The budget of contractors and school districts is prone to the recession. Due to limited funds, contractors and mangers either have to delay replacement of old buses or make do with less. However, when the economy is destabilised, school districts and contractors still have some useful options like lease-purchase, affordable lease and bus financing. Now it is up to them to make a decision that will be beneficial for them not only in the period of financial crisis, but also after this period of crisis is over.
Those who lack proper funding for their bus procurement needs can make use of Nations Bus Sales bus financing services in Hawaii. Experts call it the best option when you want your fleet to survive and grow in challenging economic climates. With the assistance of financing companies, an organisation can manage its fleet budget efficiently. Moreover, having new buses in the fleet also slices off maintenance and repair cost. Better fuel efficiency is another advantage.
Benefits for Contractors
Financing has always been a fruitful option for contractors. It is a normal part of their business. They can utilise several methods to meet their needs. One of the options is “walk away”. In this structure, a customer makes preset payments for a preset period of time and returns the bus when that period is over.
Lease purchase also known as instalment purchase is another option. In this, a customer enters into a pre-negotiate payment amount, term and rate. When the term is over, the customer becomes the new owner of the bus. The ownership of the bus at the end of the term is one of the advantages of financing. Competitive interest rates also make it a practical alternative to traditional funding sources.
Flexibility of the Bus Financing Structures
Normally, the lease-purchasing or leasing term is of five years. However, it can also range from three to ten years. There is flexibility in the terms and payment options. The structure can be tailored as per the needs of customer. Delayed first payment, balloon payment, escrow funding, and no down payment are some of the options available to the customer.
You can fill a vehicle credit application online by visiting the website of a company offering bus financing services in Hawaii. Before availing services of a company, a comparison of different services in your city will help you in finding the better deal.