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Truck Leasing Pros and Cons Detroit Lakes 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.

Uhaul Co
(218) 846-1013
204 Washington Ave
Detroit Lakes, MN
(218) 847-2608
1210 Fortune Avenue
Detroit Lakes, MN
Spaceman Storage
(218) 847-1313
28774 State Highway 34
Detroit Lakes, MN
Foltz Trucking Inc
(218) 847-4451
19097 Frontage Road
Detroit Lakes, MN
Marsh Auto Body
(218) 439-3314
Po Box 211
Audubon, MN
Padlock Storall
(218) 847-3259
18254 302nd Avenue
Detroit Lakes, MN
U-Haul CO - Independent Dealers- Detroit Lakes
(218) 847-8100
28774 State Highway 34
Detroit Lakes, MN
U-haul Co.
(218) 846-1013
18668 Us Highway 59
Detroit Lakes, MN
Security Storage
(218) 846-3165
1165 Jackson Avenue
Detroit Lakes, MN
R And R Transportation
(218) 439-6144
North Main Street
Audubon, 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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