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Truck Leasing Pros and Cons Coralville IA

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.

Kindermusik of Iowa City at West Music
(319) 351-2000
1212 5th Street
Coralville, IA
 
Lint Van Lines Inc.
(319) 337-3245
718 E 2nd Ave
Coralville, IA
 
American Pack And Ship Service
(319) 354-0363
119 2nd Street Suite 500
Coralville, IA
 
Budget Truck Rental
(319) 354-4784
824 Orchard Street
Iowa City, IA
 
Allied Agent For Allied Van Lines
(319) 337-9696
2470 South Riverside Drive
Iowa City, IA
 
C.H. Robinson Worldwide, Inc.
(319) 545-5730
2303 Jones Blvd.
Coralville, IA
 
Quality Care Storage Company
(319) 338-6155
773 22nd Avenue
Coralville, IA
 
Brandys A1 Vacuum
(319) 351-1453
421a 10th Avenue
Coralville, IA
 
Budget Truck Rental - Truck Rental Reservations
(319) 354-4784
824 Orchard Street
Iowa City, IA
 
Stannard Moving & Storage
(319) 351-1552
2820 South Riverside Drive
Iowa City, IA
 

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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