by WSI ALM | May 25, 2022 | Box Truck
If you are looking to acquire a box truck and are not in a position to pay cash, here are some helpful tips on how to get a box truck lease or financing.
Box truck leasing and commercial truck financing are quite different from traditional vehicle financing or leasing. Traditional loans are based on credit scores, revenue, as well as time in business to determine what amount your business is qualified to borrow.
With box truck leasing, the vehicle you decide to purchase becomes collateral for the lease. This limits the lender’s risk which in turn helps the purchaser qualify for the financing.
Below is a checklist of requirements for determining your eligibility:
Pre-approved financing
One of the best steps you can take toward deciding what and when to buy it so determine your eligibility by getting pre-approved for your box truck financing. C&M Motors can help you access your business history and credit to determine the range of financing you qualify for.
Factors that determine eligibility are:
· Credit score
· Time in Business
· Down payment amount
Credit Health
When it comes time to purchase or lease that new box truck, your credit health is a major factor. Applying to many promising credit offers can generate a lot of inquiries on your credit report. Each hard inquiry can drop your credit rating a full 10 points. Applying to a handful of places, rather than dealing with one trusted dealership, can drop your score by an entire credit grade. Not recommended.
Here are a few other activities to be mindful of that can affect your credit score:
· Other credit accounts – type, age, amount owed
· Credit utilization percentage (i.e., how much of your credit you’re currently using)
· Payment history
· Total debt owed
· Bankruptcies
Why C&M Motors
C&M Motors is a locally owned and operated family business serving the greater San Diego area since 1982. With 2 locations to serve you (National City and Vista), we offer a more personalized experience and customized services to meet your business needs. We can help you with all your financing needs. One hard inquiry and no loss of credit score grade.
Sales, service, rentals, maintenance, collision, fabrication, parts, and 24/7 emergency roadside assistance are all available at C&M Motors.
Give us a call to learn more.
C&M Motors Inc
www.cmmotorsinc.com
(800) 736-3443
by C&M Motors | Sep 17, 2020 | Fleet Maintenance
Summer is ending, and fall is right around the corner. Before the leaves start to turn, make sure your fleet is ready to roll through the changing weather. The sooner you perform the following truck fleet maintenance tasks, the sooner your fleet will be prepared to tackle the cooler weather, rain, and general vehicle wear that can the performance and reliability of your commercial truck fleet. Here are a few steps that will help you prepare for winter and 2021.
1. Perform a Visual Inspection
Give your vehicles a thorough visual inspection. Look for uneven wear on tires, leaky seals, damaged lights, worn windshield wipers, broken mirrors, etc. Replace any damaged components and do a more thorough inspection of any leaks you discover.
2. Give the Engine a Tune-Up
Tuning up your engine is essential truck fleet maintenance that ensures the engine performs as required regardless of the weather outside. It also helps improve engine efficiency, which makes it a cost-effective investment that will pay for itself over the months ahead.
3. Check the Emergency Gear
All commercial motor vehicles should be equipped with a cold-weather survival kit. At a minimum, your kit should contain snow brushes, shovel, flashlight, jumper cables, salt, road flares, and a First Aid kit. It’s also a good idea to make sure it has a radio, batteries, warm clothing, and water. Further, make sure that the truck has a set of chains and that the driver knows how to use them properly.
Don’t Forget the CARB’s!
While your drivers are no doubt thinking ahead towards the holidays and all the carbs on the table, don’t forget the CARB regulations you need to follow for your business. All commercial motor vehicles with a GVWR 26,000 lbs or greater must be CARB compliant starting in 2021. At a minimum, these vehicles must meet the 2010 model year equivalent standards.
If a vehicle is not CARB compliant, the DMV won’t allow you to register the vehicle until it meets CARB standards. In most cases, it is easier and far less expensive to apply those funds towards the lease or purchase of a new truck rather than trying to upgrade an older vehicle.
C&M Motors Inc
www.cmmotorsinc.com
(800) 736-3443
2020 CARB regulations will be taking many trucks off the road by end of year. Are you ready? We can help!
by C&M Motors | Jan 20, 2020 | NationaLease commercial truck leasing
NationaLease is one of the largest full-service commercial truck leasing companies in North America. It is comprised of a network of independent businesses throughout the United States and Canada. Read more…
by C&M Motors | Dec 23, 2019 | commercial truck leasing
Commercial Truck Leasing
Commercial vehicles can be leased like you would lease a personal vehicle. The terms are similar to a traditional purchase with a contract with a time limit, set monthly payments, but a lease differs in that you have the option to buy or return the vehicle when the lease term expires.
The Advantages
Leasing your company’s commercial trucks offers several advantages to your business. The first of these is cost. In general, leasing is cheaper than traditional pay to own commercial loans. Many commercial leases also have a buy option with a set buyout price at the end of the lease term. Secondly, a commercial lease has a lower upfront cost and a lower down payment. Third, with a lease you can trade in the vehicle at the end of the lease term getting a newer truck, this means you always have the newest and best equipment available. Fourth, many leases include other perks for commercial truck loans including regular maintenance without an out of pocket expense. Finally, a commercial truck lease can be easier to qualify for than other automotive loans which can be useful if your credit score is not perfect or your business just opened.
Things to Keep in Mind
Leasing a vehicle keeps more of your capital on hand for other business needs. Having available capital means your business can respond quickly to opportunities.
Conclusion
Commercial truck leasing is a flexible way to provide for your company’s vehicle needs. The ability to trade-in or buy keeps your options open and the easier loan application helps removes the barrier to entry for getting the equipment your business needs.
C&M Motors, NationaLease of San Diego, is your trusted partner in the commercial truck leasing business. A family business with over 37 years’ experience, we stand behind all of our trucks, our service, fabrication, and fleet services. Give us a call to learn more.
C&M Motors – San Diego’s premiere Hino dealership!
www.cmmotorsinc.com
(800) 736-3443
by Art Millington | Aug 29, 2019 | Full Service Leasing
We present part 2 of our 3-part series on the advantages of a full-service lease program and how C&M Motors can provide a plan that will fit your company’s requirements. Learn More…
