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 owns 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.
All rights reserved. All rights reserved. Click here for Terms of Use and Privacy Policy applicable to this site.