Global Financial & Leasing Services (GFLS) offers financing for commercial vehicle leases. Even though these vehicles are put into service in several different industries, our team fields some common questions from business owners that apply regardless of line of work.
Here are the questions about commercial vehicle leasing and lease financing we’re asked most often.
For what types of commercial vehicles do we finance leases?
GFLS finances leases for just about every type of commercial vehicle, ranging from basic work pickups to delivery trucks for local routes and intrastate routes, as well as vehicles used in industries we specialize in, including construction, forestry and logging.
We do not finance leases for semi-trucks used for interstate hauling.
What qualifies as a commercial vehicle?
The US Department of Motor Vehicles identifies any vehicle that is leased by any kind of business as a commercial vehicle. Also, a vehicle is considered in the commercial category if it:
As such, nearly every business owner’s vehicle(s) qualify as commercial, so GFLS can help you finance a lease if your business involves transporting (large vans, busses, taxis, limousines, and tow trucks, etc.), construction (cranes, bulldozers, dump trucks, and excavators, etc.) agriculture (vehicles used to plant, raise and harvest crops, including tractors, seeders, and cultivators, etc. and same for livestock) to name a few. If you’re not sure if we finance leases for the commercial vehicle(s) your business needs to grow, just ask us.
How does leasing a commercial vehicle help my business?
First, many of our customers don’t have perfect credit or have a startup, which makes it difficult, if not impossible, to obtain lease financing. By financing a commercial vehicle lease with GFLS, you can improve your credit score if you make timely payments. Second, leasing lets you keep cash reserves and/or any other personal or business lines of credit available for other purposes. Last, you can maximize the tax advantages of lease financing.
What are the tax advantages of leasing?
It depends on whether you choose a capital lease or an operating lease. A capital lease allows you to write off the vehicle’s depreciation. An operating lease lets you treat the lease payment as an operating expense.
Is there a down payment required to finance a commercial vehicle lease?
GFLS requires a 20% down payment.
How soon can I get approved?
Once GFLS receives your application, most of the time you’ll have a decision in as few as 24 hours. Usually, it takes our customers longer to find the commercial vehicle that fits their needs than it does to get approved.
Can I qualify for commercial vehicle lease financing if my business is a startup or I have credit with past blemishes?
GFLS makes it a point to look beyond the numbers when approving applications. We specialize in financing for those just starting out and those with past blemishes on their credit. We consider how you face and conquer challenges and the positive aspects of your financial history. We believe your character and integrity can outweigh credit blemishes or lack of time in business.
Why should I work with Global Financial & Leasing Services?
Having the right equipment, including commercial vehicle(s), makes all the difference in a company’s ability to grow and thrive. Let GFLS help your business succeed with commercial vehicle lease financing. Contact us or start the process by filling out an application.