Small business owners can uncover their company car lease options easier than they may think. As a small business owner yourself, you still have to prepare to deal with new rules and restrictions. While the process of leasing a business car is not all that different from leasing a personal vehicle, leasing companies treat you differently when you are leasing for business. After all, they need to take into account that employees might also drive the vehicles you lease under your company name. If you are prepared to pay a little extra for your business vehicles, read this post to learn how to discover company car lease options for small business.
Find Out If You Are Eligible
To begin the leasing process for your small business, find out if you are eligible. One of the main requirements is to have an employer identification number (EIN). You also have to have been in business for a minimum of two years. Additionally, you need to prove that your company can pay for the vehicle lease. Most business owners do so by providing their leasing companies with their business income and credit history. If you fear that you have poor business credit, find pre approval credit cards to boost your financial health. Before you seek out a business car, determine whether you are eligible or not. If you are, you can proceed to find the best company car lease options for your business.
Determine Your Needs
Business owners who find out that they are eligible to lease company cars also need to determine their needs. Each company’s need for a vehicle varies. If you own a contracting business, you will likely need a larger vehicle that can haul heavy machinery. You could simply need passenger cars for your sales team to drive to impress clients. Some companies require fleet vehicles so that employees in multiple departments can receive the best cars for their needs. Consider why you are looking for a company vehicle in the first place. Then, write down the features you need to make your company car worth while. Keep in mind that oil business requirements will differ from communication company needs. Thus, this step is crucial to discover the best lease options.
Choose A Type Of Lease
Moreover, you need to choose a type of lease. You have two options to choose from: open or closed. Open leases entail committing to paying a difference between the residual and actual resale values. In contrast, business owners who get closed leases do not have to worry about the residual value. Instead, they need to worry about the mileage. When you sign a closed lease, you agree to a certain number of miles. If you or your employees exceed that amount, your costs will increase. Keep both of these business car lease options in mind.
Consult A Leasing Broker
Another critical step to discovering the best car lease options is to consult a leasing broker. These professionals are trained to assist business owners struggling to find the perfect vehicle deal for their business. Brokers can work show you options outside of the limits of dealerships. While sales people at dealerships are required to show you vehicles within their company, brokers can take you to any establishment that offers quality leasing deals. They might even offer you more knowledge. A broker could advise you to look at pre owned cars over new ones after examining your needs. Therefore, you need to consult with one in order to achieve the best car lease options for your small business.
Test Drive Vehicles
Finally, test drive vehicles that you are interested in for your company. The best way to narrow down your options to one single vehicle is to experience them on the road yourself. Examine certain features such as comfort, visibility and braking while you test drive. You should also focus on the steering and internal noise within the vehicles to ensure that you choose a quality car for you or your employees. Test drive potential business car lease options to select the best one for your needs.
As a business owner, you want the best for yourself and your employees. This is especially true when it comes to company cars. To find the best company car lease options, you need to first find out if you are even eligible to lease. If you are, you can move onto determining what you need in a business vehicle. Then, choose between an open or closed lease, keeping the potential price differences in mind. Consult a leasing broker to assist you in finding the best deals. Furthermore, test drive the vehicles that you are serious about leasing to ensure that you choose the best one. If you follow these steps, you will discover the top company car lease options for your small business.