Leasing a commercial van often makes more sense than buying one. Businesses require reliable transportation for their workers and products, and leasing allows you to get a new vehicle every two to three years. This means your van will be under warranty for most, if not all, of the time you drive it. Also, van lease payments can usually be used as a tax deduction.
Shop for the right van. Make a list of the features you require. Call commercial van dealers, and check online at websites such as BizFleet and Flex Lease Financial. Choosing the right van is essential to keep your payments affordable. Lease payments are based on the amount the van's value will depreciate during the lease term. The higher the residual value, the lower your payments are likely to be.
Arrange for lease financing. Some financial institutions will approve you for lease financing before you step onto a van lot, and most dealers offer leasing financing onsite. Discuss your options with your bank and with your van salesperson to find the most affordable option.
Ask about the lease terms. Regular automobile leases often include mileage limits, high down payments and penalties for damage or other customization, although many commercial dealers waive these limitations. Make sure your dealer allows you unlimited mileage, no down payment and the ability to customize the van with your logo or other design. Ask about any penalties that might be added at the end of the lease, such as wear-and-tear penalties.
Sign the appropriate paperwork. After the lease terms are agreed upon, sign the lease agreement for the commercial van.
Contact your insurance company immediately to add the new commercial van to your policy.
