I am self-employed, doing a small scale business. I want to know whether a lease financing right for me. I want to have a truck as soon as possible. So, I searched for all the available options.
I came across some companies offering truck lease as well as truck loans in Florida
. I am confused about choosing one! In my search, I came to read the advantages of a truck lease and some of them are:
1. A simple and quick financing application and approval process;
2. Protection of working capital monthly rentals are much lower than the total cost of the equipment, and your line of credit remains intact;
3. Borrowing capacity from banks is preserved and can be used for financing that only them can provide;
4. Monthly rentals are tax-deductible;
5. Sales taxes do not apply when acquiring equipment.
And I want to know if there is any hidden risk in leasing a truck. What are the formalities to be followed to get approved? How much would it differ from a truck loan in terms of rate?
Hope someone would help. Thanks in advance!