If specifically used for the business, you can claim mileage deductions from your income tax. Flexibility -You can spread the lease over longer periods than a loan, thus reducing the monthly payments. The lessor own the vehicle. You have no equity to it, unless the contract has an option to purchase clause. Even if the monthly payments are lower, the ultimate cost of the vehicle will be higher than if you purchased it.
Some leases have non-cancelable clauses and charge severe penalties for early termination.
He also had extensive experience in International trading and he always excelled in special promotional ideas for retail outlets. Users should not treat the Guide's response as legal, accounting, or professional advice as all answers are intended to be general in nature. Such advice can only be properly given by qualified professionals who are fully aware of a user's specific geographical areas or circumstances, such as an attorney or accountant. All rights reserved. Click here for Terms of Use and Privacy Policy applicable to this site.