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Truck Leasing Pros and Cons Escanaba MI

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.

U P Mini Warehouse
(906) 789-0301
2315 1st Avenue North
Escanaba, MI
 
Guindon Moving And Storage
(906) 786-6560
1600 3rd Avenue North
Escanaba, MI
 
Quality Sew And Vac
(906) 786-4772
1017 Ludington Street
Escanaba, MI
 
NORT Town Storage
(906) 789-6124
801 North 16th Street
Escanaba, MI
 
Butch's Carpet & Drapery Center
(906) 786-1026
2210 North Lincoln Road
Escanaba, MI
 
North American Van Lines Inc
(906) 786-6560
1600 3rd Avenue North
Escanaba, MI
 
Vandermissen And Sons House Movers
(906) 789-1031
821 North Lincoln Road
Escanaba, MI
 
Budget Truck Rental
(906) 233-9035
1653 17th Avenue South # 4
Escanaba, MI
 
North American Van Lines Interstate Agent
(906) 786-6560
1600 3rd Avenue North
Escanaba, MI
 
United Van Lines Agent
(906) 786-8205
2601 Danforth Road
Escanaba, MI
 

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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