, MN
 
Georgia Pacific Corporation
(507) 373-3375
1851 Margaretha Avenue
Albert Lea, MN
 
Security Ministorage Of Albert Lea
(507) 373-0688
310 West 7th Street
Albert Lea, MN
 
R And R Mini Storage
(507) 377-8073
2409 Myers Road
Albert Lea, MN
 
Barry Jacobson Trucking
(507) 373-3684
1312 James Avenue
Albert Lea, MN
 
Abest Sew And Vac
(507) 377-8244
911 South Broadway Avenue
Albert Lea, MN
 

Truck Leasing Pros and Cons

To lease a truck for personal use is no different than leasing a car or SUV. A lease offers lower monthly payments than buying with a loan, and may not require a down payment. There are also savings on sales tax in most states. Therefore, leasing may cost you less to get into a new truck, and can save you on monthly cost as well.

However, before making a decision about whether to lease or buy, understand that leasing is best for people who drive no more than about 15,000 miles per year, like to have a new truck every 3-4 years, take good care of their vehicles, don't care about building ownership equity, and have a stable lifestyle such that they won't need to end the lease early.

Ending a lease early can be very expensive. It's more than simply paying termination fees. It means paying the balance of the lease, considering the wholesale auction value of the truck. In most cases, ending a lease early is very impractical. Therefore, if you think you might not be able to complete a lease, then don't lease.

If you plan on using your truck for heavy duty or rough utility purposes, such that the body and bed might be badly damaged or scratched, you might not want to lease. The reason is you may have to pay for those damages at lease-end when you return your truck to the lease company. Any damages beyond "normal" wear and tear can result in charges to you. Of course, you could get the repairs done yourself prior to returning your leased truck. Or...

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