24.8 C
Seoul
Saturday, July 19, 2025

What to Consider When Buying a Vehicle for a Business – Articles


Consumers home loans

Do you have business banking questions? Contact our knowledgeable commercial loan officers.

Tips for selecting and financing a business car, truck or van that will serve you well.

Without a vehicle, many businesses literally come to a standstill. The process of buying a car, truck or van for a business is similar to buying one for personal use, however, there are extra factors to consider like the ones below.

Assess your needs now and in the near future

You likely already have a good idea of what kind of vehicle you need. Maybe it’s a car for making sales calls or delivering small items. Perhaps you need a heavy-duty truck for towing large equipment. Think through your current needs and how your needs might change over the life of the vehicle. For example, if you expect an increase in the volume of deliveries, look for a vehicle that will provide enough cargo space to grow.

Consider operating logistics and costs

When comparing business vehicle options, get a comprehensive view of what it means to operate, fuel and maintain a vehicle. Consider taxes, insurance and registration costs too.

If you’re looking to add one or more EVs, do you have access to a charger, or will one need to be installed? Also, how will charging times work with your business schedule?

If you run a home-based business and are part of an HOA, check the rules and regulations to see if there are restrictions on commercial vehicles. You may need to choose a vehicle that fits in your garage.

Factor in customization costs

A business car, van or truck may require a little or a lot of customization. Common modifications include:

  • Vehicle signage to increase brand visibility
  • Organization systems for tools and supplies
  • Hitches for towing a trailer

Budget for custom features that will help your business vehicle stand out and function exactly as you need it to.

Consider a used vehicle

One way to make your money go further is by buying a used car or truck. Certified pre-owned cars pass a manufacturer’s inspection and often come with an extended warranty.

Leasing a business vehicle

Leasing often allows for a lower monthly payment than purchasing a business vehicle outright. However, be mindful that a leased car will come with a mileage limit and any overages will result in charges.

Also, you won’t be able to substantially modify a leased vehicle to customize it.

Business vehicle financing

When it comes to business vehicle loans, the team at Consumers is here to help with terms that work for you. Their fast preapproval process helps you get the car, truck or van you want when you want it. Plus, with a Consumers business vehicle loan, you can finance up to 100% of the purchase price.

 

All loans subject to approval. Rates, terms, and conditions are subject to change may vary based on credit worthiness, qualifications, and collateral conditions.

Consumers home loans

Do you have business banking questions? Contact our knowledgeable commercial loan officers.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles