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McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street, Cranston, RI 02905-3342
PH: 401.941.2088 - FAX: 401.941.0017
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What Is the Checklist Before Taking a Commercial Truck on Lease - Finance - LoansWhat Is the Checklist Before Taking a Commercial Truck on Lease? by Candywill
in Finance / Loans (submitted 2012-11-08)
If you are considering taking on a commercial vehicle lease for your transportation business then there are few things that you should have in order prior to applying for the commercial vehicle lease in order for your financing experience to run swiftly and smoothly.
It is recommended that you already have your piece of commercial equipment selected prior to applying for a commercial vehicle lease. At the time that you apply for your commercial vehicle lease you should submit an invoice from the vendor along with your application. This will help to expedite your transaction by allowing the commercial finance company to review the exact piece of equipment you want to buy and because there will not be any lag in the timeframe to allow for you to search for a suitable truck or trailer. You can apply without having selected the commercial equipment, but doing so will stretch out the timeframe of the transaction as your commercial finance company must wait for you to select the piece of equipment you want and submit the invoice from the vendor.
Another thing that you will want to have prepared prior to applying for a commercial vehicle lease is your bank statements. Most commercial truck finance companies require that you submit the last three months of bank statements in order for your application to be reviewed and approved. It would behoove you to have those documents prepared and to submit them along with your application and your commercial truck invoice in order to help to expedite the approval of your commercial vehicle lease. Also, depending on the amount of money that needs to be financed, often times commercial truck finance companies will ask that you submit the last two years' tax returns. Instead of waiting until your commercial truck financing representative requests the tax returns from you, it would be best if you were to already have those documents prepared and ready to be sent at a moment's notice. Again, this will help to expedite the transaction because it will cut down on the â€œwaiting time.â€
And, though it goes without saying, if you are searching for a commercial truck or commercial trailer, then it is wise to do plenty of research on the equipment that you are looking to obtain to make sure that it will benefit your company in the way that your company needs. You will also want to consider the cost of the equipment and the amount of your monthly payments along with the amount of income that you project the new piece of equipment will be able to generate for your company. As with any investment, you will want to be fairly certain that you will see a positive return on your investment, and that is something that only the business owner can decide.
McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street
Cranston, RI 02905
401-941-2088 | Fax 401-941-0017