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Which is better:a lease or a loan?


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Posted by TomGresh01 on November 28, 2017 at 01:40:18 from (185.92.26.27):

Hi,

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!


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