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Truck Leasing Pros and Cons Edmond OK

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.

Anderson Tank Truck Service
(405) 348-6000
829 South Broadway
Edmond, OK
 
Park It On Broadway
(405) 330-6661
11625 South Broadway
Edmond, OK
 
Love Box Company Factory Outlet
(405) 359-1551
601 South Broadway
Edmond, OK
 
American Self Storage
(405) 340-1905
1323 South Broadway
Edmond, OK
 
U-haul Co.
(405) 715-3888
2920 E Waterloo Rd
Edmond, OK
 
Ryder Truck Rental-One-Way Inc - Neighborhood Dealers
(405) 340-7827
610 South Broadway
Edmond, OK
 
Abe's Covered RV & Boat Storage
(405) 330-4573
5101 Summit Drive
Edmond, OK
 
Edmond RV & Mini Storage
(405) 348-7739
14675 South Coltrane Road
Edmond, OK
 
A-1 Freeman Moving & Storage Inc
(405) 341-5565
11517 South Broadway
Edmond, OK
 
University Self Storage
(405) 359-0005
1008 Waterwood Parkway
Edmond, OK
 

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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