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Van Leasing Facts You Need To Be Aware Of

Oct 8, 2007
Vans can be a popular choice for a vehicle for those that have a large or expanding family or those that have a lot of items to cart around with them on a regular basis; it is especially popular with companies that want a set monthly expense, as apposed to those that need to part with large one off payments. Leasing a van can be a very good option for those that feel they are in need of a van, for personal or commercial use. Leasing a van involves the individual or company renting the van for a defined period of time for a set monthly payment every month until the lease expires. There are many advantages to leasing a van and just a few disadvantages that should be considered before one decides on van leasing.

One of the biggest advantages in van leasing is that there is no large payment due at the beginning of the leasing period. There is a deposit due at the beginning of the lease period but this payment is generally quite small and totals only about one, two or three of the monthly payments in the lease period. The monthly payments involved in van leasing are also usually quite lower than those when purchasing a van. Not only does this save the individual or company leasing the van quite a bit of money but it can also make leasing a great opportunity for driving the van of the individual's choice for the short-term.

Van leasing also allows for the individual to give up a van after it has been driven for a couple of years. At that time, the individual may consider the van to be outdated or they may simply not want to stay with a van that has been run down with regular use. Once the leasing period is up, the individual can simply return the van to the leasing company and enter into a new lease for a new van.

With all of these advantages to van leasing, it is important to note that there are some disadvantages. The biggest one of those is that one does not actually own the van at any time. Even during the period that the individual is driving the van it is not theirs. It always remains the property of the leasing company.

Another disadvantage to van leasing is that it can be difficult to calculate the annual mileage and other charges. A leased van has a set number of miles that can be accumulated on it. If the number of miles exceeds this number, the charges can be quite costly. To avoid this, it is important to accurately calculate the mileage that one does in a year. Miscalculating this can lead to heavy charges that the individual or company leasing the van was not expecting. Other charges that may be included in a lease is that the individual will have to pay for any damages to the vehicle. Although this would probably be the case should the person own the van outright, there may be some minor damages that the individual would not bother in fixing if the van were their own property?

Unlike a loan, it can still cost the person leasing the van quite a bit even if they want to settle the lease early. Unlike a vehicle loan, settling early with a van lease usually means that the individual still needs to pay the interest on the remaining months.

Van leasing usually has more advantages than disadvantages. However, one must do their research and make sure that this is the right option for them before entering into an agreement.
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