The Most Important Questions You Should Consider About Commercial Fleet Financing

fleet truck leasing

Renting or buying a vehicle fleet for your business can be costly, so you might need some financial backing. Before committing to such a decision, however, it’s a good idea to know how to ask the right questions and get informed:

  1. How much will your fleet cost in the long run? Commercial vehicles still need good maintenance and care, as well as purchases like oil, fuel and antifreeze. Before opting for commercial fleet truck leasing offers, consider asking the service you rent or buy from who will pay for what, and then calculate your budget based on their answers to compare fleet services and establish your financing needs.
  2. How often should you expect vehicles to break down? It’s not just about accidents but also about situations when an engine breaks down completely due to overuse, or the steering system of a vehicle becomes unusable. While in some cases the problem can be fixed – albeit with a sizable additional expense – you have to consider the types of vehicles you invest in, how much they’ll cost and what are the risks of them breaking down after as little as 6 months to a year of ownership.
  3. In what way is the bank or financial institution you use for financing your fleet vehicles better than other firms? It’s well-known that all financial institutions will want you to get your loans from them, but can they back up their claims with real facts and evidence? It’s important to ask as many questions as possible and do a lot of digging before you accept any financing offer.