Can You Finance A Car Before The Lease Is Up Benefits of Leasing a Car for Business

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Benefits of Leasing a Car for Business

Renting a car for your business is a smart decision. If yours is a small business or a start-up, renting a car would come in handy due to the lower cost, ease of availability and other benefits. This article briefly discusses the benefits of renting a car for your business.

Monthly payments

In the case of buying a car – new or used, you have to pay in cash in advance, in whole or in part. On the other hand, in leasing you have to pay only a part of the residual value. This leads to a lower monthly payment.

In addition, the total cost of leasing a car is lower than when buying because the lease period is short (usually three years). The lease cost is the current value of the car minus its value when you return it. You must pay the accrued interest and service charges. If the value of the car on return is higher than expected, you need to pay less.

It is better value for your money as you can pay for the car at a lower price with a flexible payment plan.

Tax deduction

The taxes you have to pay go down because you only have to pay for the value of the car you use. In addition, the interest amount is spread over several months, resulting in a lower monthly payment amount.

Plus, since you’ll get the benefit of a tax deduction for renting a car, it helps save you a few hundred dollars.

Less maintenance

Get your rental car with a full manufacturer’s warranty. This ensures effective corrective maintenance when required. Also, by renting the car for a short period, you are likely to have less maintenance hassles.

Guaranteed Asset Protection Insurance (GAP).

When renting a car, you get the benefit of GAP insurance. GAP insurance is part of the lease. GAP insurance covers the remaining portion of the car’s value that you must pay if it is stolen or completely damaged in a vehicle collision. This value is much lower than that of new or used vehicles purchased. For a small business like yours, it’s important to take note of this.

Purchase option

You rent the car for your business and use it as long as you want. At the end of the rental period, you must return the car to the dealer. Now you have the option to buy the car, a new one or take another one on rent. You don’t have to worry about reselling the car.

As a small business owner, your business is prone to business fluctuations for a variety of reasons. Under the circumstances, every dollar you spend is significant. Therefore, when it comes to operating a car for your business, leasing can be an optimal option.

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