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Truck Leasing Pros and Cons Ottumwa 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.

M And J Art And Frame Gallery
(641) 682-0434
2447 Northgate Street
Ottumwa, IA
 
AYS Storage
(641) 682-0121
553 South Iowa Avenue
Ottumwa, IA
 
Heartland Moving & Storage Inc
(641) 682-0578
1441 West Finley Avenue
Ottumwa, IA
 
Kenneth Hite Trucking LLC
(641) 682-7108
6960 Madison Avenue
Ottumwa, IA
 
Hawkeye North American
(641) 682-5411
541 South Iowa Avenue
Ottumwa, IA
 
Hpt Storesall
(641) 682-1423
325 S Union St
Ottumwa, IA
 
Uhaul Co
(641) 682-4468
118 South Mclean Street
Ottumwa, IA
 
Buildings And Storage
(641) 683-1252
6996 Madison Avenue
Ottumwa, IA
 
Dennys Mini Storage
(641) 682-4779
14401 Terminal Avenue
Ottumwa, IA
 
Hantover Inc
(641) 682-2902
150 Fox Sauk Road
Ottumwa, 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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