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Essential Business Car Lease Requirements

Posted by Wilmar, Inc.

business car lease requirements

Looking forward to add more business cars to your fleet? Well, there are two ways you could accomplish that. You can choose the usual route of purchasing new vehicles and paying much of the buying price. Alternatively, you can lease new vehicles and only pay a fraction of its buying price. 

This latter option has become very popular among the American consumers, with reports indicating that over 29 percent of new vehicles were leased in the first quarter of 2019.

If these statistics are anything to go by, vehicle leasing is no longer an option reserved for individual customers and businesses wanting luxury cars. Today, car leasing is common in all classes of the market.

Many commercial businesses of all types and sizes are leasing different types of vehicles, from luxury SUVs to subcompact cars and pickups, in order to conduct their business operations.

lease lowdown

At Wilmar Inc, we are committed to delivering customized fleet solutions that help all types of businesses, from SMEs to large companies, operate their businesses more efficiently.

If you are a business owner who's looking for a cost-effective way to transport employees or goods, you can count on our business car lease solutions to meet your unique needs.

Required Documents for Car Leasing

Knowing what paperwork and documentation to bring can speed up the leasing process. The type of documents required may vary from one leasing institution to another, depending on circumstances and type of lease.

Here's a quick list of documents that you should bring:

  • Proof of identification

Identity verification is one of the steps involved when leasing a car. The leasing institution may ask for a copy of your  birth certificate or  social security card to confirm your identity. Your driver's license can also serve as a valid form of identification.

  • Proof of residence

The leasing institution will also want to verify your physical address. You should therefore bring a utility bill in your name at your present address. Most institutions require that the utility bill be dated within 3 months.

  • Proof of income

The leasing institution will also want to verify that you can afford the monthly payments. For a business car lease, you'll be required to provide bank statements. Most leasing institutions require 3 months recent bank statements.

  • Proof of insurance

The leasing institution will also want to verify that you have proper insurance. Most institutions want businesses to have continuous and full coverage for their vehicles during the leasing term. Therefore, you will need to have an insurance certificate to present as your proof of insurance.

Before a decision is made as to whether you qualify for a business car lease, most leasing institutions conduct credit checks. As part of the credit check, the leasing company will want to determine whether your business is a limited entity, and also gain access to your business' registration details.

Vehicles are essential for businesses to meet the personal transportation requirements of employees, as well as for the transportation of goods.

Small and medium-sized enterprises that require vehicles to meet their transportation needs may not have the considerable capital outflow that is usually required to go the traditional route of purchasing new vehicles. Vehicle leasing acts as a better alternative as it is more cost effective both initially and in the long run.

A little preparation will go a long way to make the business car leasing process as easy and smooth as possible. Our team at Wilmar strives to make this entire leasing process as hassle-free for you as possible.

Contact us or call us at 1.800.488.8451 for more information on how you can get a business car lease that's right for your business.

lease lowdown

Topics: Vehicle Leasing


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