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Truck Leasing Pros and Cons Hastings 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.

Dakota Storage
(651) 437-6870
2699 Commerce Drive
Hastings, MN
 
Grotjohn Jerry & TAMI
(651) 437-6870
1348 Northridge Court
Hastings, MN
 
Robinson Transfer Inc Furniture Moving
(651) 437-3551
8670 160th Street East
Hastings, MN
 
Budget Truck Rental
(651) 437-8187
1278 North Frontage Road
Hastings, MN
 
General Plastic Extrusions
(715) 262-3806
1238 Kasson Road North
Prescott, WI
 
Stephens Selfstorage
(651) 480-3122
12119 Margo Avenue South
Hastings, MN
 
U-Haul CO - Independent Dealers- Hastings
(651) 438-2544
1355 South Frontage Road
Hastings, MN
 
Hastings Storaway Inc
(651) 437-7970
445 Spiral Boulevard
Hastings, MN
 
Sundial Self Storage
(715) 262-3003
900 Deere Road
Prescott, WI
 
Stagecoach Companies
(715) 262-4002
1311 Canton Street
Prescott, WI
 

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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