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Who Is Eligible for Bus Fleet Financing?
You don't have to be the local transit authority to obtain bus fleet financing. Anyone who owns or runs buses is potentially eligible for funds. And the benefit of seeking a specific bus fleet loan rather than another type of financing is that it means access to customized financing designed for your business needs.
Whether you're a company running local city bus services, want to invest in new ownership of vehicles for long run returns, need to upgrade or repair your existing vehicle fleet, or just need an injection of cash to help manage your budget, there are available funds for your goals.
What Can I Use a Bus Fleet Loan For?
- General cashflow
- Repair and maintenance costs
- Equipment such as retractable ramps, security cameras, or A/C systems
- New bus purchase to grow or improve your fleet
- New buses designed for specialty needs
- Reducing the average age of your fleet to deliver real savings on fuel and maintenance costs
Understanding Vehicle Finance Options
When running any vehicle fleet, but especially heavy use vehicles such as buses, it's crucial that you understand all of your options when it comes to funding. And these options might vary depending on what exactly you intend to use the finance for.
For example, if looking to purchase a new vehicle for your transportation business, a lease might be a more attractive option than purchase financing. A lease can provide you with a new bus, which your business needs, without you taking on the heavy cost of capital payments. And depending on what interest rate you are able to secure, a lease could work out as lower cost overall.
Of course, this is an inappropriate solution for those seeking to finance another aspect of their transportation commerce, such as maintenance on existing buses, upgrades to one or more buses, cash flow, and so on. And it may even be inappropriate for those seeking to run a new bus, if the interest rate they can get on their purchase financing is competitive.
Applying for a Bus Fleet Loan
The application process for any loan can seem daunting, but as most lenders now offer an online application process, it's actually much easier than you might think. The single most helpful thing you can do in preparation for your application is to gather together all of the relevant documentation that you might need.
Items you might need can include company information, ownership documents for existing vehicles if relevant, purchase details if seeking financing for new acquisitions, ID, partner data, banking information and so on.
Once you have everything you need to hand, all you have to do is enter your details into your chosen lender's online form and click apply. That's it! The entire application process can be completed in minutes and your loan money can be automatically deposited into your bank account upon approval, meaning you never have to even leave the office!
Frequently Asked Questions About Bus Fleet Financing in Canada
Who Can Get Financing for Bus Fleets?
Anyone owning or operating a bus service! Although every lender has their own set of eligibility requirements, in general there are few restrictions on what kind of transport enterprise can obtain funding for their buses.
Can I Apply for Bus Financing Online?
Yes, absolutely. We all do most things online nowadays, and this is no exception. All of the lenders listed in the table above have online application forms, so you don't have to go anywhere.
What Are My Payment Options on Bus Financing?
This depends on your exact circumstances and the agreement in place with your funding partner, but if you have specific payment needs then you should absolutely take this into account when searching for finance. Although some lenders have flexible terms, not all do, so make sure you know upfront what you're agreeing to.
Can I Use Bus Fleet Financing for Fuel and Maintenance Costs?
Yes you can! This is one of the most common areas that people need help with, as the cost of both fuel and routine maintenance has skyrocketed recently.
What Are The Payment and Program Eligibility Requirements for a Bus Fleet Loan?
This depends on the exact terms of your chosen lender, but in general payment requirements are no different than with any other type of funding; you will have to make regular (monthly is most common) payments that include part of the principal and some interest. You will be required to meet the basic standards set by the lender (which often relate to keeping your company solvent and similar - hopefully obvious - requirements). Beyond this, all you need to do is make sure you read the terms carefully before entering into any agreement so you are well-versed in your responsibilities.
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