Home |Gallery |Forum |Ads Sponsored by Yesterday's Tractors 
Yesterday's TrucksThe Classic Truck Resource Page
Vintage Truck Headquarters

 
Featured Photo

Click to View

Features
Discussion Forum
Forum Archives
Truck Photos
Model Profiles
Truck Links

The Market
Classified Ads
Photo Ads

Miscellaneous
Picture List
Contact Us
Antique Tractors
Kountry Life
Tractor Parts
Tractor Manuals

[Home]
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   Traditional YT Forum ViewClassic View   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

This is the modern view of the Yesterday's Trucks Forum. Just login with your YT Userid and password to post. If you have trouble logging in, contact us by email to support at ytmag.com, or through the Reader Form, and we will get you going right away.

Click here to return to Yesterday's Tractors Forum Index

Which is better:a lease or a loan?


 
Post new topic    Yesterday's Trucks Forum Index -> Yesterday's Trucks
View previous topic :: View next topic  
Author Message
TomGresh01
New User


Joined: 28 Nov 2017
Posts: 1


Report to Moderator

PostPosted: Tue Nov 28, 2017 1:40 am    Post subject: Which is better:a lease or a loan? Reply to specific post Reply with quote

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!
 
Back to top
View user's profile
pcrh
Regular


Joined: 16 Apr 2017
Posts: 54


Report to Moderator

PostPosted: Wed Nov 29, 2017 6:40 pm    Post subject: Re: Which is better:a lease or a loan? Reply to specific post Reply with quote

Both will have their advantages and a lot will depend on your personal situation.

Lease payments are fully deductible but with loans your interest and depreciation are tax deductible. Also the tax is part of your total cost and is therefore deductible.

Lease companies usually allow for normal wear and tear and then charge you at the end of the ease for extra wear and tear. When you own the unit your wear and tear can be whatever you are comfortable with.

Lease companies are not there to save you money, they are there to make money. In the long run lease will cost more than owning outright.

Treat the above as general comments and seek local help from a financial person for your area to get some information pertinent to your situation.
 
Back to top
View user's profile
fastfarmall
Tractor Expert


Joined: 05 Feb 2015
Posts: 3034


Report to Moderator

PostPosted: Wed Jan 03, 2018 5:00 pm    Post subject: Re: Which is better:a lease or a loan? Reply to specific post Reply with quote

Talk it over with your CPA.
 
Back to top
View user's profile
Display posts from previous:   
Post new topic    Yesterday's Trucks Forum Index -> Yesterday's Trucks All times are GMT - 8 Hours
Page 1 of 1

 
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2005 phpBB Group

[Home]

Copyright © 2002-2013 YesterdaysTruck.com
Antique Truck Headquarters