Currently, one of the biggest challenges faced by fleet managers is the rising cost of operations. Besides the high insurance rates and compliance directives, the average costs for vehicles are also reaching their record highs. Alongside the high maintenance costs, optimizing commercial fleets is becoming a headache for everyone involved. Luckily, there are a few preparations that can be made to combat commercial fleet complications. The financial tips below can help you optimize your commercial fleet with little worry.
Getting your commercial fleet business off the ground isn’t a walk in the park. It requires substantial financial capital. Unfortunately, it’s even harder to get such finances with the present unpredictable economy unless you approach your local bank for financing. Preferably, you should look for banks that offer Small Business Associations (SBA)-backed loans. While bank loans can provide you with the needed funding for optimization, you must be ready to wait months before approval.
Sometimes, the banks or credit unions may not be willing to offer the most suitable financing. In that case, you can turn to alternative lending options. Alternative lending often provides business loans outside the traditional bank lending. In addition, they offer industry-specific financial products such as term loans, lines of credit, and equipment financing, among others. Regardless of your credit score, alternative lending will get you covered.
Direct Commercial Truck Loan
Working with a direct truck lender is another suitable financial tip to optimize your fleet. The good thing with such lenders is they understand the fleet industry well. Therefore, they are more likely to provide an intimate listening ear to your loan request. In addition to that, they do offer more flexible loans with less competitive rates than the traditional financial institutions. Direct commercial truck loans will suit you if you face bankruptcy or have a challenged credit score. Working with a supplier like HandshakeFleet will not only provide you with a wide range of options but also arrange the best financing for your needs. The best fleet providers will offer deals that align with both your budget and expectations. Always look for a company that is flexible enough to work with your business’s financial situation.
Leasing trucks instead of buying them can also help enhance your commercial fleets. Besides having no depreciation costs, leasing trucks also come with little maintenance and repair costs. Therefore, instead of reducing your company’s net worth, leasing provides you with access to top-notch equipment. This eventually enables you to optimize your commercial fleet with minimal investment.
Whether you are a startup or simply looking into ways to optimize your existing commercial fleet business, the above-mentioned financial tips will be helpful. They will help you achieve your expansion dreams with minimal investment.