Van financing

Louis

Supportive Member
Joined
Dec 11, 2006
Messages
1,251
Location
Modesto, CA
Name
Louis
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?
 

Papa John

Lifetime Supportive Member
Joined
Aug 19, 2013
Messages
6,587
Location
San Francisco, CA.
Name
John Stewart
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
 
Joined
May 12, 2007
Messages
2,519
Location
Bay City, MI
Name
Bruce
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.
 
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Brian H

Member
Joined
Dec 14, 2006
Messages
3,568
Location
Detroit Michigan area
Name
Brian H
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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