How to Lease a Truck
Lease is much better than buying a new truck. Trucks being leases these days are in their good conditions.
Most of them are good as new.
What Is Leasing?
When you lease, you must remember that there is always a money factor in it. You are tying up the leasing company’s money while you are driving the truck. Bear it in mind that the leasing company bought that truck from the dealers to lease it for you. That means you are ought to pay for the interest of the truck just like when you loan money. These money factors can be converted into an annual interest and you are obliged to pay for it as it was stated in your contract when you signed papers with them. You will be signing a lease term. In this term you are given the time frame on until when the truck is leased to you.
Lease Compared To Buying
Lease is completely different from buying. When you say buying, you are ought to pay for the whole amount of the price of the truck. This is regardless of the odds that may come along your way after you paid for the whole amount. Usually when buying, you will be asked to pay first for the down payment. Then you will pay the taxes specifically the sales tax either in cash or in other modes of paying it. You may also opt to pay for the instalment basis the next month after contracting the sales. After paying all the payments needed, you are now ready to use your car whenever and wherever you want. It’s different when you lease a truck.
When you lease, you only pay for a portion of the vehicles’ cost only for the time that you used the truck. Don’t be mistaken by leasing and renting. They are both different from each other. In renting, you are opt to return the truck by the time you end the use of it and the amount you pay is only for the duration of time you used the truck. However, in leasing you are opt to pay only for the tax, money factor and/or other fees while you use the truck and at the lease-end you may return the truck to the owner or you have the option to purchase it only for the amount of its depreciation resale value and not the original price of it.
So Which Is Better? Buying or Leasing?
If you are the type of person who likes to drive a truck and wants to switch to another truck every other two or three years then leasing is best for you. You are not going to think of paying the maintenance of the truck for a lifetime. You will just maintain it on the lease duration. You also have the chance to own the truck if you like and avoid paying for its original price. If you like this then go ahead and find the truck that you would like to lease. But if you’re the type of person who wants to own a brand new and long term kind of bond with a truck, then buying is the best option for you.
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