How to Lease a Car for Your Business?

Most businesses need a car to handle operations. Buying a new or used car might be expensive, especially if this is your first startup or you don’t have enough money. Fortunately, you can opt to lease. Leasing allows you to own a vehicle of your choice for a specific period without worrying about issues related to car ownership. Because of this, most people now prefer leasing instead of buying a car.

Statistics show that in 2020, the global leasing market size was valued at $73.3 billion and is expected to reach $123.87 billion by 2028. Therefore, if you are thinking of going this route, you are in good company. Here are some tips to guide you as you lease a car for your business.

1. Consider Customized Vehicles

Since the car is for your business, choose one that meets your specific needs. If you are looking for a small passenger vehicle to transport staff or run errands, the process might be easier. However, if your business needs a fleet of light trucks or heavy-duty commercial vehicles, you might need to have them customized. Take time to shop around until you get a dealership with customization options. That way, you can save when leasing.

2. Compare Leasing Options

When shopping for a car to lease, it’s advisable to visit different dealerships before settling on one. Consult several dealers to get the best deal. In today’s digital era, you don’t have to visit the dealerships physically. You can browse their websites to see the available inventory and estimate how much you need to pay. Use a lease calculator to get a preliminary quote before selecting a leasing partner.

3. Choose Dealers with Commercial Services

Each dealer offers different services to car buyers and lessees. The influx of car lessees in recent years has caused dealerships to provide specialized services. So, when getting a car for your business, find a dealership that is officially authorized to work with commercial clients. You are more likely to get dedicated salespeople to make the leasing process much easier. In addition, the dealership might have discounts for commercial customers.

5. Make a Large Down Payment

The retail prices of cars have significantly gone up. As of 2021, the average price for new vehicles had crossed the $45,000 mark. Because of this, most people are preferring to lease cars. To lease a business vehicle, you’ll need to make a down payment. The bigger the down payment, the better.

Putting a large down payment lowers your monthly payments. You’re also not greatly affected if the car is totaled or if you decide to return it before the lease term ends.

A business vehicle eases company operations. If you don’t have enough money to buy a new or a used car, you can decide to lease one. Leasing allows you to get the vehicle of your choice without bearing the cost of depreciation. And once the lease term ends, you can even buy the car for less.