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Truck Leasing Pros and Cons Prior Lake 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.

Nds
(952) 226-3590
16961 Willow Lane Southwest
Prior Lake, MN
 
Prior Lake Ministorage Inc
(952) 447-1702
6000 Credit River Road Southeast
Prior Lake, MN
 
Dakotah Meadows Mini Storage
(952) 445-8800
2341 Park Place Northwest
Prior Lake, MN
 
Klingberg Excavating Inc
(952) 447-2557
Po Box 6
Prior Lake, MN
 
Secure Mini Storage
(952) 882-9872
7801 West 128th Street
Savage, MN
 
B & Bk Contracting
(952) 440-6333
Prior Lake, MN
 
Uhaul Co Independent Dealers Prior Lake
(952) 447-1702
6000 Credit River Road Southeast
Prior Lake, MN
 
U-Haul CO - Independent Dealers- Prior Lake
(952) 440-9009
15233 Highway 13 South
Prior Lake, MN
 
Mini Boxes To Go LLC
(952) 746-5511
7125 West 125 Street
Savage, MN
 
Meyer Trucking Inc
(952) 890-8335
7317 Highway 13 West
Savage, 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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