Ryder trucks are anything but cheap. The average price for one is $150,000 and this excludes extra things like moving features, services and additional equipment. Because of this, most business owners cannot afford to pay hard, cold cash to purchase a new Ryder truck. Furthermore, those who have the capability to do so often decide to look at other financing alternatives and put the money into other investments instead. What are some of these options, exactly?
1. Business auto loan
With a business loan, you can purchase your Ryder truck either under your own name or that of your business then make fixed monthly installments to the financier. You will be required to place a down payment of anything between 10% and 20% before the loan is dispensed to you. If you go the business name way, the lender may require you to have guarantors. This applies to cases where the business still experiences cash flow issues. You can get a business auto loan from a variety of institutions including online lenders, credit unions, banks, and the manufacturer of Ryder trucks.
2. Lease
This financing option lets you use a Ryder truck without you claiming any ownership to it. Typically, the lender purchases the truck on your behalf and lets you use the vehicle while you make monthly payments until the lease period comes to an end. When that time comes, you can pay the difference and own the truck, sell it off and look for a better one or refinance the lease.
3. Hire purchase
Many Ryder truck sales Canada firms often utilize commercial hire purchase as a financing option. The arrangement is somewhat like leasing but once you complete the monthly payments, the truck ownership is rolled over to you. Obviously, the monthly installments are higher than leasing because you pay the vehicle’s total price.
4. Commercial line of credit
If you have a rather successful business with a good credit history and high revenue, you can consider using commercial line of credit to purchase your next fleet of Ryder trucks. It is ideal for purchasing more than one commercial vehicle. The good news is that you don’t need approval for every single vehicle, once is enough.
5. Heavy-duty vehicle financing
A typical car loan doesn’t cater for heavy-duty vehicle needs. This is where this unique financing option comes in. The working principle is equal to the commercial line of credit; you need a solid business with good revenue reports and a strong credit. It must also have been in operation for more than 2 years.
A good Ryder truck sales Canada pro will not only give you advice on which of these financing options is ideal for your needs but will walk with you until you have the key of your next Ryder truck on your hand. Most of them know all there is to know about truck purchase financing and will give you the best and economic-friendly solution.
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