Van financing

#1
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So I have been trying to save up a down payment for a used van this year. Unfortunately things just keep happening and the money leaves my hands when I'm a few hundred away. I have been told that you need at least 20% down to buy a vehicle for a business. Are there other ways to finance with less down?
 
#2
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Yes.. it' easier to qualfy for a lease then a loan. However there are disadvantages to both loans and leases.

Pros of a loan:
The item is yours as long as you make your payments.
You can lower your current year taxes if you take a Section 179 deduction-- meaning deduct the entire price off your taxes in the year you bought the item ( this might hurt in future years)
If you are in the 50% total tax bracket- then it' like the govt paid for half the costs.
Cons of a Loan:
Payments might be higher then a lease.
Harder to qualify for.
Pros of a lease:
Easier to qualify for, so you may be able to get better equipment.
The payments might be loan then a loan.
Don'
Need a big down payment.
Easier to get new equipment every 3 or so years.
Cons of a lease:
You can't take the Section 179 deduction.
There will almost always be a big surprise in "Bend Over" fees at the and of the lease.

Kip, who handles the leasing for bulter and i think aerotech, is wonderful to work with.
I couldn't qualify for a basic TM/van setup but Kip got me into a Vortex instead.. amazing

So give Kip a call, an maybe you will soon be driving a pimped out Aerotech or Butler.
Good luck
 
#3
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May 12, 2007
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Bay City, MI
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When purchasing our new van the bank would take our old(er) van as collateral for a lower down payment. Not sure if that applies to a used van. If I were you I would call a commercial lender and start asking questions , they would be more then glad to answer them.
 
Likes: Mikey P
#4
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Dec 14, 2006
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Detroit Michigan area
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Yes.. it' easier to qualfy for a lease then a loan. However there are disadvantages to both loans and leases.


Kip, who handles the leasing for bulter and i think aerotech, is wonderful to work with.
I couldn't qualify for a basic TM/van setup but Kip got me into a Vortex instead.. amazing

So give Kip a call, an maybe you will soon be driving a pimped out Aerotech or Butler.
Good luck
I totally agree with John on giving Kip a call, he should be able to help you with either a lease or a loan!! We have been using him for years for financing our Butler truckmounts and could not be happier. He really does understand the needs of the carpet cleaner and the value that a good truckmount holds.
 

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