Mike L
Senior Member
In the next 12 months I’m planning on upgrading service trucks. my current truck doesn’t have much depreciation left and most of the interest on the loan is paid and I’m going to need a write off. Interest rates suck. My credit is excellent but I haven’t found a bank that offers commercial loans with a rate lower than 8% And then they want anywhere from 10-20% down. The other option is a lease which I know almost nothing about but I understand that if I can find a leasing company that they actually buy the truck and lease it to me for a monthly payment and then I make one final payment at the end which is a purchase payment. if I understood it correctly the complete lease payment is tax deductible. Is this all correct? Where do I find a leasing company and what else do I need to know about leases? what are the down sides?