Considerations for your next business vehicle purchase

What types of vehicles does your business own? Maybe you’ve been driving your personal vehicle for your small business and are finally thinking of acquiring a dedicated set of wheels for your business. Where do you start your deliberations?Here are some points to consider:

What type of vehicle are you considering? Base the decision on what the business needs. How will the vehicle be used? Whether it is a truck, van or car, make sure you understand why you need such a vehicle and make sure it is large enough or small enough to handle your needs.

How will the vehicle represent your company? Your vehicle and its signage will serve as a form of advertising, so make sure the vehicle, including the make and model, represents your business correctly.

What does your competition use? Pay attention to their vehicles and usage. You can learn a lot that way. Just be sure not to overspend simply to keep up with the competition.

Be sure to set a budget and keep to it, and keep in mind it’s not just the purchase price or lease rate. The cost also includes insurance, licensing, fuel, and repairs.

It’s also a good idea to bring your accountant into any discussions on business vehicle purchases. They know your books and will be able to talk with you about the tax implications.

When you are ready to move forward with a business vehicle, remember that we can offer loans for commercial vehicle purchases as part of our suite of financing for businesses. Have a question? Go to this link to send us your inquiry.