When you're looking for commercial truck financing, there are several things you need to take into account before signing on the dotted line. After you make sure that the vehicles are right for your business, you need to factor in maintenance and insurance issues along with monthly payments. With a little bit of research, you should be able to make an educated decision regarding your fleet financing.
Another thing to consider when choosing the right car and truck-finance company is whether it specializes in the right type of fleet financing. Various finance companies may specialize in one of the following types:
1. Tow truck financing
2. Semi-truck financing
3. Dump truck financing
4. Heavy truck financing
5. General fleet financing
Choose the right truck fleet finance company for your needsThere are many different companies that offer fleet financing, so spend some time familiarizing yourself with some of them. There are advantages to using someone local, since you'll always have a contact in case of a customer service issue, but larger chains may offer better pricing and selection.
Get the details and evaluate each fleet loanOnce you have some good candidates for your fleet loan financing, you need to start looking at the various lease programs they each have available. Some offer leases with no down payment and no sales tax, so ask around to see who has the best deal.
Compare the fleet maintenance programs availableAnother thing to compare when choosing a fleet lease is the associated maintenance program. If the vehicles are still under warranty, you don't have to worry about problems that occur while you're still making payments. If the vehicle is used, however, the dealer may have incentives and deals that make maintenance more affordable than it would traditionally.
- Check with your accountant to find out how fleet financing will affect your business. Some programs allow you to claim your lease on a cash vs. accrual basis, which makes you look better on paper.