Need Cost-Effective Vehicles For Your Business? Read This
Businesses often need vehicles for different reasons. Some people need a pickup truck to run a snowplowing business, transit vans shuttle people and cargo around town, but many people simply lease a car through their business.
It’s important to find a dealership that gives generous and flexible terms for your business vehicle. Here are a few broad things you should consider when trying to find the best way to get a deal on a vehicle you’ releasing for business.
There are a few benefits to leasing which may align better with your lifestyle and budget. You’ll be able to switch to a new car more frequently because payments are spread out over a shorter period of time.
When leasing a vehicle the payments are typically lower than the retail finance payments would be on that same vehicle. Plus, you only pay tax on this monthly payment, rather than the larger up-front cost of the full purchase price on the vehicle when you finance it.
It’s important to find a dealership that doesn’t charge any vehicle disposal fees. Look for flexible terms for up to 60 months, and be on the lookout for hidden fees and costs. Business leasing allows you to keep more cash aside to either use or invest, but it works best when the dealership is flexible.
If you lease or finance a new vehicle from certain auto manufacturers, you can qualify for an owner loyalty discount. There’s also an opportunity to buy the vehicle for a predetermined price shown on your lease contract, plus any applicable fees and taxes.
Before you lease or finance a new vehicle, you usually need to first return the vehicle that’s currently in your possession and complete an inspection.
Is Leasing Your Vehicle Onerous?
No, but there are some requirements. When you buy a vehicle outright, you can treat it however you’d like because it’s your property.
This changes when you lease a vehicle because it may go back to the dealership after your term is over. Usually, there is a schedule of maintenance and servicing that needs to be met, just to ensure the vehicle is kept up properly.
The schedule isn’t designed to be burdensome, it simply ensures that the vehicle receives an acceptable standard of maintenance during the term of the lease. Make sure you understand what the dealership’s terms are before you sign a lease, but don’t worry that you’re going to have to take the vehicle in to the shop too often.
If anything, you’ll be glad you took such good care of the vehicle you’re leasing when the term is over, and you have the option to buy it outright.
Running a business is all about finding efficiencies, and obtaining a vehicle you require for the least amount possible is one meaningful way to get an edge. Keep these tips in mind, and you’ll get great terms through a business lease on a vehicle you love.