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

Action Steps
The best contacts and resources to help you get it done

Choose the right truck fleet finance company for your needs

There 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.

I recommend: Explore both new and used vehicles when considering a fleet lease. Enterprise is most well known for its car rentals, but it's also a big name in fleet leasing. Most of the vehicles have been previously driven as rentals, but that equates to savings for you. Another company to check out is Jefferson Leasing, which offers direct finance options.

Get the details and evaluate each fleet loan

Once 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.

I recommend: Compare lease agreements side by side. Midway Fleet offers no-sales-tax and no-down-payment programs, along with different mileage packages. Commercial Fleet Financing offers what is called a walk-away lease, which means that you're under no obligation to purchase the fleet vehicles after your term is up.

Compare the fleet maintenance programs available

Another 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.

I recommend: Investigate the different maintenance plans available. If you're leasing a heavy truck, check out the warranty plans available with SelecTrucks. They not only have great plans, but offer a 60-day warranty on every vehicle. If you need passenger vehicles, check out Donlen's Fleet Management Services.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  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.