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Truck Leasing Pros and Cons Owatonna 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.

Owatonna Self Storage
(507) 451-3021
Po Box 224
Owatonna, MN
 
Gallea Transfer And Storage Inc
(507) 451-4318
County Road 45 North
Owatonna, MN
 
Gallea Transfer & Storage Inc
(507) 451-4318
4500 Co Road 45
Owatonna, MN
 
Don Loken Excavating And Drainage
(507) 451-2873
1954 North County Road 45
Owatonna, MN
 
Uhaul Co.
(507) 444-9356
3103 W Highway 14
Owatonna, MN
 
U-Haul CO - Independent Dealers- Owatonna
(507) 444-9356
3103 West Highway 14
Owatonna, MN
 
Budget Truck Rental
(507) 455-2873
707 North Elm Avenue
Owatonna, MN
 
Aplus Sew And Vac
(507) 451-1699
210 West Main Street
Owatonna, MN
 
Store It Right Storage
(507) 451-0831
1075 28th Avenue Northwest
Owatonna, MN
 
Terry's Repair
(507) 451-0831
1075 28th Avenue Northwest
Owatonna, 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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