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Business Vehicle Leasing: The Most Viable Option For Business
Total Articles: 15
Business vehicle leasing means that organizations do not own a vehicle but use them for their business needs and pay for the same. There are plethora business ventures which require vehicles for their business activities; for example, sales teams of every organization need vehicle for client visits etc. so it become important for such organizations to provide vehicle to their employees. In such cases, vehicle leasing is considered to be one of the most viable and cost effective options for organizations.
While leasing a vehicle, organization just need to pay for using it along with the taxes imposed on the payments. When a business or an organization avail such vehicle leasing services then they are termed as lessees while the companies which provide vehicles on lease are termed as lessors. Furthermore, both lessee and lessor’s names are mentioned in insurance papers of the vehicle while lessor’s name is mentioned in the vehicle title and this is the reason why lessee is supposed to pay only taxes on the monthly basis along with the usage payments. On the contrary to this, when someone purchases a vehicle they are supposed to pay the complete amount of the vehicle.
When a business or an organization opt for vehicle leasing, they don’t just avail its service for their business benefits at affordable cost but also have a couple of more add-ons attached. There are a few of financing companies which provide vehicles on lease to organizations and provide them an opportunity to buy the leased vehicle after the tenure is over at the subsidised cost. Therefore, business organizations have huge opportunity to either buy the vehicle which they used at the time of completion of the lease tenure or return it to the finance company which offered their vehicle to them.
Furthermore, lessee uses the vehicle as their own asset but they have a disadvantage that they can’t sell it to someone else as it remains a property of the finance company which provided them the vehicle to use. However, they can do so if they purchase the same vehicle from the lessor.
Thus, it is one of good options for small organization as they can use vehicles at low and affordable prices as they own vehicles and they even have the option of buying it at subsidised cost from the lessor at the later stage.
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