Individuals who purchase automobiles for their personal driving often buy on credit. Auto financing is a huge business in the personal automobile category. Even businesses that purchase cars for business use, whether they will be driven by one person or shared by a team, will purchase autos on loan. But what about funeral coaches?
Yes, even funeral coaches can be purchased on loan. Auto financing for funeral coaches works pretty much the same way that it does for other cars.
Your funeral home should come prepared to leave a down payment. Figure out how much of a down payment you can afford and that will often influence your finance rate and the length of your loan term. A higher down payment, for instance, will often result in a lower finance rate and a shorter term loan.
When you figure the life of your funeral coach, you’ll be surprised at the value of buying your coach through financing. And if your company has a positive credit rating, you’ll get good terms as well.
Here are five things that influence the terms of your auto loan agreement when you purchase a funeral coach through financing:
- Size of your down payment
- Your company’s credit rating
- The current market rate for financing
- Length of the loan term
- Amount you are borrowing
Funeral coach financing, like personal automobile financing, moves in waves. Finance rates go up, then they go back down. The trick to getting the best deal on your coach purchase is to purchase when the rates are low. That time is right now.
According to BankRate, auto financing rates are at a low point. That includes financing funeral coaches and limousines. These rates can vary depending on when you intend to buy as well as your area so be sure to check back often in order to get an idea for the best time to buy.
Financing a funeral coach is easy. Your funeral home can leverage its financial position by financing its coaches and spreading out the purchase price of the vehicle over the life of the coach itself. This helps you, and it helps your clients.
Heritage Coach is committed to providing funeral homes and funeral directors with the best funeral coaches at the best prices, and that includes the best finance rates. If you think you’ll be in the market for a new funeral coach any time in the next year, then start looking now. Pick your coach and finance while the rates are low.