Fleet Financing

Find a Financing Plan Optimized for Your Business

Ewald Fleet Solutions offers a variety of fleet financing options to help reduce fleet costs and improve profitability. We’ll meet with you to review your fleet requirements and objectives, then recommend a plan tailored to your unique needs and business.

How to Finance a Business Fleet

To determine which is best for your business, see our leasing vs purchasing fleet vehicle comparison and reach out with any questions. We also provide free fleet evaluations and a fleet cost calculator to help you get a better idea of what you can save -  and how we can help.

Qualifying for Business Fleet Financing

To qualify for fleet vehicle financing, your business will need:

  • 5 years or more in business
  • Acceptable financial statements, including profitability and positive net worth
  • A track record of paying lenders, landlords, and other vendors on time

Applying for Business Fleet Financing

To apply for financing on your business fleet, you will need to provide:

  • Credit application
  • Financial statements - 2 prior fiscal years, plus the current year to date
  • Corporate resolution
  • And more upon request...

Once your fleet financing application is submitted, our underwriting team will review the information and determine that your company is a good candidate for fleet leasing

How to reduce the cost of fleet leasing

Learn how to lower the cost of fleet leasing

  1. Start with a needs analysis

    Begin by completing a fleet and utilization analysis to determine the optimal number of vehicles you need in your fleet. You should have enough fit-for-purpose vehicles for your employees to do their jobs effectively, while ensuring no vehicle is under-utilized.

  2. Order your vehicles from the factory

    Choosing factory ordering, rather than dealership stock, will significantly reduce your acquisition costs, leading to lower monthly lease payments.

  3. Consider open-end leases

    Open-end leases are specifically designed for business use. They have no mileage limits, a more flexible wear and tear policy, and more flexible lease terms. They also improve financial ratios, keep credit lines open, convert capital expenditure into a monthly expense, and can reduce the up-front cost of sales tax.

  4. Talk to the Ewald Fleet Solutions team

    The specialists here are Ewald can help you reduce your fleet leasing costs, with a focus optimizing the total lifecycle costs of each vehicle.

How to choose between an open-end and close-end lease

Learn how to choose between an open-end and close-end lease

  1. Consider both options

    There are two options for leasing a fleet of vehicles: open-end leases and close-end leases. An open-end lease has more flexible terms, and your business takes on more the residual risk. You also have the opportunity to capitalize on gains at the end of the term. In a close-end lease you'll take on less risk from depreciation but you may also miss out on potential gains, and you'll be subject to more stringent terms which can add costs in the long run.

  2. Evaluate your mileage needs

    Open-end leases have no mileage limits, even if your employees have a high number of travel miles. Close-end leases typically have fixed terms and mileage limits, with additional per-mile fees once the maximum has been hit.

  3. Consider unexpected expenses

    Open-end leases are more accomodating of general wear and tear. With close-end leases, you'll be responsible for excess wear and tear costs.

  4. Establish a lease timeline

    Open-end leases have flexible terms, and they typically convert to a month-to-month agreement after the initial 12-month term is complete. Close-end leases cover a fixed period of time, and penalties may be incurred for ending a close-end lease early.

  5. Ask a fleet leasing professional

    Contact the fleet specialists here at Ewald's for advice on choosing the right leasing structure for your business.

How to lease a fleet of cars, trucks or vans

Learn how to lease a fleet of cars, trucks or vans

  1. Determine your needs

    Consider the needs of the job and get input from drivers to determine the right fit-for-purpose cars, trucks, or vans for your requirements.

  2. Evaluate open end and closed end leases

    Research the differences between open end and closed end leases. Typically, open end leases are a better fit for businesses, since they offer more flexible lease terms and have no mileage limits.

  3. Consider upfitting and graphics

    Vehicle graphics promote brand awareness and present a professional image to the public. Equipment such as ladder racks, shelving, and bulkheads allow employees to be safer, happier, and more effective on the job.

  4. Ask an Ewald fleet management specialist

    The team at Ewald Fleet Solutions is your partner for turnkey fleet solutions. We will work with you to establish the right lease terms for your business, choose the right vehicles, and upfit them to your exact specifications before you receive them.

Frequently Asked Questions

How does an open-end lease work?

Also known as a TRAC or commercial lease, an open-end lease is designed for business use, combining the flexibility of ownership with the cash flow and tax advantages of leasing. Open-end leases have no mileage limits and allow for more wear and tear than closed-end leases. At the end of an open-end lease term, you are responsible for the market value and condition of the vehicle. While this means there could be additional costs, you can mitigate this risk by keeping up with routine maintenance visits, controlling the condition of the vehicle and meeting the obligations of the lease. On the flip side, you’ll also receive any gains on the vehicle at the end of its term.

How does a closed-end lease work?

Closed-end leases typically have fixed terms and mileage limits. As the lessee, you are responsible for keeping the vehicle's mileage below the contractual limit and minimizing wear and tear. There are additional costs if you go beyond these limits. With a closed-end lease, the lease provider assumes all of the risk at the end of the lease term and benefits from any resale gains.

Are monthly payments lower with an open-end or close-end lease?

Typically open-end leases have lower monthly payments because the customer carries the residual risk. However, as long as you meet the obligations of the lease and keep up with regular maintenance and minimize any wear and tear, it is unlikely you will face a loss at the end of the term.

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